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Stock Market Today: Nifty 50, Sensex end flat after Contact with New Record Highs.

May 27, 2024 by Nitesh Leave a Comment

Stock Market Today: The Sensex closed 20 points, or 0.03 percent, lower at 75,390.50, while the Nifty 50 fell 25 points, or 0.11 percent, to 22,932.45.

Stock market today: Indian stock market benchmarks, the Nifty 50 and the Sensex, closed flat after reaching new intraday highs on Monday, May 27, on profit booking at higher levels amid mixed global indications.

After beginning higher, the Sensex and Nifty 50 reached new all-time highs of 76,009.68 and 23,110.80, respectively, during the session. Both indices, however, failed to maintain gains, and profit-taking at higher levels resulted in minor losses.

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The Sensex completed the day 20 points lower, or 0.03 percent, at 75,390.50, while the Nifty 50 fell 25 points, or 0.11 percent, to 22,932.45.

Heavyweight stocks including Reliance Industries, ITC, and Mahindra ended up being the Nifty 50’s top drags. In contrast, the index received the most support from HDFC Bank, Axis Bank, and Larsen & Toubro.

NSE Decreases tick size to one Paisa: Over 1,300 Stocks will be Affected.

May 27, 2024 by Nitesh Leave a Comment

The National Stock Exchange (NSE) said on Friday that it will cut the ticket size, also known as the tick size, for equities priced up to Rs 250 per share.
The current tick size for stocks traded on the NSE is Rs 0.05, or 5 paisa. The NSE aims to cut the tick size to Rs 0.01 or 1 paisa, allowing buyers and sellers to submit orders to purchase and sell stocks for less than Rs 250 in multiples of 1 paisa, such as Rs 101.01 and so on.

According to the NSE media release, all cash and futures stocks under Rs 250, except stock options, would be traded using a 1 paisa tick size.
The NSE’s counterpart, the Bombay Stock Exchange (BSE), already uses the 0.01 tick scale, but only for stocks worth less than Rs 100.
Analysts feel that a smaller tick size, particularly in the case of lower-valued shares, aids price discovery.

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Kranti Bathini, Director-Equity WealthMills Securities says its a welcome step from the NSE. Lower tick size will help in improve the spreads, and the volumes too can rise.

Meanwhile, NSE’s release stated that the lowered tick size shall be applicable for new listings as well. The exchange shall determine the eligibility for all such shares as of the last trading day of a particular month.

Arvinder Singh Nanda, Senior Vice President at Master Capital Services said the NSE’s move to lower the tick size aims to bolster price discovery and market efficiency, rendering trading more appealing for both retail investors and traders.

Moreover, the tick size in the stock futures segment will align with that of the underlying security in the cash market. This alteration will empower investors to devise novel strategies tailored to the smaller tick sizes, particularly for lower-priced securities, Arvinder Singh Nanda added in the note, while cautioning that the said move may also escalate system load due to the large number of orders.

The new tick size rule on the NSE will be applicable from July 08, 2024 onwards, based on the closing price of June 2024. NSE shall review the of underlying security on a monthly basis.

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In case of a corporate action such as bonus, stock split, dividend or rights issue, the existing will continue for the stock, till the time of the monthly review, post which it may be revised if need be.

As of 24 May 2024, nearly 50 per cent of the NSE stock quoted below Rs 250 per share. Out of a total of 2,749 stocks traded on Friday, 1,381 had closed below the Rs 250 threshold.

Meanwhile, out of 4,290 stocks traded on the BSE on the same day, as many 1,935 quoted below Rs 100-mark.

Suzlon Energy Share Price: Net profit Decreased by 21% to ₹254 Crore due to Strange Products.

May 27, 2024 by Nitesh Leave a Comment

Suzlon Energy Share Price: reported a nearly 21% fall in overall net profit to ₹254 crore in the March quarter compared to ₹1,699.96 crore in the same period a year ago, primarily due to extraordinary events.

