Latest Stock Market News

A host of brokerage firms are bullish on several stocks for the financial year 2023-24, mainly belonging to the IT, auto and banking industries. They see up to 35% upside potential in these stocks.

The number of bullish estimates is the sum of ‘strong buy’ and ‘buy’ calls from analysts covered by the forecaster data set.

The home button on the top left of Twitter’s web browser used to have the blue bird logo, but overnight, it was replaced with a cartoon of “Shiba Inu”, the face of the Doge meme.

“The gas prices will be determined with respect to the price of crude oil that India imports, now that will ensure that the price of APM gas would always be such that it will be less than LPG and less than CNG for diesel, for both of them, so the users of PNG gas, the urban household and the CNG transporters would have a continued incentive to use this.”

Abhijit Chokshi of Stockifi.in likes infra midcaps NCC, GMR Airports for medium to long term mainly because in all the Budgets there has been a consistent rise in public sector spending. L&T would be the pick among the largecaps. In auto ancillaries, he likes Minda Corp and Uno Minda. The auto ancillary sector has been holding up amidst the latest carnage.

The Reserve Bank of Australia has left interest rates on hold following ten successive rate hikes, which have angered homeowners struggling with increased mortgage repayments. The current interest rate is 3.6%, set to contain inflation; however, household inflation is sitting at 6.8%. As prices continue to rise, household inflation must come down without stifling economic growth and causing a recession. Market research suggests that one in five Australians are under "mortgage stress".

Inflation data, interest rates, geopolitical situations and general elections in 2024 are likely to influence equity trading in FY24, said analysts. Foreign fund trading activity and global trends will also impact markets. The first half of FY24 may be challenging, but the second half could produce better returns due to a projected reduction in inflation and interest rates. US inflation and its monetary response will significantly impact the direction of global and Indian markets, while geopolitical developments will also be crucial. Other factors to monitor include trends in the US dollar, international oil benchmark Brent crude and corporate earnings.

A strong growth in demand for passenger vehicles, particularly premium cars, has aided the earnings growth of four-wheeler makers and also prompted them to scale up capital spending and line up new launches.

Furthermore, bitcoin futures on the CME exchange are trading in "contango", meaning future contract prices are trading higher than earlier ones, indicating investors expect prices to keep going up. Futures for April trade at $28,475 while the May contract trades at $28,645, data from the exchange showed.

"April is a short time frame to predict where the market will go, but I believe valuations are returning to a more comfortable level following the recent correction, and we may see accumulation in high-quality stocks at lower levels."