Stock Market LIVE: Nifty closes in on 18k; Auto, Consu Durable, Pharma gain

Investors cheered the US consumer spending report that showed the economy grew modestly in the third quarter and inflation eased. Wall Street also is betting on the central bank dialling down on big interest-rate hikes.

Gold prices in India today remained near one-month lows as global rates were set for a seventh straight monthly loss. On MCX, gold futures were near ₹50,200 per 10 gram while silver edged lower to ₹57,395 per kg. The yellow metal, since rising over ₹55,000 in March, has been under pressure as US Fed embarked on a rate hike mode to tame inflation.

Investors remained cautious ahead of this week’s Federal Reserve policy meet for guidance on its future stance. Spot gold was flat at $1,643.13 per ounce and down about 1% for the month. Spot silver fell 0.4% to $19.16 per ounce.

In a recent note, domestic brokerage Emkay said: “Despite the fact that we are witnessing high inflation, and economic uncertainties around the globe, gold has been largely trading range-bound. It is widely expected that in the near future gold may remain in narrow ranges. The only factor which gives some potential for strength to gold at this point in time is the occasional talk of gold as a hedge against inflation and uncertainties. But this property of gold as an asset class has been undermined to a large extent as evidenced by the fact that despite inflation has been very high in the US, Europe, and other territories, gold has not picked up.”

Gland Pharma shares crash 24% in just 3 sessions. What is triggering the selloff?

The company reported a 20% decline in consolidated net profit at ₹241 crore for the second quarter ended September (Q2 FY23), on lower sales and higher expenses. Meanwhile, its revenue and margin also reported a dip from the year-ago quarter.

“Gland Pharma reported weak set of results in Q2FY23 with consolidated revenue declining due to weak performance in geographies such as US, India and RoW. However, the company’s gross margins decreased due to one-time inventory write-off in Biosimilar CDMO as per customer requirement,” highlighted Axis Securities in a note.

Japan’s Nikkei ends at 6-week high as tech shares rally

Japan’s Nikkei share average ended at a six-week high on Monday, tracking a strong finish on Wall Street in the previous session, with technology shares leading the charge.

The Nikkei index rose 1.78% to 27,587.46, its highest since Sept. 20, and marked its biggest one-day gain since Oct. 14. The broader Topix index climbed 1.6% to 1,929.43.

A robust, broad-based rally sent Wall Street to a sharply higher close on Friday, as encouraging economic data and sunnier forecasts fuelled investor risk appetite ahead of the Federal Reserve’s much-anticipated policy meeting later this week.

“Japanese shares tracked the robust finish of the U.S. market and they are strong. But we can’t be optimistic,” said Shuji Hosoi, senior strategist at Daiwa Securities. (Reuters)

5 EV battery stocks to watch out for potential multibagger returns

In November 2020, the government announced incentives worth ₹3 tn, encouraging sectors to boost local manufacturing and exports. A part of this ₹3 tn ( ₹180 bn) was earmarked towards advanced cell/battery chemistry.

Apart from this, the government has announced a slew of initiatives for electric two-wheelers ranging from increased discounts to incentives on purchase.

Top EV manufacturers import a large chunk of lithium-ion batteries from China. China is the top producer of lithium-ion batteries. However, this can quickly change.

The strong growth prospects offered by this sunrise sector have given rise to several Indian EV battery manufacturers. It has led to them accelerating their plans to build EV battery manufacturing plants in the country.

The players are all hoping to bite a large chunk of the ₹180 bn opportunity.

In this piece, we highlight the top five EV battery manufacturers well-poised to deliver multi-bagger returns.


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