Latest Stock Market News

The Nifty IT index closed 0.14 per cent up at 27953.35.

Gold prices halted one-week of decline on Tuesday as the dollar index fell back after rallying sharply in the previous trading session, Patel added.

A part of Shriram Group, Shriram City provides specialised services in retail and Micro Small and Medium Enterprise (MSME) lending.

Dragged by Reliance Industries and Bajaj Auto, the 30-share pack Sensex fell 153 points to close at 52,694. Its broader peer, Nifty50, slipped 42.3 points to settle below the 15,750 mark.

“In India, the May CPI reading was a bit of a reprieve but May was the month where base effects are also positive on top of the cuts in excise duty and a slightly softer momentum. As we have just seen with the WPI numbers, pipeline price pressures remain, we are still seeing upwards pressure on food prices and a lot of pending energy price increases are likely to happen going forward. We do not think inflation has peaked.”

The Death Cross is a chart pattern that indicates the transition into the bear grip. This technical indicator occurs when the short-term moving average (say, 50-day) of a stock/sector crosses from above to below a long-term moving average (say, 200-day).

Shares of LIC rose about a per cent to 675.50 on Tuesday. The counter had tumbled more than 6 per cent to close at Rs 668.20 on Monday as the mandatory lock-in for the anchor investors ended.

The Nifty Realty index closed 0.81 per cent up at 391.0.

Axis Bank has completed more than 12 years of its partnership with Max Life, after which it bought a 12.99 per cent stake in the insurance firm via its subsidiaries. On the other hand, the lender is also reaping benefits from the credit card business.

“In the next three to six months, a great portfolio vintage can be built because long-term fundamental stories do not change. Short-term demand disruption, growth slowdown can happen for a couple of quarters. But when one is looking to value equities from a terminal value and long-term growth perspective, a few quarters of slowdown can be adjusted and that has been partly factored in the pricing as well.”