Latest Stock Market News

While the headline indices will be treated in bear grip if they fall below 20% from the peak, retail investor portfolios are already reflecting signs of a bear market as more than 900 stocks above Rs 1,000 crore market capitalisation are down at least 20% from their 52-week high levels.

Food delivery giant Swiggy debuted on the stock market with a modest 8% premium, reaching a market capitalization exceeding ₹1 lakh crore. Despite a lukewarm response from non-institutional investors, the IPO saw strong interest from institutional and retail investors.

Jyotivardhan Jaipuria, Founder & MD of Valentis Advisors, discusses the recent market correction, attributing it to high valuations and slightly disappointing earnings. He believes this correction is normal and sees long-term potential in undervalued small and mid-cap companies. Jaipuria favors private sector banks within the BFSI sector and prefers discretionary consumer stocks over consumer staples.

The stock traded at a P/E multiple of 58.09, while the price-to-book value ratio stood at 6.63.

The Relative Strength Index of the stock stood at 40.39 on Wednesday.

The stock quoted a 52-week high of Rs 4807.05 and a 52-week low of Rs 3130.50.

The IPO of Zinka Logistics, operator of the BlackBuck platform, has been subscribed 21% on its first day of bidding. As of 1:15 pm, the issue received 46,70,514 bids out of the total 2,25,67,270 available. Retail investors led the demand with a 35% subscription, followed by qualified institutional buyers (QIBs) at 26%.

Long unwinding occurred in five stocks, including Syngene International and Aarti Industries, with a decrease in open interest and prices.

A total of 3,280 shares changed hands on the counter till 01:48PM (IST).