Mon, Oct 28, 2024 9:25 AM
📢 Benchmark indices open on a positive note today; Nifty near 24,250
A Flip by Shubhangi Gupta
Snap, the parent company of Snapchat, reported better-than-expected third-quarter results, with revenue up 15% to $1.37 billion and adjusted earnings of 8 cents per share. CEO Evan Spiegel highlighted improvements to the app's user experience, including the rollout of Simple Snapchat, and growth in augmented reality and direct-response advertising.
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Between March 2022 and July 2023, the Federal Reserve raised its benchmark rate 11 times. As a result, money market account (MMA) interest rates rose sharply. However, the Fed slashed the federal funds rate by 50 basis points in September. So deposit rates — including money market account rates — have started falling. It’s more important than ever to compare MMA rates and ensure you earn well.
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The Nifty index consolidated with a bearish undertone, closing the week with a modest gain, but staying below crucial resistance points, with volatility expanding and the India VIX surging 8.68%. The Nifty oscillated in a 363-point range, with immediate support at 23900 and resistance at 24450 and 24580.
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