FINANCIAL SERVICES
Fusion Finance likely to face short term challenges amid rising credit costs, lower collection efficiency
The stock of Fusion Finance (formerly Fusion Microfinance) has gained over 9% in three trading sessions to August 28 following the company’s announcement on exchanges that the Odisha State Tax department has dropped the show cause notice issued in May directing the company to pay nearly Rs 1.2 crore towards penalty for the excess claim of input credit regarding state GST.
Market Wrap: Nifty hits record closing high, Sensex closes in on peak as IT stock gains extend D-Street rally
Benchmark equity index Nifty50 hit a record peak of 25,129.6 on Wednesday, slightly closing higher than the previous day, driven by gains in IT stocks. Sensex closed at 81,785, gaining 74 points. LTIMindtree, Wipro, Divi's Labs, Bharti Airtel, and Infosys were top gainers, while Maruti Suzuki and Asian Paints lagged.
Billionaire Raamdeo Agrawal picks up stake in IPO-bound Swiggy, Zepto
This news highlights Agrawal's growing interest in emerging businesses, particularly as the quick commerce sector experiences significant momentum in fundraising. According to an ET report, the family office of Bollywood superstar Amitabh Bachchan has also acquired a small stake in Swiggy. This was done by purchasing shares from the food delivery and quick-commerce company's employees and early investors, indicating continued confidence in the sector's potential.
IT stocks fuel Nifty to fresh all-time high; Sensex surges over 250 points
On Wednesday, the Nifty50 reached a new all-time high of 25,104, surpassing its previous peak of 25,078 after 18 trading sessions. The Sensex is just 143 points away from its fresh high of 82,129. By 11:50 am, the Nifty50 was up 86 points (0.35%), and the Sensex had risen 273 points (0.33%) to 81,986.
Sensex, Nifty off to a flat start tracking pause in global rally, oil price surge
The buying momentum was stronger in the broader market while buying was noticed in IT, pharma, consumer and media stocks. HCL Tech was the biggest gainer among bluechips and was trading 1.5% higher.
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Ola Electric shares under pressure, nosedive 22% in 5 days
Ola Electric Share Price: Just seven days after its listing on the bourses, the stock had doubled in value and was trading at a higher valuation than even that of Elon Musk's Wall Street-listed Tesla.
FIIs boost stakes in Vedanta, Hindalco, and 6 other BSE Metal index stocks in June quarter
Market Expert VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, explains FII optimism in the quarter. According to him, FIIs were drawn to metal stocks due to their relatively lower valuations compared to the broader market trend. He notes that FII investment has been influenced by volatile metal prices.
Stock Radar: BSE slips after 200% rally in a year – Is the multibagger losing momentum or gearing up for more?
After achieving a record high in April 2024, BSE's stock fell by 17%. It has recently shown signs of recovery, making it appealing for short-term traders aiming for Rs 2800 within weeks. Key technical indicators and rising demat account additions underscore its potential, as reported by experts.
Is the stock market closed today for Janmashtami?
Share Market Open or Closed: Indian stock markets remains operational on Krishna Janmashtami, with Sensex and Nifty recording a 0.7-1% surge in the earlier week, marking the year's longest rally. Global markets also rose after U.S. Federal Reserve Chair Jerome Powell suggested a potential rate cut in September.
FPIs inject Rs 11,366 cr in debt market in Aug; inflow tally crosses Rs 1 lakh cr for 2024
Foreign investors infused Rs 11,366 crore in the Indian debt market so far this month, pushing the net inflow tally in the debt segment to over the Rs 1-lakh-crore mark. Foreign investors' strong buying interest in the Indian debt market can be attributed to India's inclusion in JP Morgan's Emerging Market government bond indices in June this year.
FIIs offload shares worth ₹29,000 crore via stock exchange in August, but buying noticed in primary market
During the first two weeks of August, foreign institutional investors withdrew a substantial Rs 14,790 crore from financial stocks and expressed a bearish sentiment towards metals, services, construction, and auto sectors. Conversely, FIIs demonstrated a bullish approach by investing in healthcare (Rs 3,462 crore), consumer services (Rs 2,196 crore), FMCG (Rs 1,785 crore), and power (Rs 1,169 crore).
At 152, number of smallcaps with double-digit weekly returns jumps over 3 times
This week witnessed a significant surge in smallcap stocks, with 152 of them posting double-digit gains, and nine even surpassing the 30% mark. This performance is notably stronger than the previous week, which saw only 43 smallcaps achieve double-digit growth. Leading the pack was Rane Madras with an impressive 39% return, followed closely by SEPC at 38%, Shriram Properties at 36%, and Tasty Bite Eatables at 35%.
