Latest Stock Market News

Gold prices gained after US Federal Reserve chair Jerome Powell signalled the central bank could slow the pace of rate hikes in coming months, said ICICIDirect in its morning report.

A total of 993,156 shares changed hands on the counter till 11:37AM (IST).

Long-term investors can look at buying the stock now or on dips for a possible target of Rs 1,710. Overall, the asset under management rose (AUM) 13 per cent to Rs 2,62,350 crore from Rs 2,31,560 crore YoY, with debt-equity mix of 73:27.

As of 30-Jun-2022, promoters held 60.51 per cent stake in the company, while FIIs held 11.03 per cent and domestic institutional investors had 1.01 per cent.

The dollar languished near a six-week low against the yen amid a sharp retreat in Treasury yields after investors interpreted a shrinking U.S. economy as one more reason for the Federal Reserve to ease off the tightening pedal.

Sectorally, the rally was seen in metals, realty, auto, capital goods, and power stocks while some selling was visible in the healthcare space. Top Results today: HDFC, NTPC, Sun Pharma, Cipla, Indian Oil Corporation, Ashok Leyland, DLF, Emami, Exide Industries, Nazara Technologies, Piramal Enterprises etc. among others.

Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading higher. Uniswap zoomed 12 per cent, whereas Polygon rallied about 9 per cent. Solana jumped 8 per cent and Avalanche added 5 per cent.

“The stock has recently witnessed a trendline breakout above Rs 2,240 levels and with bullish candlestick pattern witnessed, the trend has improved and further upward move is anticipated with indicators beginning to get stronger,” Vaishali Parekh- Vice President - Technical Research, Prabhudas Lilladher, said.

As of 30-Jun-2022, promoters held 51.31 per cent stake in the company, while FIIs held 16.13 per cent and domestic institutional investors had 4.27 per cent.

“There are companies which are looking at automation and automatic transmission for the Indian market, now this is a very niche area, and we believe somewhere down the line three, five years probably all the passenger vehicles would be automatic. We are looking at a very niche way to identify great businesses and great companies which are available with our margin of safety.”