Latest Stock Market News

The Nifty Auto index closed 0.63 per cent up at 14219.6.

The Securities and Exchange Board of India (SEBI) has reconstituted its intermediary advisory committee including new members such as Nithin Kamath, founder and CEO of Zerodha Broking and Lalit Keshre, CEO of Groww. The committee is responsible for advising on market safety, efficiency, and transparency, as well as changes in the legal framework to enhance simplification and transparency in the systems and procedures of market intermediaries. The committee, chaired by S Ravindran Jain, will also advise SEBI on the use of technology and cyber security by intermediaries.

Gold prices rose on Monday due to a fall in the US dollar index, but analysts warn there could be a downturn soon. The US dollar is likely to strengthen because of fears of economic downturns, while the price of gold is inversely proportional.

Bank Nifty hit a record high of 44,483.3 on May 17, following the release of strong Q4 results and non-stop Foreign Institutional Investment (FII) buying. Despite falling short of the previous high reached on December 14, 2022, by just 0.10 points, experts remain positive on the banking index as most banks reported stellar earnings in Q4 with improvements in asset quality. The index may remain a market performer and declines towards 43,500 are viewed as a buying opportunity, according to ICICI Securities.

Promoters held 37.01 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 24.43 per cent and 8.91 per cent, respectively.

A total of 12,465 shares changed hands on the counter till 01:58PM (IST).

Interest rates and stock prices are inversely related. As interest rates rise, more money moves to fixed-income assets, adversely impacting stock prices. Markets start discounting earlier than the actual event, which can lead to a decline in stock prices. Alternatively, the reverse is true when interest rates start falling. Interest rates have peaked, and this has implications for investors to lock into fixed-income assets like debt funds and bank FDs. As such, equity markets are set to stage a rally in the second half of CY 2023.

Cryptocurrency markets experienced positive trading on Monday as hopes for a US debt ceiling agreement increased. Bitcoin gained 2.55% and reached $27,927, while Ethereum exceeded $1,900. If Bitcoin manages to clear the $28,500 resistance level, it could continue to rise. The total volume in DeFi was 6.83% of the total crypto market 24-hour volume, with the volume of all stablecoins at $30.6bn, equivalent to 91.07% of the total crypto market 24-hour volume. The global cryptocurrency market cap rose by 2.04% in the last 24 hours to approximately $1.16tn.

The Relative Strength Index of the stock stood at 73.07 on Monday.

The stock quoted a 52-week high of Rs 389.2 and a 52-week low of Rs 207.25.