Latest Stock Market News

Among Sensex stocks, ITC, Reliance, Bajaj Finance, and SBI were the top gainers, surging 2-3% each. HDFC, UltraTech Cement, M&M, HDFC Bank, Tata Steel and ICICI Bank also ended higher.

Most of the other decisions that we make are linear whereas investment related, especially decisions related to appreciating assets, they tend to be cyclical and I think it is important that you have somebody who has seen some cycles in this market, he has understood the ups and downs in the market.

Several mid-cap stocks on the S&P BSE MidCap index reached new 52-week highs, attracting significant investor attention. Some of the notable performers include ABB, Abbott India, Aditya Birla Capital, Ashok Leyland, Cholamandalam Investment & Finance, Cummins India, Exide Industries, Godrej Industries, Hindustan Petroleum, and L&T Finance Holdings. These companies operate in various sectors such as electrification, pharmaceuticals, financial services, automotive, and manufacturing. Please note that the data is sourced from BSE and is current as of 12:45 pm.

Motilal Oswal, a domestic brokerage firm, has stated that the valuations of Indian stock markets are now more reasonable compared to their highs in October 2021. The Nifty trades at a 12-month forward P/E of 18.8x, at a 6% discount to its long-period average. Nifty EPS grew by about 19% during FY20-23. Despite the Nifty reaching new highs, it has remained almost flat over a two-year period. The bull run has been fueled by strong FII flows, solid corporate earnings growth, and expectations of high-teens earnings CAGR over FY23-25. The upcoming June quarter earnings season will be closely watched.

A total of 821,094 shares changed hands on the counter till time (IST).

The Relative Strength Index (RSI) is an important tool for analyzing stock movement and identifying potential opportunities. RSI indicates whether a stock is overbought or oversold and helps understand its strength and momentum. A declining RSI may signal a loss of upward momentum, while a high RSI suggests the stock may be overbought. RSI can be used alongside other indicators to validate trading signals and support investment decisions. ETMarkets has picked 10 stocks with declining RSI for further exploration.

The stock quoted a 52-week high of Rs 1088.7 and a 52-week low of Rs 748.95.

Several S&P BSE Smallcap stocks, including ADF Foods, Amara Raja Batteries, Anant Raj, Angel One, The Anup Engineering, Apar Industries, Arman Financial Services, and Arvind, reached new 52-week highs, indicating positive market sentiment. These companies operate in various sectors such as Indian food products, automotive and industrial batteries, real estate development, financial services and wealth management, precision engineering, specialty oils, power transmission conductors, microfinance and SME loans. They are known for their strong performance and diverse portfolios in their respective industries.

The initial public offering (IPO) of PKH Ventures has received a moderate response, with the issue being subscribed 21% so far. The retail category garnered 21% subscription, while the non-institutional portion received 30%. However, the part reserved for qualified institutional buyers (QIB) was subscribed just 11%. Market analysts have mixed views on the IPO, citing high valuations as a concern. The IPO comprises a fresh equity issue of up to 1.82 crore shares and an offer for sale (OFS) of up to 73.7 lakh equity shares. The company is offering its shares in the price range of Rs 140-148.

“If you are prudent and you have been in the stocks which we have been playing, this is a very good time to book some profit but get more into midcaps because the colour is changing. The market breadth is broadening and who knows midcaps again can be a lot of value plays.”