Latest Stock Market News

Sterling Biotech, a major pharmaceutical company with two manufacturing facilities in Gujarat, specializes in Gelatine, Di-Calcium Phosphate and select APIs. Once the deal concludes, Sterling Biotech will transition into a 50:50 joint venture, ensuring equal representation for both parties on the board.

The BSE has scheduled 15 trading holidays for 2024, with 11 already observed. The next closure is on October 2nd for Gandhi Jayanti. November will see two closures, including Diwali on November 1st, followed by Muhurat Trading. Finally, markets will be closed on December 25th for Christmas.

Baazar Style Retail, supported by Rekha Jhunjhunwala, opened its IPO for the public from August 30 to September 3, featuring fresh issues and share sales worth up to Rs 148 crore. The IPO proceeds will address borrowings and general corporate purposes.

“Markets have demonstrated remarkable resilience, with each dip being met with buying interest. Geopolitical tensions and concerns about the Yen carry trade have eased somewhat, contributing to a global market rebound. The overall setup is bullish with Nifty forming a Higher-top Higher-bottom pattern for the past 3 weeks. If Nifty surpasses 24,940, it could potentially advance towards 25,150-25,200 levels in the short term.”

In the IT sector, TCS is a noteworthy focus. We anticipate a continuation of its rally and expect it to reach higher levels, making TCS an appealing option. Our target price for TCS is around 4650 on the upside. For those considering a long position, a stop loss of approximately 4390 is recommended, says Rajesh Palviya, Axis Securities

This week witnessed a significant surge in smallcap stocks, with 152 of them posting double-digit gains, and nine even surpassing the 30% mark. This performance is notably stronger than the previous week, which saw only 43 smallcaps achieve double-digit growth. Leading the pack was Rane Madras with an impressive 39% return, followed closely by SEPC at 38%, Shriram Properties at 36%, and Tasty Bite Eatables at 35%.

The consistent performance indicates higher investor interest in these stocks.

During the first two weeks of August, foreign institutional investors withdrew a substantial Rs 14,790 crore from financial stocks and expressed a bearish sentiment towards metals, services, construction, and auto sectors. Conversely, FIIs demonstrated a bullish approach by investing in healthcare (Rs 3,462 crore), consumer services (Rs 2,196 crore), FMCG (Rs 1,785 crore), and power (Rs 1,169 crore).

Aeron Composite Ltd has set the price for its SME IPO between Rs 121-125 per share, with subscriptions open from August 28 to 30. The IPO, targeting up to Rs 56.10 crore, will fund a new manufacturing unit in Gujarat and other corporate needs. It is listed on NSE Emerge. Hem Securities Ltd manages the issue.

“What seems to be deviating right now is the trajectory of valuations and the growth of the economy. Valuations in a lot of businesses are running ahead of time – the expectations are building up significantly. In situations like this, what is not factored into this scenario is an external event which could derail executions. Investors need to balance this view before taking any view of incremental investments.”