Latest Stock Market News

Overseas investors bought shares of financial services firms worth ₹17,671 crore in May, their highest monthly purchase in the sector in the last 29 months, according to Primeinfobase.com data. They purchased auto and auto components shares worth ₹8,700 crore, the highest monthly buy in over 10 years. FPIs bought shares worth ₹41,207 crore in May, the data showed.

HSBC carried out its first rupee non-deliverable options trade with Reliance Industries, while executing non-deliverable forward transactions with other counterparties.

Both the bond issues of REC have base sizes of ₹500 crore and additional subscription options of ₹2,500 crore each, sources said. One of the bonds is set to mature on April 30, 2026, and the other on June 30, 2028, they said.

Ashish Kacholia, a well-known investor, has sold a partial stake in D-link India through open-market transactions. The investor sold around 1.94 lakh shares (0.54%) of the company, reducing his stake from 2.11% in March. Kacholia has a varied portfolio that includes the hospitality, education, infra, and manufacturing sectors

The Reserve Bank of India had announced its plans to expand the market in April and on Tuesday laid out guidelines for non-deliverable forward (NDF) contracts that can be issued to non-retail participants for hedging and are settled in Indian rupees.

​Here is a list of the five most and least preferred mutual funds of the last financial year.

Life Insurance Corp (LIC) has raised its stake in Indian IT services firm Tech Mahindra to 8.8% from 6.8%, having added 1.96 crore shares through open market transactions. LIC saw its income from investments increase slightly to INR67,846 crore ($10.5bn) for the January-March period. Tech Mahindra shares ended 0.85% higher at INR1,095 on the NSE on 28 June, and the company has an average target of INR1,086.09, just under the current price, according to Trendlyne.

The US Federal Reserve is not expected to raise rates at its June meeting, according to a Reuters poll, although a number of analysts expect at least one further increase this year. The poll saw 90% of the 86 economists surveyed predict that the federal funds rate will remain at 5.00% to 5.25%. A minority predict a further rise of 25 basis points to 5.25%-5.50%. However, over a third of respondents expect a rate hike later this year, including eight analysts who see one coming in July.

The price was at a 4.94% discount to the floor price of Rs 29.94 per share. The QIP, which opened on June 1, was fully subscribed and received a strong response from domestic as well as foreign investors, the bank said. Life Insurance Corporation of India took up the biggest chunk of shares with an allotment of 8.34 crore shares, which is nearly 24% of the capital raised.

Traders and investors should be cautious while trading in crude oil futures due to currency fluctuations, according to Anuj Gupta, the VP of commodity and currency research at IIFL Securities. Although Saudi Arabia has said it will start reducing its daily oil output to help stabilise the oil markets, Gupta advises traders and investors to buy on dips for mid to long term as the demand for crude oil is expected to increase. Gupta predicts that crude oil prices are likely to remain range-bound, with prices expected to test $80 to $85 levels in the near term.