Latest Stock Market News

The Nifty Pharma index was trading 0.41 per cent down at 12701.45.

A total of 34,217 shares changed hands on the counter till 11:23AM (IST).

"If Asia looks better in aggregate on comparative valuations, there is one market where valuations are undoubtedly challenging. That is GREED & fear’s long-term favourite, India. The Nifty index now trades at 18.8x 12-month forward earnings, compared with a historic 10-year average of 17.2x," Wood said in his weekly note.

As of 30-Sep-2022, promoters held 48.76 per cent stake in the company, while FIIs held 20.71 per cent and domestic institutional investors had 9.82 per cent.

“Any investors who want to make a healthy allocation to IT, possibly this is the right time to add to the high quality IT stocks over the next couple of quarters and stay put for the next two to three years. This is the same strategy which we applied into the banking and financial services two years ago when we expected credit growth to pick up.”

In the Sensex pack, TCS, Bajaj Finserv and ICICI Bank were the top laggards, falling over 0.5%. Infosys, ICICI Bank, IndusInd Bank, Maruti, Wipro and Axis Bank also opened with losses. On the other hand, Power Grid, Nestle, ITC, Reliance, HDFC Bank and HDFC opened with gains.

The SME platform has witnessed several new-age and non-conventional companies accessing the capital market, said Uday Nair of Fedex Securities explaining the reason behind the growing interest of investors in smaller companies.

Attractive valuation (1.2xFY24E Adj. BVPS) makes the stock rewarding factoring FY23E/FY24E ROA of 2.1%.

The Nifty Realty index was trading 0.05 per cent down at 428.5.

The Relative Strength Index of the stock stood at 50.01 on Friday.