Latest Stock Market News

Insurance company stocks experienced a surge following the anticipation of a significant GST rate cut on health and term insurance, a long-awaited demand from the industry. The proposed cut is part of the upcoming GST 2.0 blueprint, which aims to simplify the indirect tax structure and reduce the burden on citizens and businesses.

Swiggy s shares experienced a surge on Monday following an increase in its platform fee to Rs 14 in high-demand areas, aiming to mitigate widening losses. Despite a doubled net loss of Rs 1,197 crore in Q2, operating revenue rose 54% to Rs 4,961 crore. Intensifying competition from new entrants like Rapido s Ownly, offering lower commission rates, adds pressure.

Indian steelmakers like Tata Steel and JSW Steel saw their stocks rise after the DGTR recommended a safeguard duty on steel imports for three years. This move aims to protect domestic producers from a surge in imports, particularly from China, Korea, Japan, Vietnam, and Nepal.

Indian benchmark indices surged at the opening bell on Monday, fueled by receding anxieties regarding Russian oil supplies after discussions between U.S. and Russian leaders. Positive sentiment also stemmed from optimism surrounding New Delhi s suggested goods and services tax revisions. The BSE Sensex soared by 1.17%, while the NSE Nifty 50 climbed 1.24% at the start of trading.

Mutual funds exhibited contrasting strategies in July, divesting approximately ₹1,700 crore worth of Eternal shares amidst a 17% surge, while simultaneously investing ₹1,400 crore in Swiggy, whose shares have declined 26% year-to-date.

Indian auto stocks saw a significant surge. They jumped 4% reaching a 10-month high. This followed reports of a proposed GST reduction on small cars. The auto sector emerged as the top gainer on the Nifty 50. Hero MotoCorp and Maruti Suzuki experienced notable gains. All fifteen stocks on the auto index increased.

Brokerages are optimistic about select stocks across various sectors, including quick-service restaurants, metals, healthcare, and automobiles. Nuvama recommends Devyani International with a potential 32% upside, while Motilal Oswal suggests Jubilant FoodWorks and Jindal Steel & Power could rise by 13% and 18%, respectively.

Shares of auto companies like Hero MotoCorp and Maruti Suzuki rose sharply. This is due to anticipation of a GST rate reduction. The current 28% tax on two-wheelers may fall to 18%. Small cars and commercial vehicles could also see lower taxes. Analysts believe Prime Minister Modi s GST simplification plans will boost consumption. A simplified two-slab GST system is expected.

Knowledge Realty Trust REIT launched on the stock exchanges with a 4% increase. The IPO was subscribed 12.48 times. It raised Rs 1,620 crore from anchor investors. The funds will repay borrowings. Knowledge Realty Trust REIT manages 30 office assets across six cities. Its occupancy is 91.4%. The REIT reported total income of Rs 4,146.86 crore.