Top Stories | Nifty 50 sees steepest losses since March 2020, Microsoft shares drop, India-China troops exchange Diwali sweets, and more
On the geopolitical front, Indian and Chinese troops exchanged sweets for Diwali after disengagements in Ladakh, while PM Modi honoured Sardar Patel during the Ekta Diwas event. In the US, Donald Trump took to a garbage truck to spotlight President Biden’s controversial remarks.
In Maharashtra, Deputy CM Devendra Fadnavis addressed cross-nomination concerns within the Mahayuti alliance ahead of assembly elections. Meanwhile, Delhi’s air quality plunged to ‘severe’ levels as Diwali festivities commenced, and Typhoon Kong-Rey wreaked havoc in Taiwan.
Globally, France’s inflation remains below the ECB’s target for the second month, and AstraZeneca faces scrutiny as its China president is investigated.
Here are the top 10 buzzing stories from markets, business, economy, and beyond.
Nifty 50 logs steepest monthly losses since March 2020 on FII selling, dull earnings
The Nifty 50 logged its steepest monthly losses since March 2020 on Thursday, pressured by continued selling by foreign portfolio investors and lower-than-expected earnings reported by several heavyweight companies.
The benchmark index is down over 6% in the month of October, marking the worst month that the index has had in the last four-and-a-half years. The last instance of such a fall on the index was in March 2020, when the index declined by 23%. This is also the first time since the month of May that the Nifty will report negative returns for a month.
Shares of L&T had received two downgrades in the last one month ahead of its results from brokerages like UBS and HSBC, after they expressed concerns over the company’s order flow prospects.
Microsoft shares drop on disappointing Azure growth forecast
Microsoft Corp. shares dropped in late trading after the software maker forecast slower quarterly cloud revenue growth, reflecting the company’s struggle to bring data centers online fast enough to keep up with demand for artificial intelligence services.
Sales from the closely watched Azure cloud-computing business will rise 31% to 32% in the current period, Microsoft executives said Wednesday on a call following its first-quarter earnings report. Azure revenue posted a 34% gain for that period, adjusted for currency fluctuations, which was a slight deceleration from the 35% growth a quarter earlier.
Indian, Chinese troops exchange Diwali sweets after border disengagement
Marking Diwali celebrations today, soldiers from the Indian and Chinese Armies exchanged sweets at multiple border points along the Line of Actual Control (LAC). On October 30, both countries completed the disengagement at two friction points at Demchok and Depsang Plains in eastern Ladakh.
Ekta Diwas | PM Modi honours Sardar Patel on his birth anniversary
“After 7 decades of independence, the resolution of one country & one constitution has been fulfilled,” says PM Modi as he participates in the Ekta Diwas event at the Statue of Unity in Gujarat.
US elections: Donald Trump boards garbage truck to draw attention to Joe Biden remark
Donald Trump walked down the steps of the Boeing 757 that bears his name, walked across a rain-soaked tarmac and, after twice missing the handle, climbed into the passenger seat of a white garbage truck that also carried his name.
The former president, once a reality TV star known for his showmanship, wanted to draw attention to a remark made a day earlier by his successor, Democratic President Joe Biden, that suggested Trump’s supporters were garbage. Trump has used the remark as a cudgel against his Democratic rival, Vice President Kamala Harris.
Maharashtra Election 2024 Live: Mahayuti resolving cross-nomination issue, says Dy CM Devendra Fadnavis
Maharashtra Deputy CM Devendra Fadnavis has addressed the cross nomination from Mahayuti alliance. He said the alliance partners have discussed and will sort this out. About the party members filing nomination as independent candidates, Fadnavis said they are talking to these leaders and trying to convince them to withdraw their nomination.
The opposition bloc Maha Vikas Aghadi will start its campaign for the upcoming Maharashtra assembly elections on November 6, said NCP (SP) chief Sharad Pawar on Thursday (October 31).
With AQI of 421, Delhi’s air quality deteriorates to ‘severe’ category on Diwali morning
A thick layer of smog covered Delhi on Thursday morning, October 31, with parts of the national capital witnessing air quality dropping to the ‘severe’ category. According to the Central Pollution Control Board (CPCB), the Air Quality Index (AQI) at 9 am in Anand Vihar was 421 under the ‘severe’ category.
At ITO, the AQI was 306, while RK Puram saw an AQI of 385, Mundka 362, and Wazirpur 393, all in the ‘Very Poor’ category.
As super Typhoon Kong-Rey approaches, Taiwan issues land warning
Typhoon Kong-Rey slammed into eastern Taiwan, bringing with it heavy rain & massive waves. The government has mobilised 36,000 military personnel for recovery efforts. The Taiwan stock market has been shut while hundreds of flights remain cancelled & thousands are evacuated.
Rescue crews are searching for persons thought to be missing after flash flooding in southern Spain killed at least 95 people. According to Andalusia’s president, one of the deceased was a 71-year-old British man, who passed away just hours after being rescued from flooding in Malaga.
French inflation remains below 2% target for second month
French inflation came in below the European Central Bank’s 2% target for the second consecutive month, boosting the case for policymakers to quicken the pace of interest-rate cuts.
Consumer prices in the euro area’s second-largest economy rose 1.5% from a year ago in October, statistics agency Insee said on Thursday. The reading is in line with the median estimate in a Bloomberg survey of analysts and compares with 1.4% in September.
China widens probe as country boss investigated
AstraZeneca Plc’s China President Leon Wang is under investigation by the country’s authorities, as Beijing’s intensifying regulatory scrutiny on the British drug giant reaches its senior ranks.
Wang is cooperating and, if requested, Astra too will “fully cooperate with the investigation,” the British company said without revealing further details about the probe.
That’s all folks! Keep yourself up to date with the latest news, views and ideas to make money only on cnbctv18.com.
Beyond #Newsroom
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go!- CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market- Real-time market updates
We’ll see you on Monday with another engaging ‘Top 10@10’
