Latest Stock Market News

"I am not overly optimistic for options data. FIIs have been heavily long, so, the best thing is to keep booking profits at regular intervals and keep tight stop losses in place. I think a correction from these levels would be a welcome change as it will attract more money into the market and make the structure more robust for further highs."

After topping the $17,000 mark, Bitcoin again slipped below this key psychological level. All other top crypto tokens were trading lower. Dogecoin plunged the most, down 6%, followed by a 4% drop in Solana and XRP each. BNB also tumbled by 3%.

A total of 5,879 shares changed hands on the counter till 10:30AM (IST).

"At present, we believe the manufacturing, consumer discretionary and banking sector are showing early signs of recovery and strong growth. Nifty IT Index having corrected ~22% from its top early this year (January 2022), IT sector also looks fairly priced. The next phase of growth is going to come from rural India. Rising rural income, increasing financial inclusion and rising share of financial assets may drive SIPs in the next decade."

On the technical charts, the RSI of the stock stood at 57.5.

Also, shares of Can Fin Homes (Rs 1.50 per share), Aptus Value Housing Finance India (Rs 2 per share), Hinduja Global Solutions (Rs 5 per share) and Panchsheel Organics (Re 0.8 per share) will trade ex-dividend next week.

"Indian market will continue to stand out when we compare it to EMs. But, it is very difficult to say whether it will stand out in every week, every month, and every quarter. But, predominantly yes, it will continue to stand out in most of the time frames. India is also likely to continue demanding relatively higher valuations compared to global peers."

“One of the sector to look for multibaggers is the dairy sector and the space for small ticket items which people eat when they are out on the street. Varun Beverages have done really well because of the opening up of the economy in the last one year. Something similar can happen in the dairy sector. We have companies like Hatsun, Dodla, and Heritage which suffered a lot last year. Now demand is coming back in a strong way and the next one year can be reasonably good. ”

“We are in a relatively positive situation despite the fact that markets are at all time highs. The market is meant to be at all-time highs most of the time because this is a growth asset class and as earnings keep growing, the value of the indices will also be high. So, for a longer term investor with at least a three-year plus horizon, this is a good time to invest in the Indian market.”

So far in the calendar year 2022, Nifty has advanced around 9% while Nifty Smallcap 100 index is down around 11%. Both Nifty Junior50 and Nifty Midcap100 have also underperformed the broader index by delivering 4% and 6%, respectively on a year-to-date (YTD) basis.