Latest Stock Market News

Vardhman Special Steels, a producer of special and alloy steels in India, will trade ex-bonus on May 26, according to an announcement of a bonus issue of equity shares in proportion of 1:1. The bonus issue will be subject to approval of shareholders of the company. The issuance of bonus shares aims to increase the liquidity of the stock as well as to decrease its stock price to make it affordable for investors. On Thursday, shares of Vardhman Special Steels closed 2.35% lower at INR414 per share on the NSE.

The Bengaluru headquartered company has roped-in Goldman Sachs, ICICI Securities, Axis Capital, and Kotak Securities as the lead managers for its initial public offering. An email sent to an Ola Electric spokesperson remained unanswered. Goldman Sachs, Axis Capital and Kotak Securities didn’t respond to the queries, while ICICI Securities’ spokesperson declined to comment

The Nifty FMCG index hit a new record high of 49,825 in intraday trade, and the BSE FMCG index also hit a record high. In the same sector, historical data suggests that FMCG stocks outperform the broader market during correction phases and Piyush Chaudhry recommended three FMCG stocks for trading

Initial public offering (IPO) is the process by which a private company sells its stocks to the general public while direct listing is when a company lists on an exchange.

Indian markets are likely to continue their rally thanks to benign liquidity, stronger-than-expected results so far in the current quarter, and diminishing pressures on pricing. Underperforming sectors such as pharmaceuticals as well as capital goods, consumer durables and defence companies offer good opportunities. Stocks of safe bets, like ITC, Britannia and HUL, are doing well due to favourable valuations and strengthening ownership in a scenario of intense uncertainty before the election.

The Indian rupee closed at 82.75 per US dollar, down 7 paise, as the greenback gained strength in the overseas market and on weak domestic equities. The market is worried about the debt-ceiling impasse, putting pressure on the Indian currency. Despite FII inflows and a steady rebound in crude oil prices, traders are expected to remain cautious ahead of the US GDP and pending home sales data. The USD/INR spot is expected to trade between 82.30 and 83.30, according to Sharekhan by BNP Paribas’ Research Analyst, Anuj Choudhary.

The blue-chip Nifty50 index closed 0.20% higher at 18,321.15, while the benchmark S&P BSE Sensex rose 0.16% to 61,872.62.

Broadly the market has been in a consolidation over the last 20 months. With earnings climbing higher than valuation premium getting washed off, equity markets now appear more evenly poised than before.

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The Nifty Pharma index closed 0.12 per cent up at 12455.5.