Latest Stock Market News

The midcap and smallcap indices remain strong with risk or hot money still being present in the market, according to Rahul Sharma, Director at JM Financial Services. Sharma expects the market to head towards the 18,000-18,200 mark with a buy on dips strategy for the 17,500-17,400 range. Sharma advises taking profit after the rally in the pharmaceutical sector and to seek re-entry at a lower price.

Based on the latest inflation print, average inflation for FY24 is expected to be lower than RBI’s FY24 forecast of 5.20%. At 6.5% repo, the real rate based on 1-year forward inflation is upward of 130 bps. Hence, the case for a long pause on repo rate at 6.5% has strengthened.

“Options data suggests a shift in a trading range in between 17400 to 18000 zones while an immediate trading range in between 17500 to 17850 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 267301.52 Crore).

​Spot gold during the last Akshaya Tritiya on May 3, 2022 fell and fetched a price of Rs 51,510 per 10 gram. Today, the price is around Rs 59,510 which is an appreciation of Rs 8,000 per 10 gram. This translates into a whooping gain of 15.53% in a year.

After a medium-term correction, the stock is witnessing positive consolidation near the 200-Day SMA (Simple Moving Average). It has also formed a higher bottom formation which indicates a strong possibility of a fresh uptrend rally from the current levels.

Indian equity markets in a sweep spot. Inflation has shown signs of ebbing and RBI has already paused rate hikes. Capacity utilisation is ~74% fuelling private capex. Capital expenditure, both public capex (~18Y high) and private capex (~15Y high) are the biggest strength.

Foreign portfolio investors (FPIs) continue to remain net sellers on Thursday, dumping shares worth Rs 1,169 crore. DIIs on the other hand net buyers at Rs 832 crore.

HCL Tech has reported a consolidated net profit of Rs 3,983 crore for the quarter ended March. This is an increase of 11% from Rs 3,593 crore clocked in the corresponding period of last year.

The dollar was eyeing its first weekly gain in more than a month on Friday as bets for another rate hike by the U.S. Federal Reserve in May firm, though its gains were capped by soft economic data pointing to a slowing economy.