Latest Stock Market News

The six-member Monetary Policy Committee (MPC) with a five-to-one majority increased the repo rate. Since May, RBI has hiked the repo rate by 225 basis points.

The stock quoted a 52-week high price of Rs 2124.45 and low of Rs 1130.2.

Barring FMCG, all sectors were trading in the negative. Among rate-sensitive sectors, Nifty Bank lost 0.37%, while Nifty Auto was down 0.75%. Nifty Realty was the top loser, as it lost 1.5%.

In the spot market, the highest purity gold was sold at Rs 53,629 per 10 grams while silver was priced at Rs 64,648 per kg on Tuesday, according to the Indian Bullion and Jewellers Association.

The Relative Strength Index of the stock stood at 41.58 on Wednesday.

As of 30-Jun-2022, promoters held 51.52 per cent stake in the company, while FIIs held 19.91 per cent and domestic institutional investors had 7.03 per cent.

Recently, the stock gave a breakout from Ascending Triangle pattern, as well as the consolidation zone from 2007-2022 on the monthly charts adding to the bullish bias. Short-term traders can look to buy the stock for a target of Rs 130-165 in the next 6 months, which translates into an upside of about 50% from Rs 87 recorded on December 6.

The company has appointed investment banks Jefferies and Kotak to manage the deal, said the sources, declining to be identified as a deal is likely to be launched in stock markets this week.

In this complex world with both push and pull factors at play, the rate of the Indian rupee, which is market-determined, should be allowed to find its level, and that is what we have been striving to ensure, he said while asking investors to make an objective assessment of the movement of the INR in the context of global and domestic macroeconomic and financial market developments.

The stock quoted a 52-week high of Rs 440.75 and a 52-week low of Rs 206.1.