Market Bizzz

Growing expectations the central bank may have enough justification to begin slowing in December — partly due to data pointing to a weakening economy and a corporate earnings season that has been better than expected — helped stocks rally in October, with the Dow notching its biggest monthly percentage gain since 1976.

Higher-than-expected sales growth was driven by execution tailwinds in the infrastructure projects segment and sustained growth momentum in its IT & TS (technology services) portfolio.

The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.4803% compared with a U.S. close of 4.501% on Monday. The yield on benchmark 10-year Treasury notes stood at 4.0478% compared with its U.S. close of 4.077% .

Gold is highly sensitive to rising U.S. interest rates, as that increase the opportunity cost of holding the non-yielding metal. Euro zone inflation surged more than expected in October, data showed on Monday, fuelling expectations that the European Central Bank will press on with big interest rate hikes despite economic growth slowing.

Against the Japanese yen, the greenback was 0.44% higher at 148.08, particularly helped by the Bank of Japan’s (BOJ) decision to keep ultra-low interest rates on Friday, and BOJ Governor Haruhiko Kuroda’s still-dovish comments in the face of rising interest rates elsewhere.

“In September 2022, the finance ministry cleared a proposal to convert Vi’s Rs 16,130 crore worth of accrued interest on deferred AGR-related dues into equity, and now DoT needs to finalise the transaction. (But) as per company law provisions, any equity infusion cannot be below par value (Rs 10), and hence the equity conversion would only be decided once the stock price stabilises above Rs 10,” Indus said .