Latest Stock Market News

Accenture, which makes more than half of its revenue from outside the United States, said it now expects a negative foreign-exchange impact of 4.5% in fiscal 2022, worse than its previous forecast of a 3% forex hit.Shares of the company fell 2.8% in trading before the bell. They were down about 31% so far this year as fears of aggressive interest rate hikes by the U.S. Fed to tame red-hot inflation led to a sell-off in the tech sector.

The Indian rupee erased early morning gains as safe-haven demand drove the greenback ahead of quarter-end adjustments, said Dilip Parmar, Research Analyst, HDFC Securities.

“ RBI is on record saying that while they will control inflation, they will also support liquidity and so we might see some action on that front also. Liquidity has been coming down in the system and as loan growth goes forward, liquidity will come down further. We will settle at some spot where RBI will be comfortable and the banks themselves will be, ” says Ashwini Kumar Tewari, MD, SBI

The Nifty Realty index closed 1.66 per cent up at 382.15.

“My top pick is Bajaj Auto because its margin superiority, profitability and the return ratios are much higher than any other company in the two-wheeler pack followed by Hero MotoCorp because the monsoons will be really very good for them and the past quarter was also very good because of the marriage season.”

"However, if we look forward from here, most of the pain is factored in with the increase in 10-year bond yields, and equity markets showing significant drawdown," said Divam Sharma, founder at Green Portfolio, a portfolio management service provider.They, however, need to go through a due diligence process.

The earnings growth outlook is expected to remain strong for oil & gas companies, especially ONGC and Oil India, supported by elevated prices, while earnings for power companies are relatively risk-averse as they earn regulated RoE on project equity despite current macro headwinds.

"The board of directors of the company at their meeting held today, June 23, 2022, approved the raising of funds by way of issuance of secured redeemable non-convertible debentures with the shelf limit of Rs 50,000 million, in one or more tranches,"it added.

A total of 520,975 shares changed hands on the counter till 02:05PM (IST)

The stock traded at a P/E multiple of 52.06, while the price-to-book value ratio stood at 11.5.