Profit booking Financial News

BSE PSU index are trading between 10% and 37% lower from their 52-week highs. Leading this trend is SJVN, which has witnessed a significant decline over the last two trading sessions, tumbling by 24%. From its 52-week high of ₹170.50, the stock has corrected by 37%, currently trading at ₹108.15 apiece.

Rail Vikas Nigam, Ircon International, Indian Railway Catering & Tourism Corporation (IRCTC), and RailTel Corporation of India all plummeted in today's trade between 7-14%. It is worth noting that these five stocks rallied up to 58% in the last week alone, despite frontline indices finishing the week in red. According to the analysts, the sharp rally in railway stocks was attributed to the anticipation of the Government of India (GoI) unveiling fresh investments for railway infrastructure development in the upcoming 2024 budget.

Bitcoin, Ethereum, Solana, Cardano and Tron were trading in the red, while BNB, XRP, Dogecoin, Chainlink, and Toncoin were in the green. «The Bitcoin traders liquidating their positions as they were not able to meet the margin requirements as the Bitcoin process went up and then retreated in a short span after Bitcoin ETF listings. The market is expected to remain volatile in the coming weeks owing to the macroeconomic conditions,» said Shivam Thakral, CEO of BuyUcoin. At 12:19 p.m., Bitcoin (BTC) was trading 0.6% lower at $42,667, while Ethereum (ETH) was down 1.6% at $2,513. Whereas, altcoins, such as Toncoin and BNB, surged 13.2% and 4.5%, respectively. «BTC price experienced unexpected lows after the approval of the spot ETF, but the bullish performance of altcoins may signal an early reversal. The anticipation surrounding spot Bitcoin exchange-traded funds generated significant excitement, yet the failure to lead to a sharp upward movement may have prompted traders to take profits. This resulted in a sharp pullback to $41,500,» said ZebPay Trade Desk.

Market highlights: Sensex sheds 200 pts, Nifty near 22,050 at close; IT, realty down Even though analysts have been warning about uncertainty on interest rate trajectory due to inflation being higher than central banks' targets, the market is already considering the possibility of rate cuts this year. Some analysts suggest that if rate cuts happen, they might not be significant but rather modest. The domestic market spent most of the day in negative territory on Tuesday, but it experienced a brief upswing during the session, propelling the benchmarks to achieve new record highs.

Cochin Shipyard fell over 5% to the day's low of Rs 761.30 on Thursday amid profit booking following a stock split which saw the counter getting subdivided into two shares on Wednesday. The PSU defense stock had hit a 20% upper circuit and hit levels of Rs 802.80 on the NSE. Shares of PSU defense stock have gone up nearly three times in the last one year and it traded ex-split on Tuesday.

₹1,224.40 apiece on the BSE. On December 20, DOMS Industries shares were listed with a hefty premium of 77.2% at ₹1,400 apiece on the NSE and the BSE against an issue price of ₹790. DOMS Industries IPO received a strong response from investors during December 13 to December 15 as the public issue was subscribed 93.52 times.

cryptocurrency, fell 4% to $42,167 in Monday's trade, influenced by profit-taking among investors. The largest token declined as much as 5.7% from Friday's high of $44,705. Meanwhile, Ethereum, the second largest cryptocurrency, tanked nearly 5% to $2,236 at 10.56 am. The global cryptocurrency market cap also plunged 3.74% to around $1.58 trillion in the last 24 hours. Other popular altcoins like Toncoin and Chainlink plunged 9% and 8.5%, respectively. Also, XRP, BNB, Solana, Cardano, Dogecoin, Tron, Polkadot, Polygon, Litecoin, and Shiba Inu declined 2-7%. On the other hand, Avalanche rose over 5%. The abrupt market movement seems to be more of a correction or profit booking, considering BTC's eight consecutive weekly candle closures in the green, said CoinDCX Research Team.

Tata Technologies share price: After strong debut on Dalal Street, shares of Tata Technologies Ltd witnessed some profit booking during early morning session on Friday. Tata Technologies share price today opened upside and went on to touch intraday high of ₹1,348 apiece levels on NSE, delivering to the tune of 170 per cent return to those Tata Technologies IPO allottees who remained invested with the stock after dream debut at Indian stock market.

₹1,339.60 apiece on BSE. Tata Tech share price today touched intraday high of ₹1,348, and low of ₹1,212.80.

Stock market today: After profit booking trigger during Monday deals, Yes Bank share price today witnessed strong buying interest among stock market bulls. Yes Bank shares today opened with an upside gap at ₹20.30 per share levels on NSE and went on to hit intraday high of ₹20.45 apiece, regaining its 10-month higher levels, which it has climbed last week. According to stock market experts, Yes Bank shares are looking positive from both technical and fundamental perspective.

US Federal Reserve also weighed on crude prices. Around 3 pm the November contract of Brent on the Intercontinental Exchange was trading at $92.60 a barrel, down 0.99% from its previous close. The November contract of West Texas Intermediate (WTI) fell to $88.79 a barrel, down 0.97% from its previous close.

Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam, IRCON International, and RailTel Corporation of India slumped 4% to 8% on Tuesday's trading session. Analysts say that although the performance may not be as strong as the current run from the previous week, but railway stocks are expected to be in an uptrend moving forward. Corrective phases in midcaps and small caps were another factor weighing on the railway stocks.

