Latest Stock Market News

Bharat Global Developers announced an 8:10 bonus share issue and a 1:10 stock split. The stock surged 5% on the news. The record date for the bonus and split is yet to be announced. The estimated completion time is 2 months.

Despite recent selling by foreign institutional investors (FIIs) over the past month and a half, which has led to an 8-9% correction in Indian benchmark indices, FII outflows account for only about 1% of foreign ownership in domestic equities. The local markets remain supported by strong domestic ownership at 83%, bolstered by robust retail investor demand.

Indian stock markets closed lower on Monday, dragged down by IT stocks after Federal Reserve Chair Jerome Powell hinted at delayed interest rate cuts due to strong U.S. economic growth. The Sensex fell 241 points, while the Nifty slid 79 points. Tech companies like TCS and Infosys were among the top losers.

On the technical charts, the RSI of the stock stood at 38.6.

A total of 6,675 shares changed hands on the counter till time (IST).

The stock quoted a 52-week high price of Rs 6575.00 and low of Rs 4518.35.

Aniruddha Naha, CIO of PGIM India Asset Management, believes that while the worst of the earnings decline might be over, investors should focus on building portfolios for long-term gains rather than expecting immediate returns. He suggests that while there are opportunities in the small and micro-cap segments, large-cap financials, healthcare, textiles, and chemicals also offer value.

Bitcoin briefly dropped to $88,700 over the weekend but quickly rebounded to $91,000. Bitcoin ETFs saw over $1 billion in inflows, while Ethereum ETFs attracted $515 million. As of 11:54 am IST, Bitcoin was up 0.5% at $90,986, and Ethereum gained 0.65%, reaching $3,130.

The IPO of NTPC Green Energy will open for subscription on Tuesday, with a muted grey market premium (GMP) of Rs 1, indicating a 0.9% premium over the issue price of Rs 108. The offering, which is a fresh equity sale worth Rs 10,000 crore, will close on November 22.

The stock quoted a 52-week high price of Rs 11348.50 and low of Rs 7044.00.