Latest Stock Market News

On August 2, Wednesday, data sourced from StockEdge revealed that over 54 stocks were trading in an overbought zone. ETMarkets has identified 10 stocks from this group that investors should keep a close eye on for potential trend reversals.

Consolidated net profit is likely to rise 53% year-on-year (YoY) to Rs 516 crore, according to an average of estimates given by 11 brokerages

Thyrocare is planning to fund its international expansion in Africa with its internal accruals. The company is also bidding aggressively on Indian government health tenders, with most capital allocation for the next year targeted at its expansion effort in Africa and the Middle East. Its franchise business achieved a 16% YoY growth, largely due to expansion in tier two and beyond areas. The company hopes to maintain its EBITDA margin for the remainder of the year and achieve a 12% YoY growth for the financial year.

The stock market witnessed a dynamic performance in the stock market as several notable stocks crossed their 20-day Simple Moving Averages (SMA), indicating significant market momentum and potential upward trends.

The sharp growth in the profit was primarily due to a significant rise in other income. Other income for the quarter surged to Rs 7,103 crore from Rs 1,786 crore a year ago.

The latest data for the June quarter reveals that Rekha Jhunjhunwala has openly reported her positions in around 27 stocks, valued collectively at approximately Rs 34,030 crore as of August 3.

The rupee fell to a low of 82.7775 per dollar, its weakest since May 30, compared to its previous close of 82.5825. It tracked losses in other Asian currencies, which also struggled on risk off fuelled by ratings agency Fitch downgrading the U.S. credit rating. Traders, however, expect the Reserve Bank of India to step in to prevent further sharp falls in the local currency.

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A total of 28,323 shares changed hands on the counter till 02:00PM (IST).