Siddhartha Khemka, Vice President, Head of Research, MOFSL, says “the premium is now about 15-20% and mid and smallcap space is where one needs to be cautious. We do not believe that there is going to be a full large scale selling in the mid and small caps but a healthy profit booking is definitely advisable and that is something that we have been talking to customers about but it is not a broad-based profit booking that we are advising.”Are you recommending booking profits anywhere? We are seeing quite a cool-off in some of the capital goods names, power financiers, railway and even defence stocks.What has been happening is we have been sounding some cautiousness in the broader market, be it the midcaps or smallcaps, given that the kind of rally that they have seen in the last couple of months and also because if you look at the valuations, our midcap index is trading at about 24 times one year forward 24 to 25 times roughly on a one-year forward basis – compared to Nifty which at 20,000 is trading at about 21 times on a FY24 peak.

₹259 crore in stocks today. As per the NSE data, FIIs cumulatively bought ₹13,653.37 crore of Indian equities, while they sold ₹14,700.56 crore --- resulting in an outflow of ₹1,047.19 crore.

midcap stocks on Tuesday. Nifty's small and midcap indices lost up to 2-3% each with Indiabulls Real Estate, Infibeam and RITES leading the downside by dropping around 8% each. High-flying PSU stocks from railways and defence were among the top losers in today's sell-off. Shares of Cochin Shipyard, GRSE and Mazagon Dock lost between 6-7% each while rail stocks RVNL, Jupiter Wagons and Titagarh Wagons dropped between 4-6% each. The selloff in small and midcap stocks is in contrast to lacklustre trade in Nifty and Nifty Bank.

The top loser was Cochin Shipyard whose stock fell by over 14% to the day's low of Rs 1,032.25. It was followed closely by Mazagon Dock Shipbuilders which plunged nearly 13% at Rs 2,005.10 on the NSE. Meanwhile, Garden Reach Shipbuilders, Shipping Corporation of India (SCI) and Great Indian Shipping Company shares fell 6.27%, 5.41% and 0.95%, respectively around 11 am. Both Mazagon Dock and Cochin Shipyard shares have witnessed a strong rally in recent times and have given returns of 13% and 20% over the past 5 trading sessions. Others like Great Indian Shipping Company, SCI and Garden Reach have given 6-3% returns during this time.Shipping stocks followed a wider trend where the PSU stocks fell. Commenting on the recent rally in many of the PSU stocks, Vijay Kedia, Managing Director at Kedia Securities told ETNow that he viewed the recent rally as some kind of euphoria in the PSU stocks. «I do not know what they should do but the general public should understand what happened in 2022, we discussed just now what this platform stocks, I think the same kind of euphoria is happening in PSU stocks.

After gaining an average of 14% this week and more than 30% in the last one month, railway stocks may now come under some profit booking pressure. «4 out of 5 major railway stocks like RVNL, IRFC, IRCTC and Railtel are overbought with RSI above 75. Even though the outlook for these stocks remains bullish, expect some profit booking in the near term before the bulls regroup,» said Anand James, Chief Market Strategist at Geojit Financial Services. Edited excerpts from an interview: Given the broad-based buying seen in the market this week, do you think Nifty will easily scale the 20,000 peak ignoring all the concerns around the spike in crude oil price and dollar? What are the targets? Seven weeks after coming off from the record peak in December 2022, Nifty is back within its vicinity, with a weekly close above the 7-week SMA. Further, with just 23% of NSE 500 stocks in the 5% vicinity of their respective all-time highs, the market is only in the initial stages of a broad based rally. We are confident of continuation of uptrend, with Nifty’s upside target raised to 21200. Nifty PSE and Nifty CPSE stocks were the top performers in the week. Do you see any signs of the PSU indices being at an overbought stage?

Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam (RVNL), and Ircon International fell up to 7% in Wednesday's trade amid profit booking. Technical analysts also stated that these railway stocks are in overbought territory. Shares of IRFC declined 7% to Rs 67 on the NSE. Technically, IRFC's day RSI (14) is at 91.2.

Titan Company fell 3% to the day's low of Rs 2,886 on the NSE in Thursday's early trade after the jewellery maker reported a 2% year-on-year (YoY) decline in the June quarter net profit on Wednesday.Tata Group's fashion and lifestyle products retailer Titan reported its standalone profit after tax at Rs 777 crore for the quarter ended June 2023. Its quarterly revenue jumped 19% YoY to Rs 10,306 crore. Both figures were below the Street estimate.

Britannia Industries have weakened of late as concerns over rural sales growth and troubles at group company Go First Airlines weighed down investor sentiment. The stock fell 4.2% in the past month to ₹4,818 on Tuesday as against the 0.6% advance in the Nifty FMCG Index. «There is an apprehension that sales may be impacted with slower recovery in rural areas than expected,» said Nirvi Ashar, fundamental research analyst at Religare Broking.

Reliance Industries, Power Grid, SBI and ICICI Bank amid mixed global cues. Investors booked some profit in the absence of any fresh trigger. The domestic market is trading at a premium valuation.