Latest Stock Market News

Tata Power subsidiary completed a large floating solar project in Madhya Pradesh. The 126 MW project uses over 200,000 solar modules. It generates a significant amount of energy and reduces carbon emissions. The project overcame challenges like fluctuating water levels. It supplies power to the Madhya Pradesh Power Transmission Company.

Sensex and Nifty open higher, supported by HDFC Bank, RIL, and IT stocks, amid positive US inflation data.

Global brokerage firms, including Goldman Sachs, have highlighted promising investment opportunities in key stocks. Goldman Sachs, in particular, has expressed continued confidence in Eicher Motors and Larsen & Toubro (L&T), citing strong growth drivers and solid performance indicators for both companies.

Gold and silver prices dip amid strong US dollar, rising bond yields, and crypto rally. Analysts expect further weakness, with support levels at Rs 73,850 for gold and Rs 87,750 for silver.

Shares of Eicher Motors, the manufacturer of Royal Enfield, surged 7.5% to a high of Rs 4,934.50 on the BSE on Thursday, following the company’s announcement of an 8% increase in standalone net profit, reaching Rs 1,010 crore for the quarter ending September 2024.

Jai Bala, Chief Market Technician, predicts a downward trajectory for the Nifty and Bank Nifty indices, reaching 21,300 and 42,000 respectively by year-end. He anticipates a strengthening dollar index and rising US 10-year yields. Bala advises investors to prioritize cash preservation, highlighting the potential for a market correction and emphasizing the importance of strategic cash deployment during market revivals.

On the technical charts, the RSI of the stock stood at 46.31.

Hindustan Aeronautics (HAL) shares have dropped 28% from their July peak, currently finding support around Rs 4,000. Analysts see a potential bounce to Rs 4,300, but a close below Rs 4,100 could push the stock down to the Rs 3,700-3,850 range.