Indian smallcap and midcap stocks plummeted on Wednesday due to persistent FII selling, a weakening rupee, and global factors. IT stocks, which had surged previously, saw a sharp selloff, with major players like TCS and Infosys dropping significantly. Analysts point to energy shocks and current account deficit concerns impacting market sentiment.
Asian stocks followed Wall Street higher, driven by renewed enthusiasm for AI-linked equities, pushing the S&P 500 to a ninth consecutive gain. The yen neared the 160-per-dollar level as traders awaited clues on Bank of Japan interest rate policy. Meanwhile, Brent crude rose amid reports of US forces intercepting Iranian missile and drone attacks.
CMR Green Technologies, a non-ferrous metal recycler, plans to raise ₹630 crore via an offer for sale. The company, heavily reliant on recycled aluminium, faces commodity price volatility and customer concentration risks. Despite revenue growth and margin expansion, negative operating cash flow and increased debt warrant caution for investors.
Markets closed higher on weekly expiry day despite volatility, with Nifty showing signs of recovery but facing resistance around 23,800-24,000. Key stocks like Alkem Labs, Vedanta, Canara Bank, NHPC, and Adani Ports are in focus due to significant corporate developments including block deals, ED visits, capital raising plans, oversubscribed OFS, and strong cargo volumes.
Godrej Industries has launched Godrej Wealth, its new wealth management arm, targeting ₹1 lakh crore in assets under management by 2031. The platform will cater to affluent and high net worth individuals with investable assets of ₹2 crore and above.
US stocks ended mixed as AI-driven optimism supported markets but was offset by rising geopolitical tensions and oil prices. Small-cap and semiconductor stocks gained, while software lagged. Alphabet’s massive AI funding plan and Marvell’s rally highlighted ongoing AI momentum, even as inflation fears and rate hike concerns kept investors cautious.
Alkem Laboratories shares experienced significant block deals totaling Rs 930 crore. Promoter family entities divested shares to a group of domestic mutual funds and foreign institutional investors. This transaction occurred after a strong performance by Alkem Laboratories shares over the past year. The deal highlights continued institutional interest in the pharmaceutical sector.
Musk called the settlement a fair, adequate ‌and reasonable resolution where "each â side gave â something up and each side gained something," according to a Monday night filing in the Washington, D.C., federal court.
The oral drug, pociredir, was ‌being tested â to treat sickle-cell â disease, an inherited blood disorder that can trigger pain, anemia and organ damage and ​reduce life expectancy.
Indian stock markets are cautious. The Nifty is losing support levels, indicating a bearish trend. Midcap and smallcap stocks are also seeing profit booking. IT and metals sectors show relative strength. Analysts suggest selective long opportunities in IT, like LTIMindtree, and shorting PSU banks such as Bank of India.
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