Latest Stock Market News

Some of these companies have seen sales degrowth in Q4 along with poor stock price performance

Some of the corporate results have been good. So, it looks as if that everything is well in the market. Maybe a couple of weeks later, you find that suddenly the mood has darkened and things are not working out and there is an air of pessimism all around.

​When the interest rates come down, you will make capital gains. Will you make money in equity? Yes, but in equity you need a six-seven-year kind of a time frame because I would not want to guess what will happen in equity over a two-year period.

European stock indexes showed a slight decline in thin trading on Monday, while Wall Street futures were optimistic after a debt ceiling deal was reached between US President Joe Biden and top Republican Kevin McCarthy. However, the deal is expected to bring only short-term relief as worries about inflation and rate increases persist. Asian stocks were mostly up, except for falling Chinese stocks after data showed profits in the industrial sector were slumping, signifying an economic slowdown. US and UK markets are closed for public holidays. Eurozone government bond yields were lower ahead of inflation data due on Wednesday and Thursday.

The Nifty Auto index closed 0.63 per cent up at 14219.6.

The Securities and Exchange Board of India (SEBI) has reconstituted its intermediary advisory committee including new members such as Nithin Kamath, founder and CEO of Zerodha Broking and Lalit Keshre, CEO of Groww. The committee is responsible for advising on market safety, efficiency, and transparency, as well as changes in the legal framework to enhance simplification and transparency in the systems and procedures of market intermediaries. The committee, chaired by S Ravindran Jain, will also advise SEBI on the use of technology and cyber security by intermediaries.

Gold prices rose on Monday due to a fall in the US dollar index, but analysts warn there could be a downturn soon. The US dollar is likely to strengthen because of fears of economic downturns, while the price of gold is inversely proportional.

Bank Nifty hit a record high of 44,483.3 on May 17, following the release of strong Q4 results and non-stop Foreign Institutional Investment (FII) buying. Despite falling short of the previous high reached on December 14, 2022, by just 0.10 points, experts remain positive on the banking index as most banks reported stellar earnings in Q4 with improvements in asset quality. The index may remain a market performer and declines towards 43,500 are viewed as a buying opportunity, according to ICICI Securities.

Promoters held 37.01 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 24.43 per cent and 8.91 per cent, respectively.

A total of 12,465 shares changed hands on the counter till 01:58PM (IST).