Latest Stock Market News

FII shareholding in top Nifty500 stocks rose in Q2FY24, signaling confidence in growth and stability, potentially driving higher stock prices and attracting domestic investors.

Denta Water and Infra Solutions plans to raise ₹221 crore via IPO to fund working capital, diversify projects, and expand geographically. Profitability and margins have declined despite revenue growth, posing high-risk investment potential.

PNB Housing Finance on Tuesday reported a 43 per cent jump in net profit to Rs 483 crore for the December quarter. The non-banking finance company, promoted by Punjab National Bank, had earned Rs 338 crore in the same quarter a year ago.

The Nifty IT index closed 1.17 per cent at 41697.95.

Despite fluctuations, PL Asset Management highlighted that equity markets have shown consistent long-term growth, demonstrating resilience as temporary declines are typically followed by recoveries and sustained upward momentum.

The Nifty index formed a bearish engulfing pattern, signaling potential bearish momentum below the 23,000 support level. Resistance lies at 23,300–23,500, requiring a breakout to confirm bullish reversal amid volatile conditions.

Indian indices dropped sharply, with the Sensex falling 1,235 points and Nifty below 23,100. Zomato, Dixon Technologies, and Kolte-Patil Developers were major movers amid broader market losses.

Simplifying the GST regime by reducing tax slabs is vital, given indirect taxes account for 60% of total receipts. This will ease the tax burden, boosting disposable incomes. Additionally, resolving double taxation on dividends—either by making it tax-deductible for companies or reverting to previous practices—will offer relief to investors and promote better tax compliance.