11:11 | Oil heads for second weekly gain; IT stocks eye record highs; India cuts diesel duty, hikes petrol levy

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Oil prices are heading for a second straight weekly gain as fresh supply threats in West Asia outweigh the prospect of another release of emergency stockpiles. Brent crude is hovering near $106 a barrel, with traders watching developments around shipping routes and energy infrastructure.

The Indian government has revised fuel duties, cutting the special additional excise duty on diesel to ₹8.50 per litre from ₹16, while raising the levy on petrol to ₹2.50 per litre from 50 paise. The changes

take effect from October 16.

Markets are tracking a mixed picture across sectors. Tech Mahindra shares have surged 7% after its Q2 results, while Sowilo Investment Managers’ Sandip Agarwal expects IT stocks to reach new record highs over the next six to 12 months as earnings growth improves. L&T Finance, however, fell as much as 6% despite reporting strong quarterly growth, even as analysts see potential upside.

Meanwhile, Mumbai Police has granted the Cockroach Janta Party permission to hold its ‘Lehra Do Tiranga’ rally at Azad Maidan, even as its founder anticipates possible detention ahead of a planned march in Delhi.

Brent remains stubborn around $105 as oil heads to second straight week of gains amid West Asia supply risks

Oil prices headed for a second consecutive weekly gain on Friday October 16, as fresh supply threats in West Asia outweighed the prospect of another release of emergency stockpiles.

Brent crude hovered near $106 a barrel in early Asian trade.

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IT stocks could hit new all-time highs in 6-12 months, says Sowilo's Sandip Agarwal

Indian IT stocks could climb to new all-time highs over the next six to 12 months as the impact of AI-led deflation eases and earnings growth improves, according to Sandip Agarwal, Fund Manager at Sowilo Investment Managers, which manages assets worth over $25 million.

“We are extremely bullish on the sector since April. Obviously, we cannot time the bottom..." Agarwal said.

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Tech Mahindra shares gain 7% after Q2 results; Only largecap IT stock with positive YTD returns

Shares of Tech Mahindra gained 7% in early trade on Friday, October 16, even as global investment banking firms had mixed views on the stock post its second quarter results.

HSBC had a "buy" rating, while CLSA and Nomura had "hold" and "neutral" recommendations on the Tech Mahindra stock respectively after its September quarter results.

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Mutual funds restrict fresh investments in gold ETF FoFs from today

Several mutual fund houses have temporarily restricted fresh investments in gold ETF fund of funds (FoFs), with the curbs taking effect on October 16, ahead of the festive season.

ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Invesco India Mutual Fund, DSP Mutual Fund, Tata Mutual Fund and Shriram Mutual Fund are among the fund houses that have issued notices to investors announcing the restrictions.

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Gold, silver rebound in global trade: What investors should watch next

Gold and silver prices edged higher in overseas trade on Friday, October 16, recovering some ground after a sharp selloff earlier in the week. However, expectations of tighter US monetary policy, inflation concerns and developments in West Asia are likely to influence the precious metals’ near-term direction.

On COMEX, gold futures were trading at $4,177.50 per ounce, up $7.40 or 0.18%, while silver futures were at $57.430 per ounce, up $0.274 or 0.48%, according to data last updated on October 16.

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BEL, Coforge, BSE, Bajaj Holdings, Force Motors among top trading picks; CG Power a sell, say analysts

Market experts have recommended a mix of buy and sell trading opportunities across various sectors based on technical and derivative indicators. Among them are BEL, Coforge, BSE, recommended to buy.

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L&T Finance shares fall up to 6% despite strong Q2; Analysts project up to 31% upside

Shares of L&T Finance declined as much as 6% on Friday, October 16, even after reporting positive earnings in the second quarter. The stock is attempting to recover from the lows of the day.

L&T Finance's total loan book increased by 28% in the second quarter to ₹1.36 lakh crore from ₹1.07 lakh crore last year. Its net interest income, or core income earned by the non-bank lender, increased by 32.6% to ₹3,187.36 crore from ₹2,403.12 crore in the year-ago period.

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Stellantis raises India investment to ₹15,000 crore, plans 12 Jeep and Citroën launches by 2030

Stellantis will invest about ₹4,000 crore (about €400 million) in India to launch 12 products under its Jeep and Citroën brands by 2030. The company announced the plan, called Fastlane 2030, on Wednesday. The money will go towards products, localisation and customer experience, building on its existing manufacturing, engineering and supplier base in India.

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Rupee rises 35 paise to 94.71 against dollar: What is driving the recovery

The Indian rupee opened 35 paise higher at 94.71 against the US dollar on Friday (October 16), compared with Thursday’s (October 15's) closing level of 95.06, as traders unwound bearish bets on the domestic currency and expectations of continued dollar selling by the Reserve Bank of India (RBI) lent support.

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India cuts special additional excise duty on diesel, hikes levy on petrol

The government has cut the special additional excise duty on diesel to ₹8.5 per litre from ₹16 per litre, while raising the levy on petrol to ₹2.5 per litre from ₹0.5 per litre.

The revised rates will come into effect from October 16, according to a Finance Ministry notification dated the previous day.

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CJP gets nod for Mumbai rally; founder says Delhi Police may detain him ahead of march

Mumbai Police has granted permission to the Cockroach Janta Party (CJP) to hold its ‘Lehra Do Tiranga’ rally at Azad Maidan on Friday, even as the group's founder Abhijeet Dipke believes that Delhi Police could detain him ahead of a planned march in the national capital.

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