Latest Stock Market News

Citi maintains buy on GAIL, raising target to Rs 250 (from Rs 230) on higher gas business valuation and 5% CAGR in volume FY24-27. Also, buy on Exide with TP up to Rs 630 (from Rs 560), expecting stronger demand and improved margins from better product mix.

Indian lenders such as HDFC Bank, Kotak Mahindra Bank, RBL Bank, and Union Bank of India are experiencing a decline in asset quality, with increases in fresh slippages and gross NPAs. Factors like a heatwave, elections, and seasonal issues are contributing to the challenges faced by these financial institutions.

NSDL data shows foreign investors placed ₹22,670 crore into 19 sectors from July 1-15. Capital goods (₹3,612 crore) led, followed by automobiles (₹2,993 crore). Renewed interest in IT (₹2,765 crore), metals & mining (₹1,969 crore), oil & gas (₹1,944 crore), and FMCG. Healthcare saw ₹2,378 crore inflows. FPIs sold shares worth ₹1,949 crore in construction, power, chemicals, utilities.

Wipro shares fell 9% due to poor Q1 results, predicted to underperform Infosys and Tata Consultancy Services. The Nifty IT Index declined 0.38%, with Tech Mahindra gaining 0.11%. Morgan Stanley and 5paisa foresee more weakness and long position unwinding. JM Financial advises caution amid weak fundamentals, with Mohit Jain highlighting poor guidance.

Hedging returns amid election, earnings, growth, and rate concerns. Cboe Volatility Index surged after Biden quit. Futures, October contracts rose in Asian trading and Hong Kong. Kaiser from Citigroup says Harris maintains policy continuity but adds risk premium due to late nomination change. Traders watch Tesla, Alphabet earnings and Fed rate cut expectations.

Oil prices dropped for the third day in a row due to concerns about increasing supplies and low demand. Market analysts predict a potential surplus next year, affecting Brent prices. Updates on oil inventories are awaited for further clarity.

Gold prices remain stable ahead of key U.S. economic data and Federal Reserve meeting. Chinese gold demand weakens while central banks in emerging markets maintain interest in gold purchases. Political developments with U.S. Vice President Kamala Harris and fluctuations in silver, platinum, and palladium prices.

Budget expectations and market trends discussed by Radhika Gupta reveal potential risks in financial markets and emphasize the need for regulatory action. The budget faces a challenging task of balancing fiscal discipline, infrastructure development, and addressing middle-class concerns. Business cycles show optimism with evidence of controlled expansion and healthy corporate balance sheets.