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Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

<ul class="summary-list"><li>US stocks traded mixed as traders reacted to a mixed inflation report.</li><li>Core consumer prices rose more than expected, reducing chances of a 50 basis-point rate cut.</li></ul>US stocks traded mixed on Wednesday, with investors staging a recovery after taking in a mixed inflation report. Major indexes pared their losses to end the day mostly flat, while bond yields moved higher. The Dow Jones Industrial Average was <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/inflation-report-stock-market-today-fed-rate-cuts-economy-outlook2024-9">down as much as 600 points</a> earlier in the day before reversing course to end with a slight gain. <a target="_blank" class="" href="https://www.businessinsider.com/inflation-report-stock-market-today-fed-rate-cuts-economy-outlook2024-9">Traders were rattled</a> after core consumer prices came in hotter-than-expected in the month of August, causing markets to take bets for a 50 basis point rate cut this month off the table.Markets are now pricing in an 85% chance the Fed will cut rates just a quarter-point at their policy meeting next week. Odds for a 50 basis-point cut have been slashed by more than half to just 15%, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>."The Fed will see the CPI report as another pebble on the scale for a quarter percentage point rate cut at next week's decision," Bill Adams, chief economist at Comercia Bank, said in a note. "The stickiness of service-price inflation makes the Fed likely to cut rates slower than financial markets currently assume," he later added."It is too early to declare victory on inflation: current levels of housing inflation are not consistent with the Fed's 2% core PCE inflation mandate," Bank of America strategists said in a note, reiterating their prediction for a 25 basis-point rate cut in September. "As long as a soft landing remains in play, we think that the Fed cannot take its eye off the ball on inflation."Investors will be tuned into other economic data points this week, which could also serve as input ahead of the Fed's policy decision on September 18. Markets will assess August producer price inflation data and weekly jobless claims on Thursday and fresh retail sales data next Tuesday.Tech shares were led higher by Nvidia, which jumped more than 8% as CEO Jensen Huang looked to assuage investors' concerns about how its customers were seeing a return on their massive AI investments. The executive addressed questions at an event hosted by Goldman Sachs on Wednesday. Here's where US indexes stood at the 4 p.m. closing bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,554.11, up 1.07% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,861.71, up 0.31% (+124.75 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,395.53, up 2.17%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jumps-as-jensen-huang-addresses-biggest-ai-question-2024-9">Nvidia stock jumped after CEO Jensen Huang looked to address key investor concerns</a>.</li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-harris-debate-winner-djt-stock-election-bitcoin-trump-media-2024-9">market is acting like Harris won the presidential debate</a> last night.</li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ai-stocks-overcooked-nvidia-seminconductors-morgan-stanley-mike-wilson-2024-9">AI theme in stocks is "overcooked,"</a> according to Morgan Stanley's CIO.</li><li>This corner of the stock market is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-mid-caps-outperform-rate-cuts-goldman-sachs-2024-9">bound to outperform once the Fed starts cutting rates</a>, according to Goldman Sachs.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil rose 2% to $67.07 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, rose 1.7% to $70.40 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was lower by 0.25% to $2,510.16 an ounce.</li><li>The 10-year Treasury yield ticked higher one basis point to 3.655%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 0.6% to $57,574.</li></ul>

Stock market today: Indexes rise as stocks whipsaw after inflation-fueled decline     

<ul class="summary-list"><li>Indexes dipped Thursday as investors took in hotter-than-expected inflation data.</li><li>Jobless claims, meanwhile, climbed 33,000 to 258,000, its highest in over a year.</li></ul>US stocks edged lower on Thursday as investors took in slightly hotter-than-expected inflation data after last week's blockbuster jobs report.The consumer price index showed <a target="_blank" class="" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">prices increased 2.4% year-over-year in September</a>, which came in just above consensus forecasts of a 2.3% rise.The core CPI reading, which excludes food and energy costs, came in at 3.3% year-over-year, slightly above forecasts of 3.2% and 0.3% higher than the August reading.Analysts are now <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10?_gl=1*24ex3i*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU2NDg1Mi4yNTAuMS4xNzI4NTY1OTMzLjYwLjAuMA..">shifting their expectations</a> for further easing from the Federal Reserve as inflation cools slightly slower than expected, and as last week's blockbuster jobs report showed a hot economy with 254,000 jobs added last month.The jobs report dashed hopes of another jumbo 50-basis point cut, but the slight upside surprise in CPI likely isn't enough to prompt a complete pause on Fed easing."There is only one more set of inflation reports between now and then, and even a firm upside surprise could be discounted as normal monthly volatility on the path back toward the 2% target," JPMorgan analysts said in a Friday note after the jobs report.Investors now see a 25-basis point rate cut at the central bank's meeting next month more likely compared to leaving rates unchanged, according to the <a target="_blank" rel=" nofollow" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>.Weekly jobless claims, meanwhile, climbed 33,000 to 258,000, according to Labor Department data released Thursday.That surpassed forecasts of 230,000 and marks the data point's highest level in over a year.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,774.06, down 0.32% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,429.01, down 0.2% (-82.99 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,218.14, down 0.41% </li></ul>Here's what else was going on Thursday:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/fema-helene-milton-relief-funding-congress-disaster-victims-2024-10">FEMA was strapped for cash even before</a> Hurricanes Helene and Milton blew through the South. </li><li>JPMorgan's top strategist, one of Wall Street's biggest bears, is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/wall-street-biggest-bear-jpmorgan-stock-market-outlook-interest-rates-2024-10">turning upbeat </a>on the stock market for the first time in two years.</li><li>Billionaire investor Bill Gross recommends defensive and high-yield stocks as the market's record-breaking run is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bond-king-bill-gross-bull-market-defensive-high-yielding-investments-2024-10">set to slow</a>.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures rose. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 1.3% to $74.23 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 1.34% to $77.62 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.36% to $2,635.6 an ounce.</li><li>The 10-year Treasury yield was about flat at 4.08%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> inched lower to $63,126.50.</li></ul>

