Latest Stock Market News

Vibhor Steel Tubes IPO garnered a stellar response, receiving an oversubscription of 320 times. The grey market premium is currently sitting at Rs 140 compared with an issue price of Rs 151, indicating listing pop of over 90%.

The Coinbase effect causes cryptocurrencies to surge in price when listed on Coinbase. Potential listings include SMOG, Bitcoin Minetrix, Meme Kombat, Sponge V2, and eTukTuk. SMOG gained attention with its airdrop rewards system, while Bitcoin Minetrix aims to make mining accessible. Meme Kombat plans to gamify meme culture.

The Nifty Realty index was trading 0.65 per cent down at 876.95.

Nischal Maheshwari, CEO of Centrum Broking, recommends green-oriented companies like Tata Power and NTPC in the metals and coal sectors. He suggests focusing on pharma companies like Sun Pharma and the hospital sector for investment opportunities. We are are strongly betting on goal-oriented companies. The power equipment companies have run much ahead of its course. We would recommend taking profits in BHEL kind of companies.

Sectorally, buying was seen in consumer durables, telecom, power, and FMCG stocks while metal, capital goods, and realty stocks saw some selling pressure.

The near-term trend of Nifty remains positive, but the market is displaying a lack of strength to witness a decisive upside breakout of the resistance around 22,150-22,200 levels, says Nagaraj Shetti of HDFC Securities.

Manish Kejriwal from Kedaara Capital discusses the funding winter and predicts consolidation among entrepreneurs. Private equity funds are now more disciplined, focusing on unit economics and future profitable growth. There is a projected decline in financing in 2024, but green shoots are expected amidst the consolidation.

While the S&P BSE Sensex settled at 72,708.16, up by 282 points or 0.39%, the broader Nifty50 recorded a fresh lifetime high of 22,186.65 before finishing at 22,122.25, higher by 82 points or 0.37%.

The Nifty IT index closed 0.3 per cent down at 38363.2.

The Nifty Bank rallied for the fifth consecutive day in a row on Monday to close above 46,500 levels but profit-taking at higher levels suggests that the momentum could be fading out.