Suzlon Energy, a renewable energy solutions provider, reported a nearly 21% fall in consolidated net profit to ₹254 crore in the March quarter, primarily owing to unusual events.

In the previous year, the company’s consolidated net profit was ₹320 crore, according to a BSE filing.

The total income increased to ₹2,207.43 crore in the quarter, up from ₹1,699.96 crore the previous year.

The consolidated net profit in the 2023-24 fiscal year also declined to ₹660 crore from ₹2,887 crore a year earlier.

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Total income in the fiscal rose to ₹6,567.51 crore from ₹5,990.16 crore a year ago.

The company explained that PAT (profit after tax or net profit before exceptional items) for the March quarter increased 411 per cent to ₹281 crore on a year-on-year basis.

The cumulative orders as on May 24, 2024 are 3.3 GW. This includes the order book as on March 31, 2024 of 2,929 MW, plus orders secured subsequently of 402 MW.

“We have been able to create a solid foundation over the last FY across all business verticals of technology, manufacturing, projects, and OMS,” Suzlon Group Vice Chairman Girish Tanti said in the statement.

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This puts the company in a great position to lead the industry in the coming years, he said, adding, “We stacked up our largest ever order book of value-driven orders for more than 3.3GW.”

The board recommended forfeiture of 81,94,063 partially paid-up equity shares of the firm worth ₹2 each issued on rights basis, as the first and final call money of ₹2.50 per share was not paid.

Adani Group MCAP Recovers $200 Billion as it Rejects Charges of Coal Fraud.

May 23, 2024 by Nitesh Leave a Comment

Adani Group Stock exchange data indicated that the apples-to-airport conglomerate earned Rs 56,250 crore in market capitalization in the last two trading sessions, including a rise of Rs 11,300 crore on Wednesday.

On Wednesday, the market capitalization of Adani Group crossed the USD 200 billion threshold, or Rs 16.9 lakh crore, as investors restored faith in the company’s denial of any wrongdoing in the coal supply to the Tamil Nadu power corporation, resulting in gains of Rs 11,300 crore for its listed enterprises.
According to stock exchange data, the company that supplies apples to airports increased its market capitalization by Rs 56,250 crore in the last two trading sessions, with a gain of Rs 11,300 crore on Wednesday.

The profit was realized on the same day as the London-based Financial Times hinted at an Adani group scam in 2013 by marketing low-grade coal as high-value fuel, using records from the George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP).
Despite the Adani group’s denial of all the accusations, opposition figures, such as former Congress president Rahul Gandhi, used the news item to call for a joint parliamentary committee investigation into the purported misconduct.

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A spokesperson for the group said the quality of the coal was independently tested at the point of loading and discharge, as well as by customs authorities and Tamil Nadu Generation and Distribution Company (Tangedco) officials. “With the supplied coal having passed such an elaborate quality check process by multiple agencies at multiple points, clearly the allegation of supply of low-quality coal is not only baseless and unfair but completely absurd.”
“Moreover, the payment is dependent on the quality of coal supplied, which is determined through the testing process,” the spokesperson said, adding tests for quality of consignment in question had yielded results within permissible limits.

It went on to state that the vessel cited in the report to have carried the coal in December 2013 had in fact not been used for shipping coal from Indonesia before February 2014.

“The allegations are based only on the difference in the FOB and CIF price of coal, extrapolating it to the supply of low gross calorific value (GCV) coal, and are baseless conjectures and surmises. Not only are the two prices not comparable, but the procurement price itself is not relevant because the order of supply was a fixed price contract, with both the upside and downside to be borne by the supplier,” it said.

The group termed as rehash of old allegations references in the report to DRI enquiry.

