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The broader market is showing a different picture as Nifty is in corrective move. And we still feel that midcap, smallcap space is going to further rise higher. And we are seeing that stock-specific action is taking place in the market on the buying side. So, sentiment is on the bullish side. Some corrective move could be there for the index but stock-specific action is likely to continue.

Overall, banking will contribute a huge chunk of the Nifty profits this year. Metals were weak as anticipated, cement was weak. But cement is coming back stronger so I think interest is growing there.

Technically speaking, there is clearly a very intense tussle going on between the bull and the bear camp, as evident on the charts. At the same time, there are some bearish patterns on weekly charts, both on Nifty & Bank Nifty, indicating that for now, the bulls will have to be content with the recent tops not being breached easily. However, the saving grace is that the downside also appears to be strongly supported around last week’s low.

Earlier, the bank, in its disclosure filed with the stock exchanges on May 28, 2023, had communicated that its Board of Directors had approved an increase in the shareholding in ICICI Lombard in multiple tranches by up to 4%.

The net interest income (NII) grew by 24% YoY to Rs 10,997 crore in Q1FY24 while the global net interest margin (NIM) for the said quarter stood at 3.27%, up 25 bps YoY. The domestic NIM rose 34 bps YoY to 3.41% in Q1.​​

As an investor in Indian equity markets, you must not fret over the US downgrade by Fitch and focus on stocks that you own in your portfolio over anything else. Make sure that they are fundamentally sound and hold them with patience.

The Opec-plus countries, which pump almost 40% of the world’s crude, have a broader plan to limit supply into 2024 and prop up global oil prices. In October 2022 and April this year, the production cartel decided to cut output of its member countries to tackle the supply glut and boost prices.

Vedanta stood at the top spot in terms of deal size with Twin Star Holdings selling stake worth Rs 3,983 crore. Copthall Mauritius, Societe Generale bought stakes worth Rs 2,194 crore and Rs 761 crore, respectively, in the metal major.

"Amid the selloff in largecap stocks, midcap and smallcap stocks have been witnessing a stellar performance. In fact, the Nifty Smallcap and Midcap indices have recovered to their all-time highs following a one-day sell-off. Among the sectors, IT and pharma stocks are likely to continue to remain resilient amid the market sell-off."

The company distributes packaged software applications such as breed software, technical expertise, management tools, enterprise resource planning, customer relationship management, analytics, and managed testing business solutions.