Latest Stock Market News

The Relative Strength Index of the stock stood at 62.97 on Thursday.

The potential upgrade of Korea from an emerging market to a developed market by global index provider MSCI could inject $26bn into Nifty, already buoyed by $9bn of foreign institutional inflows (FIIs), unless delayed by not making it to this year’s DM watchlist. The upgrade will likely result in China and India benefiting from an outflow of $39bn and an inflow of $26bn, respectively. An actual inclusion is only feasible in late 2024 and will see active funds positioning ahead of the inclusion and passive/indexed fund flows occurring much later.

​Foreign portfolio investors (FPIs) continued to buy shares of banks, NBFCs, capital goods in first half of June.​

A total of 96,882 shares changed hands on the counter till 02:10PM (IST).

The BoE is set to raise interest rates for the thirteenth time in a row, a day after inflation data came in higher than expected again, but bets were almost evenly split between a 25-basis-point (bps) and 50-basis-point hike.

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Several S&P BSE Smallcap stocks, including Arvind, Kirloskar Industries, Waaree Renewable Technologies, AstraZeneca Pharma, Safari Industries, and KEI Industries, are approaching their 52-week high levels, indicating strong momentum and growth potential. According to data collated from Trendlyne on these companies, they exhibit stability, resilience, and reflect increasing demand for clean energy and quality travel products, as well as the ability to deliver innovative healthcare solutions and strong performance in the electrical cables and wires industry.

Several BSE Midcap stocks, including Max Financial Services, Supreme Industries, ICICI Securities, Polycab India, Indraprastha Gas, Tube Investments of India, Endurance Technologies, and Kansai Nerolac Paints, have recently crossed above their 200-day Simple Moving Average, indicating strong performance and potential for further growth. These developments showcase positive momentum and reinforce a bullish trend for the stocks, attracting investor attention.

The Indian rupee could surpass the INR80-per-dollar level by 2024 thanks to foreign inflows, said Jayesh Mehta, managing director at Bank of America Merrill Lynch. “In my view, inflows through Global Capability Centres (GCCs) will drive the rupee higher,” he said. “Even though merchandise exports will slow … foreign inflows through GCCs, remittances and lower crude prices should be able to cushion the impact and help the rupee”. However, Mehta warned the Reserve Bank of India would act to reduce volatility in the currency, should it arise.

The stock quoted a 52-week high price of Rs 2444.75 and low of Rs 1660.65.