Experts Financial News

By Amruta Khandekar and Shristi Achar A

investor frenzy not only for stocks in the main board but also in the SME segment, the market capitalisation of companies listed on the NSE Emerge platform has crossed the Rs 1 lakh crore mark. As on date, 397 companies are listed on NSE Emerge, with a fundraising of more than Rs 7,800 crore.

The Income Tax (IT) Department is likely to file an appeal in the Supreme Court (SC) against a Delhi High Court (HC) ruling which declared any IT assessment order issued without Document Identification Number (DIN) has no legal standing.

Edvancer, an online education venture, has joined hands with Jolt to introduce the Certified Tech Sales Manager Programme. This certification course aims to empower aspiring technical sales professionals with the skills, knowledge and industry insights they need to excel in their careers, as per the press announcement.

Bank of India has opened the qualified institutional placement book for bidding of shares by qualified institutional buyers. The state-owned lender has set the floor price for the QIP issue at Rs 105.42 a share. This is at a discount of 4.3% to the current market price of the stock.

Zomato is scouting for algorithm engineers at IIT campuses. High frequency trading companies are looking for statistical process control experts with high scores in quant. Consulting companies want associate product managers.

Domestic benchmark index NSE Nifty ended 168.3 points up at 20855.1, while the BSE Sensex closed 431.02 points up at 69296.14. On the other hand, Adani Power, Adani Ports SEZ, Transwarr Fin, Spencer's Retail and Inox Green Energy Se stocks hit their fresh 52-week highs today.

Nifty Bank closed in the green for the third consecutive day in a row on Tuesday supported by strong global cues. The index rose nearly 600 points to close at 47,012. It hit a fresh record high of 47,230 on Tuesday.

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Aro Granite Industries(up 4.91%), Ashapura Minechem(up 4.22%), Sandur Manganese & Iron Ores(up 2.83%), Lexus Granito(up 1.13%), Orissa Minerals Development Company(up 0.98%) and Coal India(up 0.24%) stood among the top gainers. 20 Microns(down 2.97%), Pokarna(down 2.28%), KIOCL(down 0.68%), Gujarat Mineral Dvpt Corporation(down 0.63%), NMDC Ltd(down 0.57%), MOIL(down 0.43%) and Madhav Marbles and Granites(down 0.19%) were among the top losers of the day.

The NSE Nifty index closed 168.3 points up at 20855.1, while BSE Sensex ended up 431.02 points at 69296.14. On the other hand, LTIMindtree Ltd.(down 1.61 per cent), HCL Technologies Ltd.(down 1.52 per cent), Hindustan Unilever Ltd.(down 1.50 per cent), Divi's Laboratories Ltd.(down 1.50 per cent) and Eicher Motors Ltd.(down 1.05 per cent) were among the top losers of the day.

Indian rupee hovered in a tight range on Tuesday, ending little changed against the U.S. dollar, as likely intervention by the central bank offset local demand for the greenback. The rupee ended at 83.3825 against the dollar, barely changed from its close at 83.3650 in the previous session. The Reserve Bank of India (RBI) sold dollars near the start of the spot trading session and also intermittently stepped in during the day, traders said. Meanwhile, importers, including local oil marketing companies, were seen bidding for dollars on Tuesday, a foreign exchange trader at a state-run bank said. The dollar index was steady at 103.6 while Asian currencies were mostly lower between 0.1% to 0.6%. The offshore Chinese yuan held steady, likely supported by dollar sales from state-run banks in China after rating agency Moody's cut China's government credit rating outlook to negative. The dollar has started the week on a positive note having risen 0.4% so far after three consecutive weeks of declines. «We suspect markets may be positioning ahead of next week's Fed meeting, when Chair Jerome Powell may insist on his pushback against rate cut bets,» ING Bank said in a note, referring to the dollar's recovery. The RBI and U.S.

Benchmark NSE Nifty closed 168.3 points up at 20855.1 amid buying in frontline bluechip counters. However, stocks such as Flair Writing Indust, Raj Rayon, Winsome Yarns, ASK Automotive and SEL Manufact, touched their fresh 52-week lows.

Circuit to circuit stock: Shares of Hazoor Multi Projects Ltd have been in uptrend for the last two weeks. After remaining in base building mode, this multibagger infrastructure stock came out of the base building mode and bottomed out at around ₹138 apiece levels on BSE. As per the information available on BSE, this circuit to circuit stock has been hitting upper circuit for the last seven straight sessions.

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New income tax vs old income tax slabs: Finance Minister Nirmala Sitharaman will present Narendra Modi's government interim budget for FY25 on 1 February 2024. During an election year, the government does not present a full-fledged Budget, instead, it prepares an interim budget.

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IRCTC share price: Shares of Indian Railway Catering and Tourism Corporation or IRCTC today gave fresh technical breakout at ₹720 apiece levels while climbing to intraday high of ₹728.95 per share on NSE. However, profit booking soon triggered and IRCTC shares retraced from today's high and touched intraday low of ₹709.05 apiece in mid session during Tuesday deals. According to stock market experts, IRCTC share price is in uptrend and it has formed strong base at ₹700 apiece levels.

Also Read- Adani Group stocks jump up to 19%, market cap nears ₹12 lakh crore; here's why In fact experts as as Jitendra Gohil, Chief Investment Officer, Kotak Alternate Asset Managers now believe that market is still underestimating India's GDP growth Gohila thereby said that we continue to favour domestically focused cyclical and interest rate-sensitive sectors for the next twelve months. We expect PSU banks and PSU stocks (power, energy, defence, cap goods, NBFCs, etc) to experience further upside and the stocks could re-rate further.

ICICI Bank, one of the largest private sector banks in India, gained 2.28% in today's trade, setting a new record high of ₹1,013.85 apiece. The stock's previous peak was recorded in July 2023 at ₹1,008.70. According to the latest data from BSE, ICICI Bank is currently ranked as the fourth most valued Indian listed firm.

Stock market today: Shares of Cupid Ltd are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, tghis multibagger stock has risen to the tune of 250 per cent. However, it seems that the pharma stock has still some steam left.