Latest Stock Market News

The world’s most dominant cryptocurrency, Bitcoin, dropped below $30,000 and touched a 52-week low on Monday. It was trading at $31,350 at 5 pm IST on Tuesday. Bitcoin has been dropping ever since it touched an all-time high of $68,789.63 in November.

Adani Ports, PNB, Petronet LNG Relaxo Footwears, Indian Bank, SKF India, BSE, Lakshmi Machine Works, Birla Corporational and Kalyan Jewellers are among the companies which will announce their earnings today.

Technology and growth stocks, whose valuations rely more heavily on future cash flows, have been among the hardest hit in the recent selloff. The Nasdaq is down about 25% for the year so far.

The dollar hovered near a two-decade high against major peers on Wednesday, ahead of a key reading on inflation that should provide clues on how aggressive the Federal Reserve will be in tightening monetary policy. The dollar index, which measures the currency versus six rivals, was around flat at 103.92, not far from the high of 104.49 reached at the start of the week for the first time since December 2002.

Shares of Thyrocare Technologies and Rakesh Jhunjhunwala- promoted Aptech will become ex-dividend today. Thyrocare had announced a dividend of Rs 15 per share. Aptech had also announced a dividend of Rs 5 per share. Rakesh and Rekha Jhunjhunwala held a 23.4 per cent stake in this company as of March 31.

Stocks that were in focus include names like Dixon Technologies which fell more than 3 per cent, GNFC rose more than 8 per cent, and Asian Paints closed more than 2 per cent higher on Tuesday.

In FY 2020-21, Ethos reported a net profit of Rs 5.79 crore with a revenue of Rs 403.14 crore. For the period ended December 2021, the company reported a net profit of Rs 15.99 crore, with a revenue of Rs 429.35 crore.

The stock is trading above crucial short-term moving averages such as 5, 10, and 12 DMAs but below most of the long-term moving averages such as 100, and 200-DMAs.

Interest rate hikes have already begun, and we expect increased volatility as we head to a tighter liquidity situation. Looking at the reaction in financial markets across the world, especially Nasdaq and other asset classes like crypto, it is clear that easy liquidity played a significant role in bull markets in the past. When liquidity tightens, the reaction can be violent. Hence, we are cautious on markets in the short term.

“FMCG companies would face some challenges in the near term. Somewhere in the April to June quarter, the pressure on margin could remain on the higher side but that is where the premium valuations get corrected and good quality companies are available at comparatively cheaper valuations. So if the valuations go down significantly, then probably it is a case to buy.”