Latest Stock Market News

From the Sensex pack, Bajaj Finance and Bharti Airtel were the top laggards, falling over 3% each. Maruti, Bajaj Finserv, HCL Tech, and Titan also closed with cuts, while Tata Motors, Sun Pharma, Power Grid, and M&M closed with gains.

Airtel reported an increase in the average revenue per user (ARPU) to Rs 208 in Q3FY24 versus Rs 193 in Q3FY23. The company posted quarterly consolidated revenues of Rs 37,900 crore for the October-December quarter which was up 6% on the YoY basis, partially impacted by currency devaluations in Africa.

Both railways and defence related stocks are examples of what happens when a sector catches the fancy of the street. Once that happens, no questions are asked about valuations, market size or for that matter anything else, just mad rush to own them. It is not the first time this is happening, right from IT stocks in 2000 to infrastructure stocks in 2008, many sectors have witnessed such moves before they corrected and valuations come in the zone of sanity. One sector which had caught fancy of the street between 2016 and 2020 was consumer electrical space. All the stocks witnessed strong re-rating and became multibagger. However in the last four years, they have gone through a phase of valuation sanity check as they faced many headwinds. Have the stock prices, priced in the worst of news and time to bring them back on the watch list.

A total of 4,433 shares changed hands on the counter till 01:14PM (IST).

The blue-chip CSI300 Index lost as much as 2.1% before ending up 0.7%, near levels last seen in 2019. The Shanghai Composite Index lost 1%, its sixth straight session of decline.

In its recent analysis, ETMarkets focused on stocks where prominent institutional investors like FIIs and MFs have been trimming their investments.

​The Indian rupee closed lower on Monday weighed down by dollar demand from local oil companies and a jump in U.S. Treasury yields.

Delivery Hero gained 2.8% after the German online takeaway food company posted an above-guidance core profit for 2023, driven by healthy order growth.

Fino Payments Bank shares, which competes with Paytm, hit the 20% upper circuit limit at Rs 372.30. Jio Financial or JFSL shares rallied 16% to hit a fresh high of Rs 295 after a newspaper reported that One 97 Communications is in talks with Jio to sell the Paytm wallet business.

If you see, if you recall, most of the API and chemical companies were trading at a much superior valuation to, let us say, that of a formulation companies in the pharmaceutical sector, that was never the case in the last 15-20 years.