Latest Stock Market News

On January 29, three Nifty500 stocks rallied over 2.5% above their VWAP, signaling potential bullish trends. Notable stocks include Apar Industries, UTI Asset Management, and GE Vernova.

The Nifty Pharma index was trading 1.14 per cent up at 21404.5.

Axis Securities has issued a buy recommendation for DCB Bank with a target price of Rs 140. The bank has shown significant growth in income and net profit for the December quarter of 2024. Strong demand and strategic initiatives are expected to enhance Return on Assets to 1% by FY26-27.

Siddhartha Khemka from MOFSL anticipates cement demand recovery due to good monsoon and Budget expectations, advocating for investments in UltraTech and JK Cement. He highlights market volatility amidst upcoming events. Positive outlook for pharma, IT, and life insurance sectors tied to tax reforms. Coromandel International favored in the fertilizers sector benefiting from potential subsidy and rural allocation increases.

ICICI Securities recommends an add call for Godrej Consumer Products with a target of Rs 1280. The company, with a market cap of Rs 113,809.62 crore, reported a total income of Rs 3851.53 crore and a net profit of Rs 498.31 crore for Q3 2024. Promoters hold a 53.04% stake, while FIIs own 20.68%.

The Indian markets’ correction reflects growth disappointment over the last few months, even vs muted expectations. Fiscal consolidation (that too front loaded) and monetary policy arguably played a role in the cyclical slowdown.

The Indian equity markets are likely to see a strong recovery post-Budget, supported by stabilizing domestic macroeconomic factors and now increasingly favorable global trends.

The European Central Bank is expected to cut interest rates to 2.75%, due to concerns over economic growth despite inflation nearing its target. A potential trade war with the US could impact future policy decisions. ECB President Christine Lagarde is unlikely to promise more cuts but will emphasize that the policy direction remains clear.

Shares of Coal India are expected to be in focus as the stock begins trading ex-dividend ahead of the record date on January 31. The state-owned company has declared a second interim dividend of Rs 5.60 per share for FY25, to be paid by February 26.