Latest Stock Market News

Tube Investments, an auto component company, has seen a 13% increase in its stock price in a month. Experts suggest that the stock could reach the level of Rs 3,700 due to a breakout from a cup pattern on the weekly charts. Short-term traders are advised to buy the stock now or on marginal declines. The stock is currently trading above the neckline of the cup pattern and is supported by various moving averages. The Relative Strength Index (RSI) and MACD indicators are also positive.

A total of 3,800 shares changed hands on the counter till 12:36PM (IST).

The stock quoted a 52-week high price of Rs 1168.0 and a 52-week low of Rs 612.5.

We are certainly entering July, long and heavy. FII’s long position in the index future segment is heading to historical peaks, so there are no more expectations of tailwinds.

Indian equities are expected to continue their double-digit gains in the current quarter due to favorable conditions compared to other emerging markets. The Nifty 50 index has historically performed well in the July-September period, with high single-digit to low double-digit returns. Strong foreign portfolio investor (FPI) inflows, supported by strong corporate earnings growth and favorable macroeconomic conditions, have driven the recent market rally. FPIs have shifted their focus from China to India due to the improving Indian macros, GDP growth, and corporate earnings potential. Global fund managers are recommending dedicated allocations to India within Asia in the second half of 2023.

See, we are at a new all-time high but mood is not at all euphoric around. It is one of optimism, one cannot deny that but at the same time I mean somebody who has lived through 2003-2008 cycle cannot forget the kind of euphoric feeling was there.

Gold prices decreased on Monday as the dollar strengthened, increasing the likelihood of a US Federal Reserve interest rate hike. The Federal Open Market Committee (FOMC) is scheduled to meet later this month, and the dollar index (DXY) reached close to 103 against major currencies. Gold futures on the MCX were trading at Rs 58,092 per 10 grams, down 0.20%, while silver futures were down 0.06% at Rs 69,986 per kg. The decline in gold prices is attributed to expectations of rising interest rates and a lack of safe-haven demand.

A total of 11,586 shares changed hands on the counter till 11:28AM (IST)

Shares of Mazagon Dock Shipbuilders surged over 7% and hit a 52-week high after the company won a contract worth Rs 2,724 crore from the Indian Navy. The stock has seen a tremendous rally, delivering returns of 435% in the past year. With a market capitalization of over Rs 25,000 crore, Mazagon Dock has become the first shipbuilding company to achieve this milestone. Despite trading in an overbought zone, the stock has been performing well and is above its 50-day and 200-day moving averages.

Recently, stock has managed to give a follow through move to this breakout reinforcing bullish momentum.