Latest Stock Market News

Out of the 38 analysts with a coverage on SBI, which reported its highest-ever quarterly profit after tax (PAT) of Rs 13,264.62 crore in Q2, at least 10 of them have upgraded their target prices in the last one month, Trendlyne data shows. The average targets signal an upside potential of over 14%.

“An important feature of the ongoing rally which has taken Sensex and Nifty to record highs is that this is a mature rally led by high quality stocks in performing sectors. There is no celebration in the market because this rally has largely bypassed the broad market. While the Nifty is up 7.2% YTD, Nifty Small cap Index is down by around 12% YTD,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Poly Medicure, incorporated in the year 1995, is a Small Cap company (having a market cap of Rs 9380.79 Crore) operating in Hospitals & Allied Services sector.

The group meets as slowing economies and Chinese COVD-19 lockdowns hit oil demand, while a nearing European Union ban on Russian crude imports and a G7 price cap on Russian crude raises questions about supply.

However, recent Fed speakers have all pushed back on expectations of a pivot, with New York Fed President John Williams on Monday saying the central bank needs to press forward with rate rises and St. Louis Fed President James Bullard saying there is still "a ways to go" for policy tightening.

In terms of total credit cards, HDFC Bank continued to remain the market leader with 16.5 million credit cards, followed by SBI Cards at 15.1 million. ICICI Bank, at 13.5 million, and Axis Bank, at more than 9 million, are other major players in this segment.

The Piramal-Cosmea proposal involves Piramal offering to acquire only Reliance General Insurance Co, a wholly-owned subsidiary of Reliance Capital, for ₹3,750 crore and Cosmea making a ₹1,481-crore bid for Reliance Capital and its other units.

Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.

Nifty futures on Singapore Exchange traded 2 points or 0.01% higher at 18,760.50 around 6.55 am, signalling a flat start for Dalal Street on Wednesday.

Shares of Chandra Prabhu International (Rs 10 to Rs 2) will turn ex-split. A meeting of the board of directors of Indo Cotspin is scheduled to consider and approve the subdivision of the equity shares.