Indian stock market: The Nifty has given a consolidation breakout on the daily chart, driven by a strong technical breakout in IT giants. The sentiment looks positive from here, as the indicators and popular overlays indicate a continuation of strength. Support is visible at 24,400, where significant short buildup has been seen by the put …
Global brokerage firm CLSA has revised its India portfolio in response to the Lok Sabha election results. The firm, which recently listed 54 stocks as “Modi stocks,” has now limited its exposure to this category to only ONGC and Reliance Industries, as these have re-rated by less than 15% in the last six months. In …
Lumax Tech: Net profit at Rs 51.0 cr vs Rs 24.0 cr, Revenue at Rs 757 cr vs Rs 493 cr. (YoY) Natco Pharma: Net profit at Rs 386 cr vs Rs 276 cr, Revenue at Rs 1068 cr vs Rs 898 cr. (YoY) Sumitomo Chem: Net Profit at Rs 110 cr vs Rs 55 …
India’s software makers have been seen as laggards in artificial intelligence. Shares of India’s vaunted IT outsourcing firms are facing a reality check, as global investors’ rush into the artificial intelligence theme starts to leave pricey old-economy tech stocks behind. Unlike counterparts in the developed world and China, Indian software makers including leader Tata Consultancy …
The FOMC’s decision to hold interest rates steady at 5.25-5.5% reflects confidence in the US market’s upward economic trajectory. Despite maintaining a forecast of lowering rates to 4.6% by 2024, the latest “dot plot” indicates a shift in expectations, with fewer members anticipating multiple rate cuts this year. With signs of economic resilience and a …
The strong gains in several IT stocks over the last one year could be attributed to investors’ willingness to pay higher prices relative to their earnings as the consensus earnings estimates of Indian IT companies for FY25E have seen downgrades, according to brokerage firm Nirmal Bang securities. “Price-to-earnings ratio (PE) multiple expansion explains the entire …
Continuing its bullish trajectory for the fifth consecutive trading session, the Nifty 50 surged to yet another all-time high, reaching 22,297 points in today’s trading. Despite the opening session being higher, the index finished the trade flat at 22,212 amid profit booking. However, the sentiment remained positive for the short term as the index closed …
Indian IT stocks faced a downturn in today’s trading session due to higher-than-anticipated US consumer inflation data released yesterday, raising concerns about the Federal Reserve’s ability to implement multiple rate cuts this year, which had been a crucial aspect of the bullish sentiment in the equity market. Inflation in the US softened to 3.1% on …
Stock market today: Indian benchmark equity indices, BSE Sensex and Nifty50, bounced back after opening in red on Wednesday. Indian shares traded with volatility on Wednesday, led by IT, metal, and energy stocks. The 30-share index BSE Sensex surged over points to break the two day losing streak.BSE Sensex closed the day at 71,060.31, up …
Hope is all around, especially if you were a tech sector investor last week, as IT stocks reacted positively to Infosys and TCS results, while Wipro ADR shot up 16 per cent on Friday (results came in after Indian markets closed). However, does this hope rally have legs to stand on? Yes, results were in …