Latest Stock Market News

The selloff that has eroded about Rs 3 lakh crore of investor money and has no sign of abating began a day after heavy buying in both counters just after the merger announcement. However, as the impact became clearer, investors started booking profits. Weak March quarter numbers of HDFC Bank added fuel to the fire. Both stocks now trade much lower than how they traded before the merger announcement.

Srivatsa, who has two decades of rich experience in the equity market, said the rising commodity prices may surely have some impact on Nifty50 earnings, as the index earnings are skewed towards consumption.

With inflation running around 40-year highs for some time now in the US, the Fed has already hiked its key benchmark rates by 25 basis points in March and speculation is strong that the central bank will follow it up with multiple 50-basis-point hikes starting as early as next month.

“Energy prices have gone up because of the Russia-Ukraine war and the shortage of supply. So one has to look at it from a very long-term perspective. We have plans to move away from coal over a period of time but this is not happening immediately. We have said we will become net zero by 2045. So we do have a very longish window during which we can exit out of the coal companies.”

BSE Sensex gyrated in the range of 1,450 points during the session, whereas Nifty 50 index settled below the 17,000 mark, its lowest levels since March 15. The 30-share pack Sensex tanked 703.59 points or 1.23 per cent to close at 56,463.15. Its broader peer NSE Nifty50 also tumbled 215 points or 1.25 per cent to end the session at 16,958.65.

“We expect this year to be a tale of two halves, where the first nine months would be quite volatile. In the medium term, we remain quite positive on the market but in the first six-nine months of the year, we are asking investors to take a more graded look and to invest more in tranches rather than in lumpsum.”

Among the stock buys, Kacholia added four new stocks, whereas he increased his holding in five others. He kept his stake unchanged in at least a dozen companies, shareholding data suggested.

“We are in the midst of an agri export boom cycle. Typically these cycles last just between two-and-a-half and three years. We have already seen two years of buoyant exports as agri exports rose by about 20 odd percent in FY22 and that was primarily led by wheat, rice and dairy products. The Russia-Ukraine war may extend the cycle by six months to a year.”

The stock quoted a 52-week high price of Rs 2294.0 and a 52-week low of Rs 1060.4.

NEW DELHI: After years of underperformance, ITC stock has finally started beating market returns and if one were to believe in Edelweiss Securities, there are not one or two, but six factors that could drive further rerating in the stock. The brokerage said since it made ITC among its top stock picks five weeks ago, the stock has since run up 16 per cent, outperforming the Nifty50 by 910 basis points."Globally too, cigarette stocks have done well (up 4–11 per cent in one month). No tax hike for cigarettes over the past two years would help the legal industry gain market share and aid cigarette volume growth in FY23," it said.Here are six factors that Edelweiss believes could bring a further re-rating on the counter.