Latest Stock Market News

Topping the list is specialty chemicals company Fine Organic Industries whose profit grew four times to Rs 202.73 crore in Q2 while its sales jumped 110% on a YoY basis. The company is the largest player in the oleochemical industry in India and among the top six globally.

Beijing warned on Monday that it was facing its most severe test of the pandemic, fuelling investor concerns that China may be forced to resume strict mobility curbs and give stay and home orders across cities.

“There is no great story happening in FMCG per se. It is not as if there is something new that has been discovered and there the growth rates will be tremendous but if you assume that the market is at a level where an upwards movement will be met with some amount of resistance, I would argue that FMCG will provide a little bit of a defensive flavour to the overall portfolio.”

The death cross is a technical indicator of bearishness. The death cross appears on a chart when a stock’s short-term simple moving average (SMA) crosses below its long-term moving average on the downside.

The S&P BSE Sensex fell more than 500 points while the Nifty50 closed below 18,200 level on Monday.

“A couple of years back, the most popular ETFs say a Nifty50 used to trade on an average for Rs 3-4-5 crore a day. Today the most popular ETF and the first ETF which was launched in India based on Nifty 50, trades at close to Rs 50-60 crore a day.”

Going by the improvement seen in 1HFY2023, we do not see this derailing anytime soon,said Manish Jeloka, co-head of products and solutions at Sanctum Wealth Management. Given that Q3 is the strongest in terms of seasonality, we expect the momentum to sustain.

Among Sensex stocks, L&T, Maruti, NTPC, Bajaj Finserv, IndusInd Bank and Axis Bank were the top gainers, rising around 0.5%. Dr Redyy’s, UltraTech Cement, SBI, ICICI Bank, HDFC Bank and M&M also opened higher.

"There are always pockets of opportunities where we believe there is a gap between price and value. Ours is a very bottom-up approach. We keep looking where there is no momentum, as that’s where we get the investible valuations we aspire for. To do this, one needs to understand the business, the sector, its headwinds and tailwinds. "

A day prior to its debut at the bourses, the company was exchanging hands at a premium of Rs 200 per share in the unofficial market, which translated into a listing pop of 35% over the issue price.