Stock market today: Indexes decline after inflation comes in hotter than expected

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

<ul><li>FMCG giant HUL’s shares reported a decline of over 6% on Thursday.</li><li>This comes a day after the company reported a 2.33% decline in consolidated net profit in Q2.</li><li>The stock tanked 6.59% to ₹2,483.95 on the NSE.</li></ul>Shares of FMCG major <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword> Ltd (HUL) on Thursday tumbled over 6% after the firm reported a 2.33% decline in consolidated net profit for the second quarter ended in September. The stock tanked 6.59% to ₹2,483.95 on the NSE. The stock emerged as the biggest laggard among the Sensex and Nifty firms during the morning trade. Hindustan Unilever Ltd on Wednesday reported a 2.33% decline in consolidated net profit at ₹2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of ₹2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36% at ₹15,703 crore in the September quarter, from ₹15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakme, Brooke Bond, Lipton and Horlicks said. "In the September quarter, <keyword id="21419477" type="General" weightage="20" keywordseo="FMCG-demand" source="keywords">FMCG demand</keyword> witnessed moderating growth in urban markets, while rural continued to recover gradually. In this context, we delivered a competitive and profitable performance," HUL CEO and Managing Director Rohit Jawa said. HUL reported an underlying sales growth of 2% and underlying volume growth of 3%. Total expenses were at ₹12,581 crore in the September quarter, up 3.03% year-on-year. HUL's total income, which includes other income, was up 2.14% to ₹16,145 crore in the September quarter of FY25. Addressing an earnings call, HUL CFO Ritesh Tiwari said, "Two thirds of our business we do in urban areas, and one-third we do in rural areas … we are seeing growth in the urban market moderating. We are seeing rural growth recovery is gradual … it impacts all the categories that we have." On the outlook, he said, "In the near term, we expect demand trends to be stable with no further acceleration in pace of growth." In this context, Tiwari said, "Our focus remains on driving competitive volume-led growth, while continuing investments behind our brands and strategy priorities … If commodity prices remain where they are, we expect a low single digit price growth in the near-term." With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Hindustan Unilever shares tumble over 6% post Q2 results

<ul class="summary-list"><li>US stocks fell sharply on Friday after a weak August jobs report raised recession fears.</li><li>The S&amp;P 500 had its worst week since March 2023, dropping about 4%.</li></ul>US stocks declined sharply on Friday after a weaker-than-expected August jobs report <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-indicator-perfect-track-record-flashes-yield-curve-spread-disinversion-2024-9">set off fresh fears about a recession.</a>The <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> closed out its worst week since March 2023, dropping about 4% in the week, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> dropped nearly 6%.The <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-today-august-jobs-report-miss-big-rate-cut-2024-9">US economy added 142,000 jobs in August,</a> below the average economist estimate of 164,000. The unemployment rate fell to 4.2% from 4.3%.While the jobs report wasn't as jarring as the July reading, which saw the unemployment rate unexpectedly jump, it affirmed the cooldown of the labor market and the need for the Federal Reserve to cut interest rates at its September 18 policy meeting.New York Fed President John Williams said <a target="_blank" class="" href="https://www.businessinsider.com/august-jobs-report-new-york-federal-reserve-unemployment-economy-outlook-2024-9">now is the time to cut rates in a speech on Friday.</a>"It is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate," Williams said.The market expects a 25 basis point interest rate cut from the Fed later this month, according to the CME FedWatch Tool. It was see-sawing between 25 and 50-basis points earlier the day.The August report decisively shows how the US job market has weakened in recent months, with the three-month moving average of monthly job gains dropping from just under 270,000 in March to just over 110,000 in August.JPMorgan wrote following the report that the data points to the "waning vigor" of the labor market and should prompt a larger, 50 basis point cut from the Fed at its upcoming meeting. But the stock market weakness in the past week is typical, according to Fundstrat's Tom Lee, who believes that this decline <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-buy-the-dip-september-selloff-bull-rally-2024-9">is right on time based on weak September seasonality.</a>"Even if we are cautious about the next 8 weeks, to us, stocks are at the lower end of the range, and we see more upside than downside," Lee told clients in a note on Friday.Analysts at Ned Davis Research echoed the sentiment, noting that the September sell-off is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-buy-the-dip-september-selloff-bull-rally-2024-9">ultimately a buying opportunity</a> as the stock market approaches its best three-month stretch of the year, Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,408.42, down 1.73% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,345.41, down 1.01% (-410.34 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,690.83, down 2.55%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/steve-eisman-economy-outlook-financial-crisis-tech-bubble-artificial-intelligence-2024-9">'Big Short' investor Steve Eisman explains why he refuses to predict another financial crisis.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-prediction-iphone-16-event-next-week-surprise-2024-9">Apple could unveil four upside surprises when it announces its iPhone 16 lineup next week, according to Goldman Sachs.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/elizabeth-warren-backs-justice-department-nvidia-antitrust-investigation-2024-9">Senator Elizabeth Warren backs the DOJ's investigation into Nvidia antitrust allegations.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/top-10-most-valuable-nfl-football-teams-include-dallas-cowboys-2024-9">The top 10 NFL football teams are worth a combined $78 billion, according to CNBC.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil decreased 1.55% to $68.08 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, fell 1.83% to $71.36 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.82% to $2,522.20 an ounce.</li><li>The 10-year Treasury yield was down one basis point to 3.719%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dropped 4.48% to $53,651.</li></ul>

