Latest Stock Market News

Brokerage firm Axis Securities is positive on a few large and midcap stocks, which belong to different sectors such as banking, auto and pharma.

Eureka Forbes Ltd., incorporated in the year 2008, is a Small Cap company (having a market cap of Rs 9659.45 Crore) operating in Consumer Durables sector.

The PE of aerospace and defence player Zen Technologies, which makes military training live-range equipment and anti-drone systems, has fallen from an average of 225 to 76.6. HDFC Securities said that given a large order inflow and revenue visibility for the next few years, some more rerating is possible in the stock.

Morgan Stanley maintained an underweight rating on L&T Finance with a target price of Rs 110. The retail loan book continued to scale in Q2, and the disbursements remained robust. Retailization of loan book and retail loan book growth continues to be on track.

Short term traders can look to buy the stock now as the momentum is likely to continue which could take the stock to fresh 52-week highs of 240-280 levels, suggest experts.

A total of 10,281 shares changed hands on the counter till 10:50AM (IST)

The Nifty Midcap 100 PE is at par with long-term averages, indicating opportunities at reasonable valuations. The market is going through consolidation after reaching 20,200 on the Nifty50. Rising interest rates pose a threat to equity markets, but inflation levels have peaked. The India-Canada standoff is more political than economic, with limited impact on long-term investments. Smallcap valuations have become relatively expensive, while midcaps still offer opportunities.

“Demand supply is not against the IT companies and so margins will be protected. Demand continues to be softer and unless we see significant pickup in order wins in fiscal year FY 2025. But probably in the next couple of quarters, demand is expected to be weak, which will weigh on the valuations of most of the larger IT companies as we speak.”

The Tata Focused Equity fund has achieved benchmark-beating returns of over 21% by using a bottom-up approach to stock selection. The fund focuses on both compounder and alpha stocks and the strategy is to capture growth and potential re-rating. The fund has performed well despite large-caps underperforming midcap and smallcap stocks

“We saw a good rally in the PSU banks. Earlier, private banks also led the entire banking stable as well as certain NBFCs also came to the fore. This correction and consolidation that we are seeing actually augurs very well for the health of the markets. The correction which is right now going on in our markets, is probably giving a lot of people who had missed the bus, an opportunity to buy the stocks they could not enter earlier. ”