Latest Stock Market News

Clear Science and Technology, a commodity chemical company, has shown signs of bottoming out and a potential reversal on daily charts, with a morning star pattern formed. Traders willing to take high risks may consider buying the stock for a potential bounce back toward the 1500 levels, while bulls may have a chance to bounce back if the stock can hold 1300 levels. The stock, which hit its 52-week high of Rs 1,978 in September 2022, is currently trading at Rs 1,368, which is a downturn of over 30%.

Despite the underperformance of the equity mutual fund space, small-cap funds have done well in May, outperforming large- and mid-cap peers. Investors who are underweight on small-caps are advised to rebalance their portfolios by investing in them. Small-cap funds have received better inflows compared to mid-cap funds in the last two months, while large-cap funds have recorded net outflows of ₹1,362.28 crore ($184 million) in May. The current traction towards small-cap funds is due to attractive valuations in these stocks after their underperformance, according to Alekh Yadav, Head of Investment Products & Solutions at Sanctum Wealth.

Potential investors can benefit from growth potential by exploring the top 10 Nifty 500 companies that are currently trading at significant discounts from their 52-week highs. These companies include ACC Ltd., Aarti Industries Ltd., Aavas Financiers Ltd., Adani Enterprises Ltd., Adani Green Energy Ltd., Adani Power Ltd., Adani Total Gas Ltd., Adani Transmission Ltd., Adani Wilmar Ltd., and Aditya Birla Fashion and Retail Ltd. However, thorough research and analysis are essential before investing in the stock market, and consulting with financial advisors or experts is recommended to mitigate risks and maximize potential returns.

Bank of Baroda briefly hit a market capitalisation of INR1tn ($13.3bn) on 17 May, becoming the second Indian state-backed bank to do so, after rising almost 4%intraday. State Bank of India was the first to reach the milestone and is uninferred, with a market cap of INR5.08tn. Meanwhile, other Indian public banks have also made strong gains this year and the Nifty PSU Bank index is up 65% in the past year, outperforming the Nifty Private Bank index, which has only gained 33% in the same period.

ETMarkets has identified 8 stocks with RSI above 75, indicating overbought conditions. This article explores the business of these companies and provides informative data to assist potential investors in decision making.

Investors are showing strong interest in the Cell Point (India) IPO, with the initial share sale having been subscribed 2.3 times so far. The IPO is a fresh equity issue of up to 50.34 lakh equity shares at Rs 100 per share, with no offer for sale in the public offering. The net proceeds will go towards repayment of some debt, store repairs and setting up new retail stores. Meanwhile, the Aatmaj IPO had a slow start, with just 16% of shares subscribed so far, and the Vilin Bio IPO has been subscribed 50% so far, while the Cosmic CRF IPO is subscribed 75%.

Among Sensex stocks, Kotak Mahindra Bank, Axis Bank, NTPC, HUL, ICICI Bank, and Bharti Airtel closed lower. On the other hand, Bajaj Finance, Bajaj Finserv, Tech Mahindra, TCS, Sun Pharma and Titan ended with gains.

Reliance Power, Tata Teleservices, and Equitas Small Finance Bank were among the BSE smallcap stocks that saw increased delivery percentages and trading volumes, indicating growing investor interest. Reliance Power experienced a delivery percentage of 23.3%, Tata Teleservices recorded a delivery percentage of 50%, and Equitas Small Finance Bank saw a delivery percentage of 74.5%. Olectra Greentech and Tanla Platforms also saw rising delivery percentages. This surge in delivery percentage suggests a higher level of investor conviction and long-term buying interest in these companies, reflecting increased investor confidence and signalling a favourable sentiment towards them.

Andrew Holland expects earnings to improve in the second half of the year for the Indian market, boosted by decreased input prices for raw materials, metals, and oil, along with increased government and private spending for the capital expenditure. He is optimistic about the banking sector and believes the banking index will take the lead in pushing the financial sector higher in India. While he does not recommend buying NBFCs, he sees potential in the premiumisation of beverage consumption and is keen on investing in the electronics industry.

Mid and small-cap indices hit new 52-week high on the back of low inflation and lower raw material prices triggered by a decline in crude oil prices. The Nifty Midcap100 index surged 0.71%, while the Nifty smallcap100 index rose 0.78%. Since April, the Nifty Midcap100 gained 12.5%, while Smallcap100 advanced 20%, attributed to better domestic macroeconomic outlook and improving profitability. However, valuations in most cases have gone to unrealistic levels, and consumption demand remains sluggish. According to Kotak Institutional Equities, BFSI stocks now offer a decent reward-risk balance on the CMP-FV equation.