Latest Stock Market News

Provided a breakout from an inverse head and shoulders pattern, a bullish reversal pattern.

The market has a good chance of going higher, according to Chakri Lokapriya, CIO & MD at TCG AMC. Despite flat two-year index returns, valuations are just 20 times for depressed earnings, indicating that the market is "not clearly an overheated market." Assuming the economy revives and rates start to drop after the RBI peaks out, Lokapriya believes the market will pick up. In the QSR segment, KFC and Pizza Hut are experiencing significant traction, while Devyani International, in particular, is expected to do well.

Laurus Labs, incorporated in the year 2005, is a Mid Cap company (having a market cap of Rs 18060.97 Crore) operating in Pharmaceuticals sector.

Brokerages have initiated coverage and maintained ratings on several companies, according to top brokerages sources. Antique has initiated a buy on Mankind Pharma citing its diversified therapy mix as a positive, while Macquarie has given an outperform rating to Lupin due to its Q4 revenue and earnings beating estimates. Nomura has maintained buy on MGL, saying the company delivers the second-highest-ever gross margin. However, BofA Securities has preferred to remain neutral on Zomato, with Jefferies offering a buy rating for Godrej Consumer.

Occidental Petroleum reported 1Q19 earnings that fell short of analyst estimates, falling 48% to $1.1bn YoY as global economic growth concerns led to a decline in oil prices. Occidental almost doubled capital spending in 1Q19 from a year earlier to $1.5bn, and cash flow from operations before working capital fell 24% to $3.2bn. Despite earnings decline, first quarter oil and gas daily production output rose to 1.22 million barrels from 1.08 million YoY, helped by higher production from its Permian operations. Shares fell 1.6% in late trading to $58.03.

Shares of Bharat Heavy Electricals, Gujarat Narmada Valley Fertilizers and Chemicals, Manappuram Finance and Canara Bank are under futures and options (F&O) ban for trading on Wednesday. However, the stocks will be available for trading in the cash market. The F&O ban is in place when the open interest crosses 95% of the market-wide position limits. The ban lifts when the open interest falls below 80%. Meanwhile, the Karnataka assembly election, Q4 earnings and US inflation data are being closely monitored by investors.

Domestically, high frequency data seems to indicate continuing pick up in industrial activity. Markets expect rising gross margins for consumption-oriented companies from Q1 FY24 onwards, thanks to moderating inflation data.

US stock indexes closed lower as investors turned cautious ahead of economic reports and a meeting between political leaders to discuss the debt ceiling. The market was anxiously waiting for the US consumer price index report, which will give an insight into whether inflation is easing, and for the meeting between US President Joe Biden, Republican House Speaker Kevin McCarthy, and other congressional leaders, to discuss the debt ceiling.

Oil prices fell in early trade after industry data revealed an unexpected increase in US crude inventory. Brent crude was down 16 cents to $77.28 a barrel, and US West Texas Intermediate dipped 20 cents to $73.51.

PayPal late on Monday estimated adjusted operating margin expansion of 100 basis points this year, compared with its earlier forecast of 125-basis-point growth. The company is focusing on enterprise-focused unbranded checkouts, which are less profitable than its own branded checkout button.