Latest Stock Market News

PNC Infratech shares are expected to remain in the spotlight on Monday after receiving an order worth Rs 2,039.61 crore from CIDCO. The company received the work order for the integrated infrastructure development of roads, construction of various major and minor structures, and allied electrical works under the NAINA Project, with a completion period of 1,460 days.

Wipro shares are anticipated to gain attention on Monday after the company announced its board will consider issuing bonus shares alongside its Q2 2024 financial results. Bonus shares, which are additional fully paid shares given to existing shareholders, aim to enhance stock liquidity and reduce share price, making them more accessible for investors without any extra cost.

Gold prices have surged by Rs 1,300 per 10 gram in the last 3 days, while the prices of silver prices are up by Rs 2,100/kg.

Indian equity indices opened higher on Monday, with the Sensex gaining 315 points and Nifty50 rising 93 points as investors awaited domestic inflation data and earnings reports from Reliance Industries and HCL Tech. Wipro shares surged over 3% on news of a potential bonus share issue.

Wipro might issue bonus shares for the 14th time, the highest among Nifty companies, during its board meeting for second quarter results. Historically, the IT services company has frequently rewarded shareholders with bonuses, aimed at improving stock liquidity and affordability, unlike peers Infosys and TCS.

Domestic markets showed mixed trends with a negative bias. Analysts suggest consolidation due to premium valuations and Q2 outlook. Recommended short-term buys: HAL (11% return), Mazagon Dock (13% return), Tata Chemicals (8% return), and Hitachi Energy (11% return), based on technical indicators signaling potential uptrends.

Nitin Raheja from Julius Baer Wealth Advisors believes private banks offer attractive valuations for long-term investments. The banking sector is seen as promising, despite regulatory challenges being priced in. The Nifty index, driven largely by financials, has room to grow. Mixed trends are observed in the festive sales, with potential for rural FMCG revival.

Deepak Shenoy of Capital Mind discusses market tracking strategies during the earnings season, focusing on cautious positions and awaiting quarterly results. He highlights interest in sectors like electric vehicles and manufacturing. Shenoy mentions increasing stakes in select large caps and holding positions in interests like Mazagon Dock, despite market corrections and volatility.