Latest Stock Market News

The Relative Strength Index of the stock stood at 58.8 on Friday.

Since its listing on December 18, Vishal Mega Mart, which operates supermarket chains across 30 states and Union Territories in India, has shown strong momentum. The company debuted at Rs 110 on BSE, offering an immediate 41% premium to IPO investors, while on NSE, shares opened at Rs 104, reflecting a 33.3% premium.

Sri Lotus Developers and Realty, backed by Bollywood stars like Shah Rukh Khan, Amitabh Bachchan, and investors like Ashish Kacholia, is planning an IPO to raise Rs 792 crore. The company focuses on luxury and ultra-luxury real estate in Mumbai’s western suburbs. Proceeds will fund ongoing projects and corporate expenses. FY24 profit stood at Rs 120 crore.

Shares of ITI Ltd surged 13.5% to a new all-time high of Rs 432.45, driven by consistent upward momentum since October 2024. The stock has gained 37.3% in the past year and 38.5% over the last 6 months. With increasing volumes and technical strength, ITI Ltd has shown significant growth in both short and long-term trends.

A total of 3,081 shares changed hands on the counter till 01:35PM (IST).

Kotak Institutional Equities has initiated a "sell" rating on Bajaj Housing Finance, citing expensive valuations and a potential 21% downside risk. The brokerage expects 25% earnings growth over FY2024-27E but projects flat margins and moderate RoE. Despite strong asset quality, competition and rising rates pose risks.

Major altcoins posted gains, with XRP up 3.6%, Solana rising 2.7%, Cardano surging 11.5%, and Stellar increasing 9%. The global crypto market cap grew 1.5% to $3.41 trillion. Stablecoins dominated, with a 24-hour trading volume of $108.1 billion, making up 92% of the total crypto market volume, according to CoinMarketCap.

Polycab, Lupin, Sun Pharma, Abbott India, and Atul saw significant long unwinding on January 3, with stock price declines.

The stock traded at a P/E multiple of 40.73, while the price-to-book value ratio stood at 11.32.

Global brokerage Citi has set a target of 25,000 for Nifty in 2025, indicating a modest upside of 3.4% from current levels.