Latest Stock Market News

From the Sensex pack, M&M, ICICI Bank, and Wipro were the top gainers, rising over 1% each. Power Grid, HCL Tech, Bajaj Finserv, Axis Bank, Bajaj Finance, and Tata Motors also opened higher. On the other hand, only Nestle, Tech Mahindra, and Asian Paints opened lower.

In the NSE list of stocks with a market cap of over Rs 10,000 crore, 8 stocks crossed their previous 5-year high values at the close on June 2.

JPMorgan has downgraded Vedanta to neutral from overweight, while maintaining its underweight stance on Hindustan Zinc and overweight rating on Hindalco. Citi has also downgraded AU Small Finance Bank to neutral, while Macquarie has retained its underperform rating on Info Edge. JPMorgan has slashed the 12-month target price for Vedanta to INR 280 from INR 350, while maintaining its underweight rating on Hindalco with a target price of INR 205, and retained its overweight rating on Hindalco with a target price of INR 490.

Redington, incorporated in the year 1961, is a Mid Cap company (having a market cap of Rs 14482.32 Crore) operating in IT - Hardware sector.

Analysis showed that 12 loss-making companies, including Jet Airways India, PB Fintech, and Paytm parent One 97 Communications, have considerably reduced their losses quarter after quarter. Jet Airways managed to narrow losses to INR55 crore ($7.4m) in Q1 FY23, from INR390 crore in Q1 FY20. Jaiprakash Associates improved its financials after the sale of non-core assets, trimming losses to INR156 crore in Q1FY23. Experts recommend building a long-term portfolio of quality companies with lean balance sheets, capital efficiency and growth longevity, considering sector-specific prospects and global growth.

​This indicates a bullish sentiment in the market, as the average traded and delivered quantity for 5 days along with the cumulative open interest along with prices of the stocks increased. These 4 Nifty counters indicate a bullish trend​

On Monday, the rupee opened weak at 82.47, depreciating 14 paise to 82.53 against the USD aided by the rise in dollar index and fluctuating oil prices. Meanwhile, the BSE Sensex was trading higher at 62,778.06. On the other hand, foreign institutional investors were net sellers in the capital markets on Friday. Furthermore, the Reserve Bank announced that India’s forex reserves reduced by USD 4.339 billion to USD 589.138 billion for the week ended May 26.

On the technical charts, the RSI of the stock stood at 54.38.

The Nifty Realty index was trading 0.29 per cent down at 489.45.

A host of analysts have shared their tech views on particular stocks that can rally up to 11% in the near term.