Latest Stock Market News

ICICI Direct has handpicked nine stocks that can give an average return of 22% in 2023. The list includes L&T, Ambuja Cements, Bosch, Federal Bank, Sundaram Finance, Bajaj Electricals, KEC International, Mishra Dhatu Nigam and Techno Electric.

The Nifty target for December 2023 is 18,000 points, a full 4 percentage points downside to the current levels, as India is among its top underweight markets in the emerging market space in 2023, the Swiss brokerage UBS Securities India strategist Sunil Tirumalai said in a report on Monday.

Bond yields in United States and Japan jumped after the BOJ decided on Tuesday to allow long-term interest rates to rise more by widening the band around its yield cap.

The Nifty Bank index was trading 0.8 per cent down at 43067.7.

“The bigger call is that in trending markets, one should be passive and in flat to volatile markets, maybe active is better. What will be the scenario in the next 3-5 years is probably impossible for anyone to call, but maybe a combination of active and passive is the right way to go.”

CoinDCX published its proof of reserves with an audited report on Monday, which furnishes both sides of its reserve balance i.e. assets and liabilities and has been published in partnership with Coingabbar a crypto research firm.

JM Financial remains positive on Canara Bank and expects it to hit a target of Rs 345-365 in the next 1-2 quarters. “We expect Canara Bank earnings recovery to be driven by a) credit cost normalisation (1.3% by FY24E), b) improvement in margins and c) sustained growth momentum,” said the note.

Last week, Fed Chair Jerome Powell said that the US Central Bank will deliver more interest rate hikes next year to curb inflation. Other major central banks have also highlighted a similar hawkish stance.

NRB’s focus and embracing of future technologies along with re-inventing and altering its capabilities has led the Company to supplying the world’s foremost E-Vehicles. The brokerage valued NRB at Rs 190 i.e. 17x P/E on FY24E EPS.

The stock gave a breakout from a 5-month (since July) consolidation range on the weekly charts. The stock faced resistance around Rs 200 levels while strong support was seen near Rs 170 levels.