Latest Stock Market News

An ETMarkets analysis reveals an interesting trend: Mutual Funds (MFs) have been steadily increasing their investments in 152 smallcap stocks over the past four quarters, from December 2023 to September 2024.

Long unwinding occurs when investors sell their long-term positions to book profits or anticipate a market downturn. On Monday, five stocks experienced significant long unwinding.

Net profit for the July-September 2024 quarter is expected to decline by up to 27% year-on-year, based on the average estimate from four brokerages. In contrast, net sales are projected to increase by 3% year-on-year during the same period, according to the estimates.

The stock traded at a P/E multiple of 52.72, while the price-to-book value ratio stood at 12.61.

The cryptocurrency market displayed mixed trends on Monday as investors braced for significant events, including the US presidential election and a potential Federal Reserve rate cut, which could influence crypto prices. Major tokens like Bitcoin, Ethereum, Dogecoin, Tron, and Toncoin gained, while others such as BNB, Cardano, and Shiba Inu saw losses of up to 3%.

After reaching a record high of 85,978 points on September 27, the Sensex declined for four straight weeks before stabilizing during Diwali week. With two major events approaching—the US election and the Fed meeting—traders adopted a risk-off approach on Monday, causing the Sensex to drop nearly 1,500 points. Nifty also fell about 2% to 23,800, marking its lowest level since August 6.

​Earnings have been a little underwhelming. And US bond yields have shot up and that technically, obviously and that has added to a rich valuation. All these three factors are obviously creating what they are creating right now in the market

Nilesh Shah, MD of Kotak AMC, suggests that Indian investors should explore global opportunities in innovative technologies. He highlights the rapid advancements in energy and pharmaceutical sectors, emphasizing the need for diversified investments to mitigate risks. Shah advocates for increasing the overseas investment limit for mutual funds, enabling Indians to participate in potentially high-growth sectors like disruptive technologies.

But if we look at the medium-term trend, then I think Nifty can touch levels like 23,500 to 23,000 in the medium term, not tomorrow, not day after tomorrow, but if we take approach of one to two months, then I think Nifty is headed towards 23,500 and 23,000.