Latest Stock Market News

Wadia group-owned Go First on Tuesday filed an application for voluntary insolvency resolution proceedings before the NCLT.

AI technology is expected to impact jobs that are repetitive in nature, such as administrative, secretarial, and customer service roles. However, according to Aditya Narayan Mishra, CEO of Ciel HR Services, individuals can prepare for these changes by upskilling themselves to take on more complex jobs that require decision-making skills. He notes that while some jobs may be automated, others will be created, and corporates will likely invest in upskilling their employees to stay ahead of the curve.

The US Federal Reserve is expected to raise interest rates for the third consecutive time later today, with traders predicting a 84% chance of a 0.25% rate hike. The increase would take the Fed’s target range to 5.00-5.25%, although inflation is still far from the 2% target. Investors are looking for a signal from Fed Chairman Jerome Powell on whether or not there will be a pause in future hikes. The major support for Indian share indices is the $48m in renewed buying by foreign institutional investors, which has turned the market trajectory positive over the past month.

As of 31-Mar-2023, promoters held 51.46 per cent stake in the company, while FIIs held 12.35 per cent and domestic institutional investors had 3.68 per cent.

Credit Suisse has given an outperform rating for InterGlobe Aviation, with a target of Rs 2450, based on "GoFirst filing for bankruptcy can benefit Indigo in many ways". On the other hand, JPMorgan maintains a neutral rating on ACC and Ambuja Cements and reduces the target prices. It sees the large capacity addition guidance as a positive indicator. Emkay has suggested to buy Ramkrishna Forging with a target of Rs 390 due to a high focus on balance sheet deleveraging. Cyient was given an accumulate rating with a target price of Rs 1360.

The Relative Strength Index of the stock stood at 59.29 on Wednesday.

The stock traded at a P/E multiple of 57.21, while the price-to-book value ratio stood at 2.59.

The dollar index, which measures the U.S. currency against six rivals, eased 0.029% to 101.820 after sliding 0.245% on Tuesday.

Indian markets closed for the eighth consecutive day in the green on Tuesday, with the Sensex up more than 200 points and the Nifty50 above 18100 levels. The infrastructure, metals, power, utilities, and oil & gas sectors saw buying, while selling was visible in telecom and FMCG. Welspun India rose more than 15%, RVNL closed with gains of 10%, and Safari Industries hit a fresh 52-week high.

On Wednesday, Indian markets are predicted to consolidate, following subdued global cues. The S&P BSE Sensex grew beyond 200 points on Tuesday, while the Nifty50 reached levels above 18100. Option data suggests a trading range from 17700 to 18500 zones, with an immediate range of 17900 to 18300 zones, with Nifty recommended to remain above 18081 zones to enjoy an up move towards 18250 and 18300 zones. Meanwhile, various experts have offered advice for traders, suggesting stocks, including NOCIL and Valiant Organics.