Latest Stock Market News

A total of 5,043 shares changed hands on the counter till 11:01AM (IST)

Dipan Mehta from Elixir Equities discussed the investment potential of oil PSUs like HPCL, BPCL, and IOC, highlighting their earnings volatility. He noted the valuation compression in PSU sectors such as mining and engineering, and suggested potential in PSU banks. Mehta remains cautious, preferring to wait for a market correction before making new investments.

A total of 9,658 shares changed hands on the counter till 01:24PM (IST)

Traders use this strategy to profit from an anticipated decline in the underlying asset’s price by buying a higher strike put (in-the-money) and selling a lower strike put (out-of-the-money) with the same expiry. This results in a net debit, as the ITM put’s cost is offset by the OTM put’s premium.

Top brokerage firms shared their latest stock ratings: JP Morgan recommended Hindalco and Apollo Hospitals, highlighting robust expansions and increased occupancy rates. Goldman Sachs suggested selling Hero Motocorp due to revenue shortfalls. Jefferies and Investec advised buying Max Financial and Nykaa, seeing growth potential. Detailed analysis and future projections backed these recommendations.

Amid concerns over PSU valuations, both MFs and FIIs reduced their stakes in at least 13 PSU stocks in the June quarter, while small retail investors bought these stocks. Q1 data shows MFs sold stakes in 28 PSU stocks and FIIs in 30. Notably, retail investors increased their stake in HAL, a favorite defense PSU, despite MFs and FIIs reducing theirs.

Piramal Enterprises experienced a 64% drop in its June quarter net profit, down to ₹181 crore from ₹509 crore a year earlier due to a prior one-off benefit. Core net interest income increased by 18% to ₹807 crore, although the net interest margin shrank. CEO Jairam Sridharan remains confident about meeting the FY25 target.

Bhargav Buddhadev of Ambit Asset Management identified potential selling pressure in capex-oriented sectors like roads, railways, and defense due to budget cuts. He highlighted optimism in sectors like rural recovery and chemicals. Investors were advised on market strategies, and the resilience of the Indian market amid global challenges was emphasized.