Latest Stock Market News

Skill and talent development company NIIT on Friday reported a consolidated net profit (attributable to owners of the parent company) of Rs 11.16 crore for the quarter ended March 31, 2024. The company had posted a loss of Rs 9.36 crore in the year-ago period, according to a regulatory filing.

Short covering signals a shift in view of security from extreme bearishness to bullishness.

Even after making a decent rally in the week ended May 24, Nifty Bank failed to settle above 49K. It rose over 200 points on Friday. Nifty50, too, failed to stay at the peak and descended to end with a negative bias. HDFC Bank topped the chart of gainers, followed by Axis Bank, Federal Bank and AU Small Finance Bank.

Dhwani Patel, Founder of Finversify, highlights the broad-based market trend with sector-specific buying and active participation from midcap and smallcap segments. Patel says in Bank Nifty there was a certain divergence seen in Bank Nifty for PSU and private sector banking, But till 48,600 is holding out, she is on the bullish side in Bank Nifty on both the indexes.

​360 One Prime on Friday opened its second tranche of fund raising of Rs 500 crore through the issue of non-convertible debentures (NCD) which might effectively yield 9.2% to 9.86% p.a. The issue will be closed on June 6.

Bayer CropScience Ltd, the Indian unit of Bayer AG, reported a 39.43% drop in net profit to Rs 96 crore for Q4 of 2023-24, with total income decreasing by 18% to Rs 821.1 crore.

IT stocks closed lower amid concerns of higher for longer US interest rates. Sensex settled at 75,410.39 while broader NSE Nifty fell ended at 22,957. HDFC Bank, Bharti Airtel, L&T, Axis Bank, NTPC, and UltraTech Cement saw gains, while Tech Mahindra, Asian Paints, TCS, M&M, and Titan closed with losses.

The Nifty IT index closed 0.64 per cent down at 33824.3.

The stock quoted a 52-week high of Rs 909.0 and a 52-week low of Rs 505.35.

Cryptocurrency markets, including Bitcoin and Ethereum, were trading lower on Friday due to profit-taking. BTC fell to $67,143, while Ethereum declined to $3,655. Edul Patel from Mudrex commented on the market movements.