The inquiry into allegations of over valuation of Indonesia coal imports, it said, was initiated against 40 companies. “The Adani companies furnished details sought by the DRI more than four years ago. Thereafter, the DRI has not asked for further documents. Nor has the DRI communicated any deficiency or objection.”
On allegations of middlemen being involved in the deal, the group said, “Adani Global Pte Ltd sources coal from people/firms/traders having requisite credentials and experience. This is because non-fulfilment of contractual obligations has financial and reputational implications for Adani as a supplier.”
The report apparently had no impact on Adani group stocks.

“The markets have become relatively smarter. They weigh the quantum of the situation before giving their judgement,” said Deven Choksey, managing director of DRChoksey FInserv. “In my point of view, fundamentals of Adani group companies are far stronger than what they were in 2014 and the group will emerge even stronger in 2034.”
In the past one year, the group’s market capitalization has increased by 56.6 per cent outperforming the broader market Nifty, which has gained 23.3 per cent during the same period.

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BHEL Share Price drops over 8% Following the Q4 Results? Here are the Opinions of Professionals.

May 22, 2024 by Nitesh Leave a Comment

Over the past year, BHEL share price has increased significantly, rising by about 300 percent. The price of BHEL shares has almost tripled investors’ money over the last year, closing at ₹319.20 last night.

BHEL share price: Shares of Bharat Heavy Electricals (BHEL) cracked almost 8 per cent in early deals on BSE on Wednesday, May 22, a day after the company reported its March quarter (Q4) scorecard. BHEL share price opened at ₹305 against its previous close of ₹319.20 and crashed about 7.6 per cent to hit the level of ₹295. The stock, however, pared losses soon and traded 4.61 per cent lower at ₹304.50 apiece around 9:20 am. Equity benchmark Sensex was 0.07 per cent up at 74,005 at that time.

BHEL share price has seen strong gains over the last year, surging almost 300 per cent. At the previous close of ₹319.20, BHEL share price has nearly quadrupled investors’ money over the past year.

BHEL share price hit its 52-week high of ₹322.35 in the previous session on May 21, 2024. Its 52-week low level is ₹77.30 which it hit on May 29 last year.

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BHEL Q4 result

After market hours on Tuesday, May 21, BHEL reported a 25.6 per cent year-on-year (YoY) fall in its consolidated net profit for Q4FY24 to ₹489.6 crore against a profit of ₹658 crore in the corresponding quarter last year.

The state-owned power generation equipment manufacturer’s revenue from operations rose marginally by 0.4 per cent to ₹8,260 crore in the quarter under review, compared to ₹8,227 crore in the year-ago period.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q4FY24 rose 30.6 per cent to ₹728 crore, compared to ₹1,049 crore in the same period last year. Margin came in at 8.8 per cent compared to 12.8 per cent in the year-ago period.

The company announced a final dividend at 12.50 per cent or 25 paise per share with a face value of ₹2 each on the paid-up share capital of the company for FY24.

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What should investors do?

Many brokerage firms retained their previous views on the stock after the Q4 result. Some of them, however, tweaked their target prices upwards.

Nuvama Wealth Management has maintained a buy call on the stock valuing it at 30 times March 2027E EPS, implying a revised target price of ₹400 from ₹265 earlier.

The brokerage firm has retained a buy call on the stock given 25GW of thermal TAM (total addressable market) spread over FY25–26E (versus 9.6GW in FY24), implying BHEL’s thermal OI (order inflow) of nearly 8.4GW/year at 70 per cent market share.

“We estimate EPS CAGR would be more than 88 per cent over FY25–27E, despite conservative assumptions: (i) 70 per cent market share in thermal power (versus 100 per cent in FY24), (ii) delayed execution pickup by FY26, (iii) higher provisions and other opex, and (iv) slow OPM ramp-up (6.5 per cent/11 per cent/12 per cent by FY25E/26E/27E) versus 18–20 per cent achieved during peak,” said Nuvama.

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Brokerage firm Antique Stock Broking also maintained a buy call on the stock with a target price of ₹360, based on 36 times FY26E earnings.

