Latest Stock Market News

Sandip Sabharwal advised investors to identify stocks that have peaked, maintain 80-85% investments, and keep the rest in cash for future opportunities. He highlighted that sectors like pharma are benefiting from lower input costs and suggested keeping an eye on renewable energy, auto, and financial sectors for potential investments in the future.

The new rules mandate that quarterly financial results must be approved by the board of directors before submission. These results, when sent to the stock exchange, need the signature of either the chairperson, managing director, or a whole-time director. If none of these are available, any other director authorized by the board can sign the financial results.

Gold prices jumped by 1.7% or Rs 1,200 per 10 gram on Friday taking cues from prices in the international market. The rally was on the back of growing hopes of the September interest rate cut by the US Federal Reserve following a benign July inflation number.

Vedanta Limited expanded its sale of Hindustan Zinc Limited shares by including an oversubscription option. The offer increased to a total of 1.51% of HZL’s equity share capital. A portion of the equity shares is reserved for retail investors, with allocation scheduled for August 19, 2024. The sale aims to attract substantial interest from investors.

The yen rose against the dollar on Friday but still looked on course for its biggest weekly decline since June after the latest batch of U.S. economic data eased fears of a recession and supported bets of gradual Federal Reserve interest rate cuts.

The decline in smallcaps has been widespread across various sectors. However, the pharmaceutical sector, typically seen as a defensive haven during market downturns, has bucked the trend with many stocks performing well. Among the hardest hit in the 100-stock index is Birlasoft, experiencing a 23% drop. State-run shipping companies, Ircon International and Cochin Shipyard, have also suffered significant losses of 22% and 20%, respectively.

The Nifty Realty index was trading 1.68 per cent up at 1040.35.

Biotech firm Bavarian Nordic shares soared over 15% on Friday, another day of substantial gains which analysts have linked to the outbreak of the mpox virus.

Nifty is approaching the crucial resistance level of 24,700, which coincides with the previous downside gap from August 5th. Experts predict this gap will likely be filled soon, opening the door for further upside potential. Keep an eye on 24,700 and 25,000 as the next key targets. Meanwhile, immediate support remains at 24,350.