Latest Stock Market News

Domestic benchmark indices, Sensex and Nifty50, reversed early gains to close lower for the sixth straight session on Monday, as escalating Middle East tensions and expectations of softer corporate earnings weighed on investor sentiment.

The stock quoted a 52-week high price of Rs 682.84 and low of Rs 331.28.

Indian indices reversed early gains and declined on Monday, driven by Middle East tensions and concerns over corporate earnings. Despite the market downturn, six small and midcap stocks from the Nifty 500 index reached new 52-week highs.

43 companies have pre-listing shareholder lock-ins expiring by December 31, unlocking shares worth USD 18.8 billion. However, not all shares are expected to hit the market as a significant portion is held by Promoters and Group entities. Lock-in periods are imposed to stabilize stock prices and prevent sudden sell-offs.

Abneesh Roy of Nuvama Institutional Equities discusses the expected weak Q2 results for major paint companies like Asian Paints and Berger Paints. He highlights potential consolidation in the sector and comments on the positive impact of duty cuts on jewelry sales for Kalyan and Titan. He also shares insights on the competition in quick commerce affecting companies like DMart.

Macrotech Developers (Lodha) shares rose 4.3% after reporting record quarterly pre-sales of Rs 4,290 crore, contributing to a 21% increase in first-half sales.

Motilal Oswal has downgraded FY25 Nifty EPS estimates by 4% to Rs 1,072, citing reduced forecasts for metals and O&G. Despite this, sectors like BFSI, healthcare, and utilities are expected to drive earnings growth. Top picks include ICICI Bank, HDFC Bank, and Bharti Airtel.

As of 30-Jun-2024, promoters held 43.92 per cent stake in the company, while FIIs held 13.67 per cent and domestic institutional investors had 1.11 per cent.

European stocks slipped on Monday as the initial euphoria over strong U.S. jobs data last week faded and rate-sensitive sectors such as real estate and utilities came under pressure from higher bond yields.