Latest Stock Market News

Axis Securities recommends buying HDFC Bank shares with a target of Rs 2200. Current market price is Rs 1783.3. The bank offers various revenue segments including interest and investments. HDFC Bank reported a net profit after tax of Rs 17825.91 crore in the latest quarter. Promoters and FIIs hold significant stakes in the company.

Kotak Mahindra Bank shares rose 2.6% after Citi and Jefferies upgraded the stock to “buy,” with target prices of Rs 2,070 and Rs 2,120, citing strong loan growth, improving delinquency, and potential upside catalysts.

The rupee fell 11 paise to 85.75 against the US dollar, affected by the rising dollar index and US bond yields. Persistent foreign fund outflows and low volumes due to the holiday season further impacted the rupee. The domestic stock market showed gains, while the dollar index remained steady. GST revenue saw a 7.3% increase in December.

On January 2, five stocks saw short covering, marked by a decrease in open interest and slight price increases, signaling potential market sentiment shift. Key stocks include HDFC Bank and Apollo Hospital.

So, I am not too bullish on IT as a sector and some correction here and there, one can never rule that out because they are trading very expensive to the growth potential which they have.

Ashok Leyland shares rose 3% after posting a 5% YoY increase in December sales, though cumulative sales fell 2%. M&HCV segment saw growth, with shares gaining 28.7% in the last year.

The stock traded at a P/E multiple of 86.00, while the price-to-book value ratio stood at 11.55.

Maruti Suzuki shares may see increased attention after the company reported a 30.25% YoY rise in December production. Passenger vehicles saw a 30.16% increase, while the Super Carry model posted a 39.20% growth. Models like Alto, S-Presso, and utility vehicles experienced remarkable gains. The stock closed 3.26% higher at Rs 11,221.20 on the BSE.