Antique expects BHEL to report an average annual order intake of ₹600 billion during FY24–26E, more than two times against the long-term average of ₹274 billion booked during FY12–23.

“Despite the strong execution, we project the order book to rise to an all-time high of ₹2 trillion by FY27 end. Earnings could grow exponentially over the next three years, given strong operating leverage,” said Antique.

Antique pointed out that BHEL’s business outlook looks promising as nearly 10 GW orders are also expected to materialise in FY25. The brokerage firm expects BHEL’s business performance to improve from FY25 onwards as the company recently bagged better-margin orders enter execution leading to sharp improvement in the company’s profitability.

“We believe BHEL will witness a meaningful reversal in its ordering cycle over the next 3–4 years, led by both industry (non-power) and power segments. Supported by strong ordering, improving execution, and benefits of operating leverage, BHEL’s earnings are anticipated to climb up multi-fold over FY24–26,” said Antique.

Brokerage firm JM Financial also maintained a buy call on the stock and raised the target price to ₹353 from ₹243, valuing the stock 30 times FY26EPS.

“With healthy and executable order book ( ₹1,300 billion) and continued momentum in tendering of new projects in a limited competitive environment, we expect the company to gradually regain growth trajectory, Q3FY25 onwards,” said JM Financial.

However, brokerage firm Kotak Institutional Equities retained its sell call on the stock, slightly revising the fair value to ₹75 from ₹70 earlier.

The brokerage firm has lowered its revenue growth and EBITDA estimates while projecting unchanged EPS (earnings per share) estimates due to lower working capital.

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“Our estimates build in 1,000 bps improvement in EBITDA margin from existing levels adjusted for provision write-backs. We retain a sell rating with a fair value of ₹75 ( ₹70 earlier). Our fair value is based on 15 times discounted FY27E EPS,” said Kotak.

Kotak believes order inflows for BHEL have peaked and BHEL’s focus now would be to grow execution.

“With order pipeline for thermal remaining YoY and large railways order unlikely to be the norm, new areas of order will likely help BHEL just about maintain ordering levels,” said Kotak.

“The focus for BHEL would be to grow execution. Against 1.3 times YoY order backlog, the revenue growth guidance is a modest 10-15 per cent YoY. This, too, happens on a weak flat YoY revenue base. A potential miss in execution would impact working capital. Moreover, BHEL may end up sharing part of the pricing gains from orders with its vendors, limiting the case for margin uptick hereon,” Kotak said.

IRFC Share Price Increase 3.5% on Q4 Results and Dividend Announcement.

May 21, 2024 by Nitesh Leave a Comment

Stock Market Today: On Tuesday morning, the price of IRFC Share Price increased by 3.5%. In just one year, IRFC has already yielded multibagger gains with a surge of 419%. In Q4 of this year, IRFC recorded a 33.6% YoY increase in net profit, from ₹1,285 crore to ₹1,717 crore during the same period the previous year.

Stock Market Today: The share price of Indian Railway Finance Corporation Ltd. (IRFC), which has been in the spotlight since the Q4 results, increased by 3.5% during Tuesday’s early trade. The corporation announced its financial results for the fourth quarter of FY24 and the year FY24 on Monday, March 20, 2024.

The share price of Indian Railway Finance Corporation Ltd. (IRFC), which has increased by about 419 percent in the past year, has produced multibagger gains.

The increasing capital expenditures of Indian Railways are helping to boost the share price of IRFC.

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IRFC reported a 33.6% YoY increase in net profit to ₹1,717 crore from ₹1,285 crore during the same period last year. In the March quarter, overall revenue from operations increased by 4.5 percent to ₹6,473 crore from ₹6,193 crore in the previous year.

The Miniratna public sector company’s net profit for the year ending FY24 was ₹6,412 crore, as compared to ₹6,167 crore in FY23.