Market Wrap: Investors cautious ahead of Powell speech; Sensex, Nifty end flat but post weekly gains
Indian equity indices closed flat on Friday in a highly volatile session. Traders showed caution ahead of Federal Reserve Chair Jerome Powell's upcoming speech. Despite the muted performance, both NSE Nifty 50 and S&P BSE Sensex have gained around 3% in seven sessions due to US rate cut expectations and strong domestic inflows.
Nifty rejig today: Trent, Bharat Electronics top candidates
Tata Group's Trent and Bharat Electronics might join the Nifty 50 index, replacing LTI Mindtree and Divis Laboratories, as per JM Financial. The rebalancing, based on six-month data till July 31, will be effective from September 30. Jio Financial and Zomato are not included due to segment restrictions.
Nifty will double to 48,000 in next 5 years, predicts Raamdeo Agrawal
Raamdeo Agrawal, chairman of Motilal Oswal Financial Services, predicts that the Nifty will double to 48,000 in five years due to retail participation and excess liquidity. He cautions against investing in PSUs and IT stocks and urges caution in banking stocks due to issues with credit demand and deposit growth.
Sensex jumps 200 points, Nifty above 24,800 as US Fed minutes boost rate cut hopes
Sensex and Nifty opened on a positive note Thursday, bolstered by Federal Reserve meeting minutes suggesting a likely rate cut. Companies such as Infosys and Tata Steel saw gains, while others like Power Grid declined. Paytm's shares jumped over 5% after Zomato agreed to acquire its entertainment and ticketing business.
FPIs sell off big in financial services sector in August
In early August, foreign investors sold ₹14,790 crore worth of shares in financial services, the highest among all sectors. Key reasons included merger issues and benchmark changes. Other sectors like metals & mining and construction materials saw significant sell-offs. However, there were inflows totaling ₹9,819 crore across eight sectors in the same period.
Suzlon Energy shares: Smart retail investors book profits as big boys buy
Suzlon Energy Share Price: Retail investors booked profits in Suzlon Energy shares in the June quarter, while FIIs and mutual funds raised their holdings. The stock surged impressively, gaining 90% since April and over 300% in the past year. Suzlon aims to strengthen its presence with a major acquisition in Renom Energy Services.
Market Wrap: D-Street ends higher after volatile trade; Sensex up 102 points, Nifty tops 24,750
The domestic equity markets concluded a volatile trading session on Wednesday with gains. The BSE Sensex closed up by 102 points at 80,905, and the NSE Nifty advanced 71 points to 24,770. Consumer Durables stocks led the surge while financials and banks dipped slightly.
Sensex, Nifty open marginally lower weighed by bank and IT stocks
On Wednesday, the Indian stock market experienced a minor downturn driven by financial and IT stock declines. The Sensex dropped 98 points, while the Nifty50 decreased by 17 points. Investors awaited the U.S. Federal Reserve meeting minutes for clues on rate cuts. Foreign investors continued to sell, while domestic investors showed buying interest.
Ola Electric shares double in just 7 days, valuations now more expensive than Tesla
Ola Electric Share Price: Shares of Ola Electric soar 8% to a new peak of Rs 157.53 on the BSE, surpassing Tesla's valuation. The EV stock has surged 107% from its IPO price of Rs 76 in just 7 trading sessions. On Tuesday, 2.3 crore shares, or 0.5% equity, worth Rs 352.9 crore, changed hands at Rs 151 per share.
Geojit Financial Services launches flexi cap BEACON PMS Fund
The BEACON Fund is designed to offer investors a well-rounded portfolio, providing exposure to companies across the entire market spectrum - from established large-cap leaders to dynamic mid-cap and small-cap growth opportunities. This diversified strategy aims to capitalize on the diverse potential of the market.
Aesthetik Engineers shares list at 90% premium on NSE SME platform
Aesthetik Engineers' shares listed at a 90% premium on the NSE SME platform, opening at Rs 110.2 versus the issue price of Rs 58. The IPO, oversubscribed by 700 times, will fund working capital and corporate needs. Aesthetik Engineers specializes in facade systems, recording Rs 60 crore in revenues for March 2024.
Financial Services are two words: Short term headwinds, long term opportunity: Basket of Reco, 9 “hold”, 19 “Strong Buy & Buy” & 2 NOTA
Without exception when markets are volatile, one sector which is bound to face pressure is financial services. Some because their business faces headwinds, some because they are over owned by FII and FPI. However in the long term they all are winners. Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores. SR+ Reports is a complimentary offering to ETPrime members.
Stock Radar: Insurance stocks look attractive; Max Financial Services could hit fresh 52-week highs
Max Financial Services experienced a decline from July 2024 highs but rebounded after consolidating for eight months. Experts suggest high-risk traders target Rs 1,400, as the stock broke resistance levels between 1,069 and 1,080. They recommend buying during dips towards this range, aiming for gains over the next 2-4 months.
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