Latest Stock Market News

JK Paper Vice Chairman & Managing Director Harsh Pati Singhania said, "On a consolidated basis, the results have improved due to the acquisition of corrugation business in the last year and better performance by Sirpur Paper Mills with increased volume and higher sales realisation."

CLSA downgraded DLF to outperform with a target of Rs 547. The housing demand momentum continues, which is positive for the stock.

Among Sensex stocks, Tata Motors, JSW Steel, UltraTech Cement, M&M, Sun Pharma, Airtel, and Bajaj Finance opened with gains, while Asian Paints, Infosys, ITC, Wipro, and Maruti opened with cuts.

The June quarter shareholding pattern data shows that FIIs pared their stake in Infosys by another 165 bps to 33.44%. In the case of Tech Mahindra, which will report its Q1 results on Wednesday, FII holding went down by 118 bps to 25.69%.

"The US Fed is expected to raise rates by 25 bps tomorrow but their language/ tone will be important in gauging the direction currencies could take," Bhansali said.

The demerger of ITC according to Pankaj Pandey, Head Research, is a disappointment, as a vertical split would have been better. He believes that although the new arrangement will see the hotel business contribute over Rs 25, this will not matter much. However, ITC still owns 40% of the demerged business and may require funding going forward.

The stock quoted a 52-week high price of Rs 2784.95 and low of Rs 1593.5.

The Relative Strength Index of the stock stood at 56.57 on Tuesday.

​Crossed the previous swing high recently. Expect to inch towards record high now.

A total of 403,751 shares changed hands on the counter till 10:20AM (IST)