Latest Stock Market News

The Relative Strength Index of the stock stood at 40.22 on Wednesday.

"The valuation of the stocks is reasonable, though still not cheap. The relative premium to the region has halved from a record peak and the returns would be driven by 17%/15% earnings growth in 2023/24. Returns will likely be backloaded," it added.

Hindalco Industries, incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 90460.82 Crore) operating in Metals - Non Ferrous sector.

A total of 1,219 shares changed hands on the counter till time (IST).

So one has to really look at a slightly bigger picture and from that perspective we think that HAL, Bharat Electronics, Bharat Dynamics one can have some allocation with a two to three year kind of perspective and if you see any dip in between because of some negative surprise I think we should use that as a buying opportunity.

The Nifty50 index took support at the 16,800 level after 11% correction from the top. Index has formed a base at support for 10 days followed by a breakout above the 17,200 level. It is a positive development.

External factors are very volatile and the global banking sector is also under public scrutiny due to mounting treasury losses. The US FED has also kept the ‘dot-plot’ for 2023 unchanged in its last meeting with a terminal rate of 5.1% depicting we are nearing the peak.

The yellow metal spot price also scaled $2025.25 in the international market, its third highest ever on Tuesday. The lifetime high is $2,075 which was hit in 2008 while the second highest peak is $2070 in March of 2022, according to commodity and currency expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities.

Sustainable upside after formation of bullish candle-stick pattern. Bottom formation likely at Rs 49.75.

We, too, have witnessed a reasonable slowdown in certain pockets of the economy. Still, at an overall level, India will continue to see 11-12% nominal GDP growth, and one can expect similar returns over the next 6-9 months.