Latest Stock Market News

The Relative Strength Index of the stock stood at 40.58 on Thursday.

Nifty at the close settled at 17,624, while Sensex ended at 59,632

Low PE stocks are considered value stocks and are best suited for long-term investment horizons. Infosys, HCL Tech, Tata Steel and SBI are trading at PEs lower than their respective industry PEs, according to Trendlyne data.

The midcap universe is generating excitement due to the neglected space of the past and the potential for growth in areas such as rail-related stocks, Indian domestic pharma, defence names, and auto ancillaries. However, Bata footwear is worth investment for a long-term investor, not to mention heavy bets on Hindustan Unilever and Dabur, as they show significant rural consumption.

After HCL Technologies reported its quarterly earnings, major global brokerages like Morgan Stanley and JP Morgan cut target prices and earnings estimates for the third-largest Indian IT company by market capitalisation.

Sudip Bandyopadhyay is positive about the BFSI sector, particularly mid-sized banks and NBFCs. He notes that the Catholic Syrian Bank is exciting, while City Union Bank is fundamentally strong despite negative news flow, and Federal Bank is an excellent, stable bank. Bandyopadhyay recommends that long-term investors need not worry about Adani Group companies as they have strong assets, though investors should watch valuations.

In the Sensex pack, HCL Tech was the top gainer, rising over 2% as the IT major reported a net profit jump of 11% in Q4 FY23. Kotak Mahindra, Asian Paints, Titan, Wipro and IndusInd Bank also opened higher. On the other hand, Tech Mahindra, Tata Steel, Tata Motors, Maruti and NTPC opened with cuts.

The interim dividend for 2023 will be paid on or from May 8 along with the final dividend for 2022 after members of the company approve the same at the annual general meeting scheduled to be held on April 12.

“Reliance stock has broken out from a downward trending channel on the weekly chart and is trying to close above its 20 day EMA currently. The stock is also seen bouncing from the lower bollinger band on the monthly chart with a bullish candle,” said Rahul Ghose, founder and CEO – Hedged.

The growth of personal loans lent by fintechs is due to miniaturization of credit, with millennials and Gen Z taking smaller loans of Rs 25,000. However, such loans can create debt traps for those who take buy now pay later (BNPL) and travel now pay later loans for lifestyle needs. Ritesh Srivastva of FREED says there has been a cultural and behavioural shift with people being more open to new forms of credit for aspirational purchases.