Latest Stock Market News

Nomura initiated coverage on HDFC AMC, Nippon Asset Management, and UTI AMC with buy and neutral ratings, respectively. Target prices were set at Rs 5,000, Rs 785, and Rs 1,300, respectively. Nomura expects Indian AMCs to maintain their valuation premium due to higher growth potential and better profitability.

A total of 592,184 shares changed hands on the counter till 01:49PM (IST)

The stock quoted a 52-week high price of Rs 264.7 and a 52-week low of Rs 157.65.

The RBI may start interest rate cuts beginning December 2024, with further reductions in early 2025, based on inflation trends and global economic conditions. Analysts note that demand has softened, and global central banks, including the US Federal Reserve, are easing policies, which supports potential rate cuts in India.

So, timing may be little uncertain, but it will happen in December, maybe later. But what we think is within the next six months, we think we are decisively on the rate cut trajectory.

Pranik Logistics IPO opens on October 10, priced at Rs 73-77 per share. Proceeds will be used for working capital, technology development, and expansion of fleet and warehousing capabilities.

The Nifty Realty index was trading 2.3 per cent up at 1053.6.

The stock quoted a 52-week high price of Rs 8463.0 and a 52-week low of Rs 3973.15.

The Relative Strength Index of the stock stood at 42.05 on Wednesday.

Inflation remains a key factor influencing future rate cuts. Most economists expect a cut in December, while some predict it may come in February 2025.