Latest Stock Market News

Adani Enterprises, which is the flagship company of Adani Group, is now the 18th most valued stock on BSE. The counter has been an outperformer by delivering a return of 58 per cent on a year-to-date basis. In the last five years, the stock has proved to be a multibagger with a mind-blowing rally of 1,867 per cent.

“Junk equities are characterised by the four Ls. L number one is highly loss making companies. That is where the biggest pain has been as you have seen, especially in the new IPO market where a lot of companies that do not make money have crashed. The second L is highly leveraged companies.”

“It is marginally away from its subsequent target of 17,500, which is 78.6 per cent retracement of the April-June decline. Once that is tested then the Nifty50 is expected to step into a short term consolidation mode,” Ratnaparkhi said.For the day, the index closed at 17,388.15, up 42.70 points or 0.25 per cent.

The brokerage firm believes that the company’s strong margin profile, lean working capital, healthy cash flows, balance sheet and long-term growth prospects will support its valuations and future projections. Given the strong enquiry pipeline, management’s focus on cost rationalization, and improving operational efficiency, it expects the company to generate revenue.

>> For more such web stories click on the ET icon below

BSE said that its average daily turnover in the equity segment decreased by 28 per cent to Rs 4,057 crore as compared to the corresponding period last year while in the equity derivatives segment decreased by 62 per cent YoY to Rs 1.2 lakh crore.The total number of investor accounts registered with BSE has more than doubled in the last two years to over 11 crores.

"Alternatively, the MPC could choose to hike by a more aggressive 50 bps - same as June, joining some DM and regional central banks in sending a more decisive signal,” BofA Securities said.“On the other hand, we also cannot completely rule out a 25 bps hike as the MPC could acknowledge that inflation has peaked and cite downside risks to their estimates, resorting to standard, more measured hikes," it added.

“We are seeing sector rotation and that will likely continue. There is an overall tilt towards looking for where growth is and that is why we have begun to see money coming back into emerging markets including India. From that perspective, maybe India will develop some kind of cushion so that it cannot fall too far. ”

The Nifty Auto index closed 0.8 per cent down at 12919.4.

The yellow metal had closed at Rs 52,182 per 10 grams in the previous trade.Silver also fell sharply by Rs 1,060 to Rs 57,913 per kg from Rs 58,973 per kg in the previous trade.In the international market, gold was trading higher at USD 1,767 per ounce while silver was flat at USD 19.93 per ounce.