Latest Stock Market News

Shakti Pumps announced a 5:1 bonus share issue. The record date for determining eligibility is October 7, 2024. The bonus shares will be issued subject to shareholder approval through a postal ballot process.

Short covering occurs when traders buy back previously sold shares, often due to changing market sentiment. On Monday, five stocks experienced short covering, leading to increased prices and decreased open interest.

Garuda Construction IPO opens on October 8 and closes on October 10. The company provides end-to-end civil construction services. The Indian construction sector is expected to grow to Rs 6.49 lakh crore by FY30. Garuda Construction has a GMP of Rs 22, indicating a 23% premium. The IPO includes a fresh issue of Rs 173 crore and an OFS of Rs 90 crore.

Domestic benchmark indices, Sensex and Nifty50, reversed early gains to close lower for the sixth straight session on Monday, as escalating Middle East tensions and expectations of softer corporate earnings weighed on investor sentiment.

The stock quoted a 52-week high price of Rs 682.84 and low of Rs 331.28.

Indian indices reversed early gains and declined on Monday, driven by Middle East tensions and concerns over corporate earnings. Despite the market downturn, six small and midcap stocks from the Nifty 500 index reached new 52-week highs.

43 companies have pre-listing shareholder lock-ins expiring by December 31, unlocking shares worth USD 18.8 billion. However, not all shares are expected to hit the market as a significant portion is held by Promoters and Group entities. Lock-in periods are imposed to stabilize stock prices and prevent sudden sell-offs.

Abneesh Roy of Nuvama Institutional Equities discusses the expected weak Q2 results for major paint companies like Asian Paints and Berger Paints. He highlights potential consolidation in the sector and comments on the positive impact of duty cuts on jewelry sales for Kalyan and Titan. He also shares insights on the competition in quick commerce affecting companies like DMart.

Macrotech Developers (Lodha) shares rose 4.3% after reporting record quarterly pre-sales of Rs 4,290 crore, contributing to a 21% increase in first-half sales.