Latest Stock Market News

The Nifty 50 closed 0.3% higher at 18,534.10 points on Friday, failing to surpass immediate resistance at 18,580 points. Technical charts suggest support-based buying remains intact, with the index set to witness an upturn towards 18,666 and 18,750 points if it holds support at 18,442 points. The FPI Long-Short ratio indicates traders now hold more short positions related to long positions, and the Relative Strength Index shows bearish divergence, with a potential downturn in prices. Experts believe the market will remain range-bound, with support at 18,450-18,500 points and resistance at 18,600-18,800 points.

Gold futures were trading with minor gains on Friday due to a pullback in the dollar index. The gains came as Philadelphia Federal Reserve President Patrick Harker suggested that the central bank should not take another rate hike despite the slow rate of inflation control. Gold futures on the MCX have advanced by 0.02% in June. Meanwhile, Silver futures have gained nearly 0.97% in value terms in June. As for domestic prices, physical gold in Delhi and Ahmedabad is around INR61,000 ($814) per 10g, with silver priced at INR72,500 per kg.

From the Sensex pack, Tata Steel, Maruti, M&M, Sun Pharma, L&T, and Bharti Airtel closed higher, while Infosys, Wipro, HCL Tech, TCS, and IndusInd Bank ended in the red.

Investors are advised to have a longer-term view for equity investments for optimum gains, as equity can be volatile and lead to significant drawdown in the short term. Experts recommend passive modes of investment, such as SIPs and ETFs, for retail investors seeking liquidity while conducting a more cautious approach to P2P lending. For those with a balanced profile, exposure to equities can be gained via conservative hybrid funds. Constructive research, not timing the markets, is also advised. Meanwhile, a blend of growth and dividend yield assets is recommended given today’s financial market uncertainty.

The Nifty Auto index closed 0.92 per cent up at 14388.6.

European shares rose on Friday, as investors were boosted by the passing of the US debt ceiling bill and hints that the Federal Reserve may pause its interest rate hiking cycle later this month. The STOXX 600 index was up 0.7%, with real estate and mining stocks performing the best. The US Senate on Thursday passed the bipartisan legislation to lift the debt ceiling, preventing a first-ever default. Moreover, job growth in May was expected to prove slower than earlier, with wages declining, which could lead the central bank to skip an interest rate hike this month.

Cryptocurrency markets rose ahead of the release of US non-farm payroll data. Bitcoin and Ethereum rose 1.03% and 1.78% to $27,099 and $1,887, respectively. Other top crypto tokens including Litecoin, Tron, BNB, XRP, Cardano, Polygon, and Polkadot also traded with gains. The total volume in decentralized finance (DeFi) is currently $2.15 billion, and the total volume of all stablecoins is $27.55 billion, which represents 7.18% and 91.94% of the total crypto market 24-hour volume, respectively. The global cryptocurrency market cap rose 1.17% to around $1.14 trillion.

Paras Defence shares rose 9% after announcing a joint venture with CONTROP Precision Technologies for manufacturing Electro Optic/Infra Red systems. The Indian firm will have a 30% stake in the joint venture while the other 70% will be with Israel-based Controp. The venture agreement means Paras will be able to appoint one director and mutual agreement will be required for equity shares and other securities. Significantly, Paras Defence announced a Memorandum of Understanding with the Society of Applied Microwave Electronics Engineering Research recently and the firm remains volatile.

​The dividend yield is one of the main factors to consider when investing in dividend-paying stocks

The stock quoted a 52-week high price of Rs 335.5 and a 52-week low of Rs 182.2.