Latest Stock Market News

Investors who have missed the recent rally in the stock market can find better opportunities in the IT and pharma sectors, according to Sumeet Bagadia, Executive Director of Choice Broking. Bagadia suggests that IT stocks like Infosys, Wipro, and TCS are yet to perform well and could provide good investment opportunities. He also believes that the pharma sector is about to see a move upwards. Additionally, Bagadia recommends considering stocks in the metal sector, large PSU companies, and mid and smallcap indices.

A host of brokerages have downgraded the target prices of a number of stocks in the last month.

The National Stock Exchange is planning to expand its product portfolio by exploring opportunities in electricity derivatives and the voluntary carbon credit market. It also aims to introduce derivative contracts based on corporate bond indices and government bond indices, pending approval from regulators. The exchange is evaluating the voluntary carbon credits market, which could be worth an estimated $150 million. Additionally, the Indian Energy Exchange has announced similar plans to explore opportunities in the voluntary carbon market. The Indian government is developing the Indian Carbon Market to decarbonize the economy through the trading of carbon credit certificates.

Sebi has penalised Cyquator Media Services, a promoter entity of ZEE Entertainment Enterprises Ltd (ZEEL), for certain disclosure lapses. A fine of Rs 4 lakh has been imposed on Cyquator for failing to make adequate disclosures regarding certain trades in shares of ZEEL.

Despite concerns about a global recession and a local slowdown, the market has performed better than expected, thanks to a relief rally following a prior sell-off. The global economy has demonstrated resilience, and it is projected that the US economy will avoid a deep correction. However, the market may trade in a range with mixed bias in the near term, as equities may underperform due to fundamental and technical parameters. The volatility index suggests stability and optimism, but low levels of volatility are unlikely to be sustained considering the current economic conditions. Nevertheless, the downside risk is adequately mitigated, and a substantial correction is not anticipated. The earnings outlook for India is improving, and the risk is low in India compared to the global market.

Come July 3, the familiar SGX Nifty will be rechristened as Gift Nifty and will be available for trading 22 hours a day on NSE IFSC.

Several corporate actions are scheduled for this week. Companies like Adani Enterprises, Mphasis, Biocon, Ashok Leyland, and Axis Bank will trade ex-dividend, while Kansai Nerolac Paints and Aptech will trade ex-bonus. The ex-dividend date is when the share price is adjusted for dividend payouts. Various companies such as ACC, Ambuja Cement, and Bharat Forge will also trade ex-dividend later in the week. Additionally, several companies have fixed dates for their right issues or ex-bonus trading.

In the following week, several factors are in place that are likely to decide the trajectory for markets. These include key macroeconomic data points in India and across major developed economies, and a lot of corporate news developments.

According to Rajesh Palviya of Axis Securities, the Nifty has been experiencing strong upward momentum and could potentially reach levels between 19,350 and 19,400 in the coming week. The underperforming sectors have started to contribute, and market breadth has significantly improved. The Bank Nifty is also nearing its target of 45,000. In the auto sector, Maruti is expected to continue its momentum and reach a target of Rs 10,000, while Hero Moto and Bajaj Auto are also looking attractive. L&T, TCS, and Jubilant Food are the stocks to watch in the upcoming week.

Muthoot Microfin has refiled a draft red herring prospectus for an IPO of Rs 1,350 crore with SEBI. The IPO consists of a fresh issue of shares worth up to Rs 950 crore and an offer for sale by promoters and institutional investors worth up to Rs 400 crore. The microfinance firm aims to use the proceeds to augment its capital base and meet capital adequacy requirements. Muthoot Microfin is the fourth-largest microfinance company in India and the third-largest in South India. ICICI Securities, Axis Capital, JM Financial, and SBI Capital Markets are the book-running lead managers.