Latest Stock Market News

Syrna SGS Technolog will make its debut at Dalal Street today. It had raised 840 crore through its IPO between August 12-18 by selling its shares in the range of Rs 209-220 apiece.

The U.S. economy contracted at a more moderate pace than initially thought in the second quarter, as consumer spending blunted some of the drag from a sharp slowdown in inventory accumulation, dispelling fears that a recession was underway.

In the currency markets, the dollar was little changed against a basket of major currencies. The commodity-exposed Australian and New Zealand dollars fell 0.4% versus the greenback after a strong rebound in the previous day.

Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday his biggest fear is that the U.S. central bank misreads the extent and persistence of price pressures and will need to deliver even more aggressive rate hikes to curb inflation.

Info Edge (India) JTEKT India, Zenith Steel Pipes & Industries, Arnold Holdings, Polyspin Exports, Real Eco-Energy, Victoria Mills and Mena Mani Industries will have their annual general meetings (AGM) today.

Stocks that were in focus include BHEL which rose nearly 8 per cent in a volatile market, Bank of Baroda which hit a fresh 52-week high, and Karur Vysya Bank which rose nearly 5 per cent.

"While some of the earlier feared risks of very high crude oil prices, a sharper depreciation in the rupee and therefore a persistently high inflation, are now receding, the risk of earnings downgrades from the present consensus Nifty 50 earnings estimates of 14% (already cut from 15-16% a few months ago) for the 2 years of Fy22-24, to further lower levels of 12-13% or so continues to exist."

“It was tremendous to see new age tech companies making commitments to make money because if all you do as a listed entity is raise money, then obviously the future will be quite grim. We will keep an eye on them and I am praying that we see these tech companies becoming money spinners both in the free cash flow sense of the word and in the stock price sense of the word.”

ICICI Prudential Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 84696.54 Crore) operating in Financial Services sector.

The shares were disposed of at an average price of Rs 1,841.14 apiece, taking the transaction value to Rs 74.59 crore.