Stock market today: Stocks notch worst weekly decline since March 2023 after August jobs report

Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<ul class="summary-list"><li><keyword id="1604901" type="General" weightage="20" keywordseo="kering" source="Orion">Kering</keyword> predicts a 45% drop in its first half-year operating income because of Asia's consumer slowdown.</li><li><keyword id="19979672" type="General" weightage="20" keywordseo="Gucci" source="keywords" meta.keywordsubtype="org" meta.entityname="Gucci" meta.hostid="261" meta.entityid="Gucci">Gucci</keyword>, Kering's largest brand, suffered an 18% revenue decline, with a sharp drop in Asia.</li></ul>Kering, the luxury retailer that owns brands including Gucci and Yves Saint Laurent, is off to a tough start this year as Asia's consumer slowdown hits hard. In earnings on Tuesday, the company warned that recurring operating income for the first half of the year will decline up to 45%, compared to the first half of 2023. Kering's stock dropped more than 8% on Wednesday morning. Gucci, the largest of Kering's brands, saw the biggest drop in sales in the first quarter, compared with YSL and other brands. Gucci's revenue declined 18% on a comparable basis, to €2 billion, or $2.2 billion, in the first three months of the year. Kering's revenue overall declined 10% in the first quarter, to €4.5 billion. "We find it hard at this stage to have some visibility on the path to recovery," Barclays analyst Carol Madjo wrote in a note cited by the <a target="_blank" href="https://www.ft.com/content/11e8fbff-d54a-497e-920f-39b329defb66">Financial Times</a>. Gucci saw a "sharp decline" in Asia sales in the first quarter, the company said in the Tuesday earnings release. The brand, which has more than two dozen stores in China, opened a new flagship store in Shanghai last year. Gucci is also in the middle of a big transition under designer Sabato de Sarno, who joined as creative director last year after 14 years at Valentino. His products are now coming into stores. Despite the new products, Gucci is selling into a difficult market in China. <a target="_blank" href="https://www.businessinsider.com/china-evergrande-property-real-estate-crisis-debts-collapse-what-happens-2024-2">Real estate</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-stock-market-meltdown-brutal-year-explainer-whats-happening-2024-1?_gl=1*1o06uq6*_ga*MTY3NDM5OTM4Mi4xNjc4MTMwOTk3*_ga_E21CV80ZCZ*MTcxMzk0NTQ4NS42NTYuMS4xNzEzOTQ1OTI0LjQ5LjAuMA..">stock markets</a> are floundering, and foreign investors are <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-economy-chinese-stock-market-foreign-investor-cash-flow-money-2023-12?_gl=1*1o06uq6*_ga*MTY3NDM5OTM4Mi4xNjc4MTMwOTk3*_ga_E21CV80ZCZ*MTcxMzk0NTQ4NS42NTYuMS4xNzEzOTQ1OTI0LjQ5LjAuMA..">exiting in droves.</a> Chinese shoppers were responsible for about 23% of luxury goods spending at the start of the year — down from 33% pre-pandemic, a <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-17/rich-chinese-tourists-drive-luxury-demand-in-japan-on-weak-yen">Bloomberg analyst said</a> last week. Kering has been hit harder by the slowdown in sales than other publicly traded luxury brands. Tuesday's earnings underscore the challenges that Western businesses with big Chinese arms face amid the country's tumult. LVMH, which owns many more brands than Kering and relies less on spending in China, said in last week's earnings that it saw "strong growth in spending by Chinese customers in Europe and Japan" in the first quarter. Some wealthy Chinese shoppers are <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-17/rich-chinese-tourists-drive-luxury-demand-in-japan-on-weak-yen">heading to Japan</a> to take advantage of currency exchange rates.

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