Latest Stock Market News

The Nifty index, having surged 14% this year to surpass 25,000, is now considered overvalued by some analysts. Axis Securities predicts a drop to 24,600 by March 2025. Valuation tools like the Buffett Indicator and BEER ratio suggest the market is slightly expensive. Defensive sectors are expected to outperform cyclical ones amid global uncertainties.

Jio Financial Services and BlackRock Advisors Singapore have formed a joint venture named Jio BlackRock Investment Advisers Private Limited. Jio Financial will invest Rs. 3 crore in the venture. The company has received approval to increase foreign investment to 49%. This move aims to expand its fintech operations in India.

Stocks in news: Equity markets ended a three-week winning streak with a loss of over 1.5%, influenced by weak global cues. Key stocks in focus include SpiceJet, Shriram Finance, Suven Pharma, Mazagon Dock, and Suzlon Energy due to various news developments such as funding plans, regulatory approvals, and significant contracts.

The ₹6,560-crore IPO of Bajaj Housing Finance is open from September 9 to September 11. Shareholders of Bajaj Finance and Bajaj Finserv can apply under a special quota, increasing their chances of allotment. The lot size is 214 shares, with a maximum application cap of ₹2 lakh for shareholders.

Nifty, after a three-week rally, is expected to face short-term volatility and a corrective phase. Key support lies around 24,500 while resistance is at 25,100–25,350. Analysts suggest focusing on quality stocks in sectors like pharma, FMCG, and IT. Investors should use the dip to add strong-performing stocks to their portfolios.

Hexaware Technologies has filed a draft red herring prospectus with SEBI to raise ₹9,950 crore through an IPO. The offering will be an offer for sale from CA Magnum Holdings, affiliated with Carlyle Group. Hexaware, delisted in 2020, reported a profit of ₹997.6 crore in 2023, with revenue growing by 12.8% to ₹10,380.3 crore.

The European Central Bank is expected to cut interest rates on Thursday, preceding a similar move by the US Federal Reserve. This synchronized easing aims to support economic growth as inflation risks diminish. Investors will closely watch for further policy signals, with another rate cut likely in 2024.

DAM Capital Advisors, a Mumbai-based merchant banker, has filed its draft red herring prospectus with SEBI for a proposed offer of sale. The filing highlights the increasing demand for merchant banking services due to a surge in IPOs and FPOs, leading to higher fees and more business opportunities for investment bankers.

Tolins Tyres plans to raise ₹230 crore through an IPO, with ₹200 crore allocated for loan repayment and working capital. The company focuses on fleet operators and has a unique tread rubber plant in the UAE. Its revenue grew significantly from FY22 to FY24, but raw material costs remain a risk.