Latest Stock Market News

As Swiggy prepares for its IPO with a price cap of Rs 390 per share, early investors who bought shares at Rs 530 may face challenges due to a six-month lock-in period and a lower company valuation of $11.3 billion, reflecting market cautiousness.

Traders interpret it as a signal that buyers were in control from the opening to the closing, often using such patterns for informed decisions about future price movements in financial markets.

On October 30, three stocks with market caps over Rs 10,000 crore closed above VWAP, indicating potential bullish trends.

Benchmark equity indices opened slightly lower due to declines in Reliance Industries, financial, and IT stocks. Continued FPI outflows, reaching around $11 billion in monthly sales, and weak quarterly earnings have affected market sentiment.

Nifty is attempting a bounce back after finding support near 24,000, currently facing resistance at 24,500. The short-term range for Nifty is 24,200 to 24,500. High OI suggests limited movement past these levels. Non-directional strategies like Short Iron Butterfly are recommended amid increased volatility and premiums.

Brokerage firms such as Bernstein, Goldman Sachs, UBS, and Macquarie have issued various ratings on L&T, Dabur, and Mastek. Bernstein rates L&T as outperform with a target of Rs 3,891. Goldman Sachs and UBS maintain neutral ratings on Dabur and L&T, respectively. Macquarie marks Mastek as outperform, targeting Rs 3,320, post positive acquisitions and strong Q2 results.

Motilal Oswal Financial Services recommends buying Adani Ports & SEZ, targeting a price of Rs 1,780. Adani Ports is a large cap company with strong cash flows and a market share increase. It is expected to drive a CAGR of 15% in revenue and EBITDA over FY24-27, maintaining a net debt-to-EBITDA ratio of 2x.

RVNL shares increased 2% to Rs 474 after securing a contract from East Coast Railway to build additional rail lines. The project, valued at Rs 283.69 crore, strengthens RVNL’s position and is expected to boost revenue. RVNL also expanded internationally by creating a subsidiary in Saudi Arabia.

The Indian market may consolidate amid mixed global cues with India VIX up by 6.85%. FIIs sold Rs 4,613 crore of equities while domestic investors bought Rs 4,518 crore. Key levels for Nifty 50 are 24,500 for sustaining the trend and 24,200 for support. Experts recommend stocks like Bharat Electronics, SBI, and Maruti Suzuki India for short-term trading.

FY25 will mark the first year of single-digit growth in Nifty earnings over the past five years, following an impressive compounded annual growth rate of over 20% for the previous four years.