Latest Stock Market News

HCL Technologies, a part of the IT sector, has seen a major breakout from a 7-month consolidation on the weekly charts prompting experts to predict it could climb towards 1200 levels over the next two and a half months. The stock has been trading well above most short-term and long-term moving averages on daily charts, while the Relative Strength Index (RSI) is at 65.20. The stock is also in a strong uptrend with higher highs and higher lows on the short- and long-term charts, according to Aditya Thukral, a senior analyst at Master Capital Services.

Promoters held 38.19 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 18.24 per cent and 22.29 per cent, respectively.

A total of 10,952 shares changed hands on the counter till 12:09PM (IST).

“Majority of retail investors trading will also be driven by algos as the institutional grade algo technology gets democratised for retail as a price efficient solution,” says Kunal Nandwani, co-founder and CEO of the algo trading firm.

Polycab India, Aptus Value Housing Finance and Mazagon Dock Shipbuilders have all formed a Bullish Harami Cross pattern, which typically appears after a downtrend. The pattern suggests a potential trend reversal, with a small bullish candle indicating buying pressure and a possible shift in sentiment. However, it is important for investors to assess the financial performance, order book and growth prospects of each company before making an investment decision based on the pattern.

Shares of 13 companies went ex-dividend on Friday, including PNB, Raymond, and Torrent Pharma. PNB declared a dividend of Rs 32.5 per share, while Torrent Pharma announced 160% or Rs 8 per share. Raymond declared a dividend of Rs 3 per share. Other stocks that turned ex-dividend include Dhampur Bio Organics, Dalmia Bharat, BN Rathi Securities, Dutron Polymers, GHCL, Medico International, Plastiblends India, Shriram Pistons and Rings, SKP Securities, and Sky Industries. The record date or eligibility of shareholders varied for each company and dividend amount per share ranged from Re 0.1 to Rs 32.5.

Asian stocks headed for their worst week in three months on Friday as a string of hotter-than-expected inflation prints and hawkish central bank surprises made investors nervous about the economic toll of taming runaway prices.

Bullion traded lower on MCX due to a strong DXY, trading above the 102.50 mark against six major currencies. August Gold futures were down by 0.14% trading at Rs 58,114 per 10 grams while July Silver Futures slipped by 1.11% to trade at Rs 67,550. On Comex, gold futures were trading at $1,939.10 per troy ounce, declining by 0.30% while silver futures decreased by 0.85% to trade at $22.615. Anuj Gupta, VP, Commodity and Currency Research at IIFL Securities, revealed that the gold futures have declined by 3.45% in June.

The Indian stock market may consolidate due to muted global cues, with the S&P BSE Sensex dipping nearly 300 points on Thursday putting the Nifty50 below 18,800. The India VIX had an increase of 2.28% from 11.29 to 11.54 on Thursday, with volatility climbing out of its range on the daily frame. Recommendations from various experts included selling United Spirits and Gujarat Gas, or buying Balrampur Chini Mills and L&T, with an immediate trading range of 18,650 to 18,900, suggests analyst Chandan Taparia.

Brokerage firms JPMorgan, BofA Securities, and Kotak Institutional Equities have released their recommendations on Bajaj Auto, Paytm, HDFC Life Insurance, and Tata Motors, for investors to consider. JPMorgan keeps an overweight rating on Bajaj Auto, while BofA Securities maintained a buy rating on Paytm. Kotak Institutional Equities recommends a buy rating on HDFC Life Insurance but suggests a reduce rating on Tata Motors. The firms provided their respective target prices for each stock, citing reasons such as margin improvements, improving margins, and investment in business growth.