The week ended on Nov. 14 saw significant global political and economic events that influenced market movements worldwide, including in India.
US President elect Donald Trump has appointed his key cabinet officials, including Pete Hegseth, Susie Wiles and Elon Musk, while gold prices have been falling due to the firming up of dollar.
Major companies like Oil & Natural Gas Corp., Hyundai Motor India Ltd. and Hero MotoCorp have also reported their quarterly earnings in the previous week.
Nifty Enters Correction, Erases Over Rs 2 Lakh Crore in Investor Wealth
The NSE Nifty 50 closed at a four-month low for the second consecutive session, with the market capitalisation of its companies dropping by Rs 2.5 lakh crore to Rs 188.1 lakh crore as the index entered correction territory.
The benchmark large-cap index has fallen more than 10% from its record high of 26,277.35.
Donald Trump Selects His Key Cabinet Officials
With President-elect Donald Trump's swearing-in ceremony scheduled to be held on Jan. 20, 2025, the Republican leader has started naming his key cabinet candidates.
Trump has named Pete Hegseth as the Secretary of Defence, while Mike Waltz has been chosen as the national security adviser.
Trump's first key appointment was Susie Wiles, who will serve as the White House chief of staff. She will be the first woman to hold this position.
The Republican leader has announced the formation of a new agency namely Department of Government Efficiency, spearheaded by Elon Musk and Vivek Ramaswamy.
Trump has also elected John Ratcliffe as the director of the Central Intelligence Agency.
Also Read: Who Is Robert F. Kennedy Jr.? Anti-Vaccine Activist And Donald Trump’s Pick As US Health Secretary
Swiggy Listing On Exchanges
Swiggy shares got listed at Rs 412 on the BSE on Nov. 13 at a 5.64% premium over its issue price of Rs 390. On the NSE, the stock debuted at Rs 420, a 7.7% premium.
Also, the company's main competitor in the food delivery business, Zomato, welcomed the company with a warm tweet on X.
Economic Numbers
India's retail inflation stayed above the central bank's target in October, driven by rising prices of vegetables, fruits, and oils and fats.
According to data from the Ministry of Statistics and Programme Implementation, the Consumer Price Index inflation increased to 6.21% in October, up from 5.49% in September.
India's trade deficit widened to $27.14 billion in October, up from $20.78 billion in September, according to data from the Ministry of Commerce and Industry.
This figure exceeded the forecasts of 22 economists surveyed by Bloomberg, whose estimates ranged from a deficit of $25.5 billion to $20 billion.
Top Company Earnings Last Week
Oil & Natural Gas Corp. (ONGC)
Oil and Natural Gas Corp. reported a 0.69% increase in net profit for the second quarter of fiscal 2025.
The crude oil producer's consolidated net profit rose to Rs 9,878.4 crore for the quarter ended September, up from Rs 9,810 crore in the previous quarter.
Hyundai Motor India Ltd.
Hyundai Motor India Ltd. reported disappointing results in its first quarterly earnings, with sluggish sales impacting key financials.
The standalone net profit of the Creta maker dropped 16% year-on-year to Rs 1,338 crore for the quarter ending Sept. 30, 2024, as revenue declined by 8.3% to Rs 16,876 crore.
Hero MotoCorp
Hero MotoCorp saw growth in the July-September 2024 quarter, driven by a sales recovery in rural areas.
The company's standalone net profit for the three months ending Sept. 30, 2024 increased by 14.2% year-on-year, reaching Rs 1,204 crore. This was supported by a 10.8% rise in revenue, which totaled Rs 10,463 crore. Analysts surveyed by Bloomberg had expected revenue of Rs 10,213 crore and a net profit of Rs 1,152 crore.
Bitcoin Rises Above $90,000
Bitcoin, which had briefly stalled earlier on Wednesday, is gaining momentum once again, surpassing $90,000 for the first time. It also hit a new all-time high of $93,462.18 on Nov. 13.
Gold price has been falling due to firming up of dollar and rise in US bond yields, following the victory of Donald Trump in the presidential poll. The metal was trading as low at $2,536.92 an ounce on Nov. 14.
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