Latest Stock Market News

Investors are keenly watching a panel discussion of central bankers in Sintra, including European Central Bank President Christine Lagarde, Federal Reserve Chair Jerome Powell and Bank of Japan Governor Kazuo Ueda.

Experts suggest that the stock price of Balkrishna Industries, a company in the tyre and rubber product industry, has broken out from a descending triangle pattern, indicating a potential increase towards Rs 3,000 levels in the medium term. The stock has been consolidating recently but has rallied by about 20% in the last three months. The stock is trading above important moving averages, and technical indicators such as the Relative Strength Index (RSI) and MACD are showing bullish signals. Experts recommend purchasing the stock with targets of Rs 3,220 and Rs 4,125 in the next four to six months.

“For Aurobindo Pharma, our official rating is market performance. We do not recommend it from a long-term perspective. It is only a tactical recommendation for the next couple of quarters for the reasons that you just read out. In the case of Gland Pharma, Bernstein sees operational leverage.”

The BSE Bankex showed positive momentum, gaining 0.47% and reaching 50,122.15. HDFC Bank played a significant role in driving the index higher, followed by State Bank of India, IndusInd Bank, Axis Bank, and ICICI Bank. These top-performing stocks showcased the resilience of the banking sector. However, Kotak Mahindra Bank, Bank of Baroda, Federal Bank, and AU Small Finance Bank experienced declines, affecting the overall performance of the index. Investors should monitor these stocks for long-term investment potential.

Commenting on Nifty scaling a new lifetime high, Santosh Meena, Head of Research, Swastika Investmart, said that the 50-stock index surged to an unprecedented all-time high on account of solid fundamentals of the Indian economy and the consistent stability in global cues witnessed recently.

Right now, the order book total pending order is between Rs 2300 to Rs 2500 crore. And this is good enough to complete in next, you can say, seven, eight months, maybe maximum before end of the year will be finished.

A total of 14,574 shares changed hands on the counter till 01:54PM (IST)

The stock quoted a 52-week high price of Rs 7490.0 and low of Rs 4456.95.

“Sun, Cipla, Lupin being market leaders, should be able to do well. Most of these companies have actually added on the Street last year. While all those costs are in the P&L, we are expecting that this year, we will see their productivity improve.”

The onset of the monsoon, the merger completion announcement by HDFC Bank and Housing Development Finance Corp, and rollovers ahead of the expiry of the June derivative series are some of the factors contributing to the gains in the market.