Latest Stock Market News

Gold and silver were trading in a tight range in the early trading session and gained after hefty 50 basis points rate cuts by the U.S. Fed in its monetary policy meetings but were unable to hold gains after the FOMC press conference. The Fed funds rates are now in the range of 4.75%-5.00%.

Goswami Infratech, part of the Shapoorji Pallonji group, has requested a three-month extension from bondholders for coupon payments on Rs 14,300 crore high-yield bonds. The company also seeks a one-month delay in the IPO deadline for Afcons Infrastructure to October 31. These extensions are crucial to avoid higher interest rates.

S Naren of ICICI Prudential AMC discusses the current bull market, which began in March 2023 due to attractive equity taxation. He highlights the role of liquidity and the potential for continued market growth if supply does not catch up with demand. Naren also advises caution in deploying new money.

Domestic markets experienced another session of volatility, closing flat in accordance with global trends as the US Fed meeting approaches. In today’s trading, shares of NTPC, IREDA, SpiceJet, Nazara Tech, GE T&D India, and Power Grid, among others, will attract attention due to various news developments.

After hitting lows around Rs 3,583 in June 2024, the price experienced a significant upward movement, reaching an all-time high of Rs 4,592, marking a nearly 30% return from its lower level, with buyers dominating the market. A Higher Top Higher Bottom pattern developed during this rally.

A 1:1 bonus share issue means that shareholders will receive one additional share credited to their demat account for each existing share they hold, assuming they meet the eligibility criteria.

The market reflects two major factors: sentiment and flows. Sentiment in India has been positive, especially with political uncertainty now behind us. India continues to lead the world in GDP growth.

Brokerages have issued recommendations for several companies: Emkay upgraded Tata Motors to "buy," Morgan Stanley and BofA initiated coverage on Brainbees with positive ratings, and Citi maintained a "buy" on Exide, lowering its target price.