Latest Stock Market News

Garuda Construction and Engineering, which provides civil construction and related services for residential, commercial, and infrastructure projects, plans to raise Rs 174 crore through a fresh issue of equities to fund working capital requirements and Rs 90 crore through an offer for sale.

Indian markets closed lower for the sixth day, with the Sensex dropping over 500 points. Notable stocks like BASF India, Coforge, and AstraZeneca Pharma saw bullish breakouts and potential targets ahead.

New-age tech companies have seen significant growth in CY24. Two stocks have surged over 100%. Newly listed companies have also shown strong gains. These tech-driven startups focus on fast-growing sectors and leverage advanced technologies to offer distinctive products and services. They are recognized for their rapid expansion, high market valuations, and ability to disrupt traditional industries.

Nifty formed a long bear candle, indicating a continuation of the downtrend. The positive chart pattern has been negated by Nifty moving below the 24,753 support level. The underlying trend remains negative, with support at 24,500-24,400.

Domestic indices Sensex and Nifty50 declined for the sixth consecutive session, impacted by geopolitical tensions.

Hero Motors Limited has pulled back its Draft Red Herring Prospectus (DRHP) for the planned Initial Public Offering (IPO).

Shakti Pumps announced a 5:1 bonus share issue. The record date for determining eligibility is October 7, 2024. The bonus shares will be issued subject to shareholder approval through a postal ballot process.

Short covering occurs when traders buy back previously sold shares, often due to changing market sentiment. On Monday, five stocks experienced short covering, leading to increased prices and decreased open interest.

Garuda Construction IPO opens on October 8 and closes on October 10. The company provides end-to-end civil construction services. The Indian construction sector is expected to grow to Rs 6.49 lakh crore by FY30. Garuda Construction has a GMP of Rs 22, indicating a 23% premium. The IPO includes a fresh issue of Rs 173 crore and an OFS of Rs 90 crore.

Domestic benchmark indices, Sensex and Nifty50, reversed early gains to close lower for the sixth straight session on Monday, as escalating Middle East tensions and expectations of softer corporate earnings weighed on investor sentiment.