IRFC share price also remains in focus as has declared dividend. IRFC declared that for the fiscal year 2023–2024, the corporation has recommended a final dividend of ₹0.70 per equity share of ₹10. This is in addition to the Interim Dividend of ₹0.80/- per equity share declared by IRFC on 2nd November 2023, thereby making total dividend for the Financial Year 2023-24 to ₹1.50 per share, on the face value of ₹10/-each.

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Meanwhile Chandan Taparia, Head – Equity Derivatives and Technical, Broking and Distribution, Motilal Oswal Financial Services remains bullish on IRFC share price. Taparia has given Buy call of IRFC with a target price of ₹190 which indicates and upside of around 10% from the current level of close to 173, the IRFC share price is trading at. The stop loss indicated by Taparia for IRFC share price stands at ₹165

IRFC share price as per Taparia has given range breakout on daily chart and managed to close above the same. Buying is visible across Rail PSU Stocks which may support the ongoing up move. It has formed a strong bullish candle on daily scale and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed which may take prices higher, said Taparia.

Manish Shah , s SEBI registered Investment advisor also highlighted that “The IRFC share price is breaking out of a head and shoulder trend pattern. This is a very bullish development. The upside potential over next several months is 220+. Buy on any short-term decline to 170-180 for a sustained rally. Keep SL below 155

Hormuz Maloo, CEO of AFco Investment said that moving forward like many other stocks, IRFC stock movement will largely depend on results of elections. Though fundamentally it looks overpriced, technically, no major sell signal are visible yet.

RVNL Shares Surge 8% After Order Win; Stock Nearly Triples in a Year.

May 21, 2024 by Nitesh Leave a Comment

RVNL Shares Surge 8% After Order Win; Stock Nearly Triples in a Year. surged more than 7.65 per cent to Rs 322.50 on Monday, commanding a total market capitalization of more than Rs 67,000 crore.

Tuesday’s trading session saw a roughly 8% increase in Rail Vikas Nigam Ltd. (RVNL) shares as a result of the company receiving an order from South Eastern Railway. On Monday, the exchange filed with the bourses to notify the firm of the order win.

“Rail Vikas Nigam Limited has received letter of acceptance (LoA) from SER HQELECTRICAL/South Easter Railway for designing, supply, erection, testing and commissioning for upgradation of electric traction system from 1×25 KV to 2×25 KV traction system for Kharagpur section of Kharagpur division of South Eastern Railway to meet 3000 MT loading target,” stated RVNL in its filing.

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Following the announcement of order win, shares of RVNL surged more than 7.65 per cent to Rs 322.50 on Monday, commanding a total market capitalization of more than Rs 67,000 crore. The scrip had settled at Rs 299.65 in the previous trading session on Saturday.

RVNL shares have soared more than 190 per cent from its 52-week low at Rs 110.50 hit on May 31, 2023. The stock has surged more than 80 per cent in the year 2024 so far, while the stock has nearly doubled investors wealth in the last six months period. Even in the last one month, it is up 25 per cent.

Rail Vikas Nigam’s net profit rose 33.2 per cent on year-on-year (YoY) basis to Rs 478.6 crore, with a healthy topline as well as operating numbers. Its revenue from operations during the quarter under review grew 17.4 per cent YoY to Rs 6,714 crore.

At the operating level, the state-run railway company’s ebitda in Q4FY24 rose 21.8 per cent YoY to Rs 456.4 crore over Rs 374.6 crore in a year-ago period, while Ebitda margin came in at 6.8 per cent in the reporting quarter. RVNL’s board also recommended a final dividend of Rs 2.11 per equity share.

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In an separate exchange filing, the company said that the President of India has approved the appointment of NC Karmali as the part-time Government nominee director on the board of Rail Vikas Nigam with immediate effect, till he holds the post of executive director/Gati Shakti, Railway Board or further orders, whichever is earlier.

Incorporated in 2003 by the Ministry of Railways, Rail Vikas Nigam Limited is a project executing agency. It is engaged in the business of mobilization of financial resources, rail project development, enhancing golden quadrilateral and port connectivity by implementing rail projects and raising extra-budgetary resources for Indian Railway project execution.

