Latest Stock Market News

There was "decent dollar demand," from importers and state-run banks through the session but inflows related to initial public offerings (IPO) helped the rupee, a foreign exchange trader at a private bank said

Cryptocurrency prices declined on Wednesday, with Bitcoin, Ethereum, and Solana leading the drop, as investors awaited the U.S. consumer price index report. The data could influence future Federal Reserve policy moves, adding to current market volatility.

The initial public offering (IPO) of Western Carriers is set to open for subscription on September 13 and will close on September 18. The company aims to raise approximately Rs 493 crore through this public offer.

Indian shares wavered in a volatile session on Wednesday, awaiting crucial U.S. inflation data that might impact the anticipated Federal Reserve interest rate cut next week. Despite the uncertainty, six Nifty50 stocks hit new 52-week highs today.

The IPO of Kross, which began bidding on Monday, was subscribed 4.2 times by Wednesday, the final day of the bidding period.By 11:45 am, non-institutional investors led the demand, subscribing to the issue 6.2 times, followed by retail investors with a 5.7 times subscription rate.

A total of 1,678 shares changed hands on the counter till 12:58PM (IST)

Promoters held 68.6 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 7.28 per cent and 5.44 per cent, respectively.

Rohit Seksaria, Fund Manager at Sundaram AMC, believes both PSU and private banks are currently attractive in terms of valuations. He notes that PSUs have improved their asset quality and are trading at historical price-to-book ratios. Rate cuts are expected soon, which could benefit NBFCs, small finance banks, and PSUs more than larger private banks.

Shares of Astra Microwave Products climbed 4% to a daily high of Rs 910 on the BSE, while Premier Explosives saw a 5% increase, reaching a high of Rs 588. This rise follows the announcement that both companies have signed a memorandum of understanding (MoU) to collaborate on developing and marketing products together.

Oil prices rose over 1% on Wednesday, recovering some losses from the previous day. A drop in U.S. crude inventories and concerns about Hurricane Francine affecting U.S. output countered worries about weak global demand. Brent crude futures increased to $70.29 a barrel, while U.S. crude futures reached $66.86.