Latest Stock Market News

The correction brings the stock below its 50-day Simple Moving Average (SMA) of Rs 3,005.80 according to Trendlyne data though it is still trading above its 200-DMA

The 52-week high is the highest price at which a stock has traded during the last year.

ETMarkets has highlighted 6 stocks that had a relatively weak listing at debut but later showed significant growth, with their prices surging anywhere from 25% to 80% above the issue price.

For more such web stories click on the ET

Nifty PSU Bank closed over 3% lower, dragged by the Central Bank of India, Indian Overseas Bank, and Bank of Maharashtra. High-weightage banks and oil & gas lost 1% each, while metals, consumer durables and media stocks shed 1.5-2%

“Since the OMO was not anticipated, in the near term, the bond markets can continue to remain a bit nervous. In the near short term, 10-year G-Sec will probably be at 7.25-7.45% levels and on a medium term, once we start seeing these flows coming back, next year, probably 24, once the Fed starts to pause and not hike incrementally, rates will start going lower.”

Vivek Karwa, CEO of VRIDHI Investment, advises against being greedy in the stock market as there are always opportunities available. He suggests that a layman can approach investing by checking how long a company has been in business and looking at basic numbers such as net profit. He also recommends looking at the shareholding pattern of the company to see if reputable investors are involved.

A total of 1,228,290 shares changed hands on the counter till 02:10PM (IST)

Major railway stocks like the Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam Limited (RVNL), Ircon International, RITES, and RailTel Corporation of India fell up to 6%. Meanwhile, shipping stocks like Shipping Corporation of India (SCI), Garden Reach Shipbuilders, Mazagon Dock Shipbuilders, and Cochin Shipyard declined by up to 5% in the intraday trade.