The PSU counter raised a total of Rs 481.57 crore via its IPO launched in April, 2019. The company issued its shares at Rs 19 apiece. The stock has zoomed about 1,600 per cent or 16 times from its issue price. Each lot of the PSU counter has delivered a return of more than Rs 2.35 lakh to the investors, if held so far.

Meet Indian who once Owned Burj Khalifa Floors, Private Jet, but Sold his Rs 12400 Crore Company for just Rs 74 due to..

May 21, 2024 by Nitesh Leave a Comment

Rags-to-riches stories of people who achieve great heights by rising from humble backgrounds are often inspiring. One such tale is that of Bavaguthu Raghuram Shetty, popularly known as BR Shetty, an Indian businessman who once led billion-dollar companies. Burj Khalifa However, fate took an unexpected turn when he had to sell his Rs 12,400 crore company for just Rs 74. Yes, you read that right!

Well, let’s delve into the life of BR Shetty and learn about his fall from grace.

Shetty was born on August 1, 1942 into a Tulu-speaking Bunt family, in Karnataka’s Udupi. He studied in a Kannada medium school and completed his pharmaceutical education from Manipal. He also served as the Vice-Chairman of the Municipal Council in Udupi. He married Chandrakumari Shetty and has four children.

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In 1973, he moved to Abu Dhabi from Karnataka for better opportunities with just about Rs 665. He also worked as a pharma salesman for some time. In 1975, the 81-year-old founded a small pharmaceutical clinic, New Medical Centre (NMC). Initially, his wife was the only doctor at the centre. Over the years, NMC went on to become one of the largest private healthcare providers in the UAE. With this, Shetty became a pioneer in the UAE’s private healthcare sector.

He was included on the Forbes list of India’s 100 Richest People in 2015 and was listed as the 42nd richest person in 2019. He had a net worth of Rs 18000 crore and used to own floors in the iconic Burj Khalifa, had a fleet of luxury cars and a private jet.

In 2019, a UK-based investment research firm, Muddy Waters alleged that Shetty inflated cash flow to show less debt. Subsequently, the allegations triggered a fall in the company’s shares and as a result, BR Shetty had to sell his Rs 12,478 crore company for just Rs 74 at the time to an Israeli-UAE consortium. This is how his fortunes changed overnight.

In April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health. Days later, the Central Bank of UAE ordered the freezing of his accounts and the blacklisting of his firms. On 8 April 2020, NMC went into Administration in the UK due to the company’s insolvency.

Brokerages are still Divided as Shares Price of Balkrishna Industries rise 8% to a 52-week high.

May 21, 2024 by Nitesh Leave a Comment

The management of Balkrishna Industries declined to provide volume growth estimates for FY25 since geopolitical tensions continue to cast doubt on the prospects for demand.

Early on May 21, shares of Balkrishna Industries jumped 8% to a new 52-week high. The stock maintained its gains from the previous trading day following the release of better-than-expected Q4 earnings.

The tyre maker announced a staggering 87.4% increase in net profit, reaching Rs 486.8 crore from Rs 260 crore during the same time last year.

Strong revenue growth was also seen in the fourth quarter, with revenues of Rs 2,682 crore, up 16% from the same period in the previous fiscal year.

As of 9.40 am, the company’s shares were trading at Rs 2,996.8 per share on the NSE, up 7.1 percent from the closing price of the previous session.

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With an estimated 15% gain, international brokerage Nomura raised its rating for Balkrishna Industries to buy, with a target price of Rs 3,230 per share.

According to the brokerage, the company is about to embark on a demand upcycle, given that rivals globally are also expected to witness a recovery in H2FY25. Nomura predicted that price increases will sustain margins in the future and that Balkrishna Industries’ robust growth momentum will likely continue.

