Latest Stock Market News

The stock quoted a 52-week high of Rs 5654.0 and a 52-week low of Rs 3145.0.

In other news, the public sector lender said that it has declared IL&FS Tamil Nadu Power Company, with dues of over Rs 148 crore, as a fraud account and reported it to the Reserve Bank.

Promoters held 50.0 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 34.06 per cent and 3.0 per cent, respectively.

The Nifty Bank index was trading 0.95 per cent down at 37806.4.

Block trading tends to increase during times of volatility as institutional investors rebalance their portfolios.

Barring the dollar-pegged USD Coin, all other top digital tokens were trading with higher in early trade on Wednesday. Avalanche rose 11 per cent each, followed by a 4 per cent rise in Ethereum and BNB each.

“I have been saying consistently that BFSI is one sector which was grossly undervalued and there is definitely an opportunity for picking up good quality stocks in BFSI. I have been positive on the corporate facing banks which have been growing their loan books. ICICI Bank, Axis Bank and SBI have been my favourites for some time. On the gold loan side, Muthoot and Manappuram can be bought into at current levels. I also like AB Capital.”

"FIIs as a pack have been booking profits. India has massively outperformed the emerging market peers in the last one to one and a half years. Therefore, it has borne the brunt of the FII profit booking that is taking place even while the DIIs have been buyers. On a slightly longer term basis, earnings growth is likely to remain strong. "

“The commodities cycle is not over and the difference this time is all companies are mostly deleveraged. They are not sitting on four, five times leverage and are consistently paying out the debt. Even the worst of the lot, which I have a holding in, is Vedanta and that is a composite commodity producer.”

Gold futures on MCX were trading down by 0.13 per cent or Rs 62 at Rs 49,323 per 10 grams. Silver futures eased more than 0.16 per cent or Rs 103 to Rs 62,886 per kg.