Latest Stock Market News

​The initial public offer (IPO) of Jana Small Finance Bank was subscribed 59% on Wednesday, the first day of the bidding process. The retail portion of the issue was booked the most at 91%, followed by non-institutional investors at 66%. There were no bids yet in the QIB category.

Power Grid Q3 Results: Revenue from operations increased by a marginal 2.5% year-on-year (YoY) in the reporting period to Rs 11,550 crore against Rs 11,262 crore in the same period last year.

The 30-share BSE benchmark Sensex fell 34 points or 0.05% to settle at 72,152. The broader NSE Nifty rose 0.01% to end at 17,930. From the Sensex stocks, SBI was the top gainer, rising over 4%. JSW Steel, Bajaj Finance, Nestle, Axis Bank, and Asian Paints also closed higher, while Tech Mahindra, Power Grid, Infosys, TCS, and HDFC Bank closed in the red.

The Indian rupee gained on Wednesday, in line with most of its Asian peers, on the back of dollar sales from two large foreign banks. The rupee ended at 82.9675 against the U.S. dollar, up 0.11% compared with its close at 83.0550 in the previous session.

The VNB growth remained weak this quarter, down 18% year on year. Max Life Insurance plans to launch more non-par and annuity products to improve margins. The company is implementing strategies to counter the fall in VNB, focusing on high-margin driver products like protection and health segments, annuities, and riders. The Banka channel, which has been slow for the industry, is expected to pick up, with growth projected to be close to 30% in January. The partnership with Axis Bank, a major partner for Max Life Insurance, is expected to contribute to future growth.

LIC, which was struggling to cross its IPO price of Rs 949 in 2022, has now breached the Rs 1,000 mark with analysts gunning for more gains ahead on expectations of growth revival in FY25. The possibility of a steep change in dividend will continue to support its share price performance.

Nifty on Wednesday ended flat with a gain of just one point and formed a small negative candle with a lower shadow on the daily chart ahead of the RBI policy outcome tomorrow.

The financial community on Dalal Street shows significant interest in the investment portfolios of renowned investors.