Although Motilal Oswal reported that the company’s results for the quarter ending in March considerably above its projections, the brokerage maintained its neutral rating and raised its price target to Rs 2,535.

There is currently a surge in retail demand in important international markets, and demand in India is still strong. The management did not, however, provide any volume growth guidance for FY25 because of the ongoing geopolitical concerns, which continue to cast doubt on the demand picture in important markets.

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Citi and Kotak Institutional Equities, on the other hand, maintained their sell recommendations.

Kotak pointed out that because of the continuous global unrest, the company’s near-term picture is still uncertain. Shipments may be delayed as a result, thus putting pressure on profits.

Additionally, valuations are looking expensive to the domestic brokerage. Kotak has a target of Rs 2,175 per share, indicating a potential downside of 22 percent.

Over the past year, Balkrishna Industries shares have climbed 30 percent. In comparison, the domestic benchmark Nifty 50 has gained about 23 percent during the same time period.

GIFT Nifty The Trading Setting for the Current Session Displays here; Down 40 Points.

May 21, 2024 by Nitesh Leave a Comment

GIFT Nifty 40 points less The equities markets on Tuesday began the day slowly but gradually picked up steam to close the day higher. Analysts say that domestic equities are consolidating inside a range, showing strength at lower levels with purchases made at each dip.

“We expect range trading and favourable bias in the market overall. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said that consumer confidence statistics from the US and Europe will be of interest to investors worldwide.

“We continue to believe that, unless the Nifty decisively breaks over 21,900 levels, we should adhere to our “buy on dips” strategy. However, the SVP of Technical Research at Religare Broking advises traders to proceed with extra caution when selecting stocks with mixed participation and to avoid high beta counters.

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State OF The Market

GIFT Nifty Live The previous SGX Nifty is down 40 points, which suggests a good start.
The GIFT Nifty on the NSE IX opened on Wednesday at 22,236.50, up 43.50 points, or 0.20 percent, suggesting that Dalal Street was off to a strong start.

Tech View: The market is not strengthening enough to see a clear upside breakthrough of the 22200–22300 levels. According to HDFC Securities’ Nagaraj Shetti, any declines to 22000–21950 could present a buy-on-dip chance. The immediate resistance is located at 22300.India

India is the VIX: The VIX, a gauge of market anxiety, increased by 0.82% to close at 15.73 points.

US Stocks were Mixed

Tuesday’s finish of U.S. equities was almost unchanged ahead of inflation and other economic statistics that may provide insight into when the Federal Reserve may decide to lower interest rates.
S&P 500 up 0.17%,

Nasdaq up 0.37%, and the Dow down 0.25%

Asian stocks muted

Asian stocks traded within tight ranges on Wednesday after the S&P 500 nudged higher. In New Zealand, the central bank is seen holding interest rates while retaining the threat of a hike amid sticky inflation.

S&P 500 futures were little changed as of 9:50 a.m. Tokyo time
Hang Seng futures rose 0.2%
Nikkei 225 futures (OSE) fell 0.2%
Japan’s Topix was little changed
Australia’s S&P/ASX 200 fell 0.2%

Dollar firm

The U.S. dollar held steady as traders brushed off durable goods data overnight and awaited the Federal Reserve’s preferred measure of inflation due Thursday for clues on when the U.S. central bank may start cutting interest rates.

Stocks in F&O Ban Today

1) ABFRL

2) Indus Tower

3) Canara Bank

4) SAIL

5) ZEE

Securities in the ban period under the F&O segment include companies in which the s ..

FII/DII action
Foreign portfolio investors were net sellers at Rs 1,509 crore on Tuesday. DIIs bought shares worth Rs 2,861 crore.

Rupee
The rupee slipped by 1 paisa to close at 82.89 against the US dollar in a restricted trade on Tuesday amid withdrawal of foreign funds and increased month-end demand for the American currency

FII data
The net short of FIIs reduced from Rs 29,137 crore on Monday to Rs 27,042 crore on Tuesd ..

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