Latest Stock Market News

RBZ Jewellers, an organized gold jewellery manufacturer in India, has filed draft papers with the market regulator Sebi for an IPO. The issue comprises of 1 crore equity shares with a face value of Rs 10 each, aiming to raise approximately Rs 100 crore. The IPO will be made through the book building process, and the raised funds will be used for general corporate purposes, including Rs 80.75 crore for working capital requirements. RBZ Jewellers specialize in designing and manufacturing a varied range of gold jewelry, including jadau, meena, and kundan work, which they sell on wholesale and retail platforms.

Shares of Ashok Leyland rose over 4% to a nine-month high after the company aimed to increase its market share from 32% to 35% in the medium and heavy commercial vehicles space, and from 20% to 25% in the light commercial vehicle space. In addition, the company intends to double its exports over the next two years. The Hinduja group company will expand its presence in North and East India and will introduce new products, hoping to improve its operating margins by cost-reduction initiatives and volume growth.

The yen fell broadly following the decision and hit a fresh 15-year low of 154.88 per euro and was set for the biggest weekly decline against the single currency in three years. The euro was last up 0.8% against the yen 154.73.

Several investors and analysts have voiced their opinions on the possibility of the Indian stock market benchmark Sensex hitting the 100,000-mark. Vijay Kedia expects good midcap stocks to double or triple in two-to-three years, while Samir Arora has a simple rule for compounding at 13-14% to determine the possibility of the index reaching the milestone. Atul Suri believes that there is every chance of the Sensex hitting the target within four to five years, as it has already attained a 50-60% gain from previously being at around 1,000.

Nifty 50 companies, including Apollo Hospitals Enterprise, Britannia Industries, ITC, NTPC, Nestle India, Titan Company, and UltraTech Cement, have reached their 52-week highs, highlighting their resilience, growth potential, and market leadership. These companies represent various industries, including healthcare, FMCG, power generation, cement manufacturing, and consumer goods, and offer potential investment opportunities for investors. However, investors should conduct thorough research and consider market trends and risk tolerance before making investment decisions, as past performance is not indicative of future results.

Shankar Sharma believes in buying bottom-up companies that interest him, regardless of the sector they belong to. He cites some interesting logistics and visa processing companies, as well as those in the services and manufacturing sectors, as key areas of investment. Sharma is not interested in new-age listings, such as Zomato, due to a preference for good valuation comfort. He stated that we are at a fantastic point in the market, as we are seeing all-time highs, and says the party will be long, hard and strong.

While the Sensex closed at 63,385, up 467 points, the broader Nifty50 settled at 18,826, higher by 138 points

The Indian rupee had its best week against the US dollar since March, closing at 81.93 per US dollar on Friday, helped by strong foreign fund inflows and expectations that the Federal Reserve will lighten its aggressive stance on interest rates due to jobs and manufacturing data. The rupee rose 0.6% for the week on the back of very large corporate inflows and will be impacted by an expected rise in dollar-rupee forward premiums as bets of an aggressive Fed recede. The dollar index is set to log its worst week in five months on hawkishness from the European Central Bank.

The dollar index dropped to a fresh five-week low and settled lower by 0.81 per cent at 102.12 in the previous session on the back of weak US macro data and hawkish comments from the European Central Bank president that indicate another interest rate hike in July, Gandhi said

Investment expert Shankar Sharma advises small investors to adopt a marathon run approach when investing in Indian stocks. He suggests buying 50 stocks initially and, over two or three quarters, identifying 10 to 15 that perform very well. The poor performers should be sold and the capital reinvested into the winners. Sharma recommends younger investors focus on small- and mid-cap stocks when starting out, rather than the larger, more stable companies.