Latest Stock Market News

The U.S. dollar index, which measures the currency against a basket of six rivals, traded little changed at 103.36 in the Asian morning, after reaching 103.69 on Wednesday for the first time since Dec. 13.

Brent crude futures gained 28 cents to $78.16 a barrel by 0004 GMT, and U.S. West Texas Intermediate crude futures (WTI) rose 34 cents at $72.90.

The U.S. dollar fell 0.2%, making greenback-priced gold less expensive for foreign currency holders. Yields on the benchmark U.S. 10-year Treasury notes also dropped.

Stocks that were in focus included names like HDFC Bank, which fell 8.16%, TV18 Broadcast, which rose 7.58%, and SAIL, whose shares declined 5% on Wednesday.

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe.

As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.

Among other important results that are likely to be tracked closely today include those of Indiamart InterMesh, Mastek, Metro Brands, Polycab, Home First Finance Company, Poonawalla Fincorp, South Indian Bank, Shoppers Stop and Tata Communications.

The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%. Traders who trade in indices do not encounter a situation of security ban.

Varun Saboo of Anand Rathi Shares and Stock Brokers, recommends allocating 70-75% of the portfolio to largecaps, with the remaining in small caps and only high conviction in mid-caps. He believes that valuations are high for midcaps but opportunities are available in large caps and small caps. He expects the upcoming Budget 2024 to focus on infra, power, and may include populist measures benefiting consumer stocks. Sectors like defence, power, and discretionary spends are likely to be in focus.

On the weekly options front, the maximum Call OI is placed at 21800 strikes and then towards 22000 strikes while the maximum Put OI is placed at 21500 strikes and then towards 21300 strikes.