Latest Market News Today Live Updates July 4, 2024: Persistent Systems investors must look beyond its shiny new AI acquisition

• Persistent acquired US software company Starfish Associates earlier this week for $20.7 million, boosting sentiment for its already red-hot stock.
• Investors should keep in mind that beyond the AI hype, the acquisition is relatively small and that margins are likely to be under pressure in FY25.

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• Upcoming IPO: SEBI has approved the DRHP of VL Infraprojects, which has propsoed to launch NSE SME IPO

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• The Benchmark S&P BSE 30 index opened above 80,000 mark on Thursday, it had briefly crossed the mark on Wednesday too. The Sensex had crossed the 70,000 mark on December 11,2023.

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• HSBC Securities expects cooling of stock valuations due to capacity additions, effective management, La Nina, and high base effect, advising a more calibrated view on India’s power sector.

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• Stock Market todays: Bandhan Bank share price declined around 2% during the intraday trades n Thursday. The quarterly updates announced by the Bank showed decline in deposits sequentially though loans showed healthy growth . Should you buy, sell or hold the stock?

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• These little-known companies have cornered their respective markets. How are they set up for 2024?

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• Effwa Infra IPO comprises fresh issue of 5,316,800 equity shares and offer-for-sale of 936,000 shares. The company plans to utilise proceeds for general corporate purposes, working capital, and capital expenditure.

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• Expert view: Sachin Kothari, the director of Augmont – Gold For All, believes gold prices may be stable or under pressure for the next one to two months and might touch ₹70,000 odd levels on weakening fundamentals and technical factors.

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• Q1 results 2024: Multibagger stock has fixed board meeting date on 9th July 2024 to consider and approve Q1FY25 results

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• Ambey Laboratories, with 40 years in agrochemicals, is offering IPO at ₹65-68 per share. The net proceeds will fund working capital needs and general business objectives.

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• Bajaj Finance saw a record 4.47 million new customer additions in Q1FY25 and new loan bookings improved to 10% following the RBI’s lift on loan restrictions. Despite this operational success, the stock has lagged. Are better days ahead for Bajaj Finance?

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• Domestic brokerage firm Nuvama Professional Clients believes the stock has significant upside potential, citing the company’s growth trajectory. It initiated coverage on the stock with a ‘buy’ rating on Wednesday, setting a target price of ₹757.

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• Indian stock market surges post-elections despite concerns over inflation and interest rates. Sensex hits record high, Nifty 50 also peaks. Mid and smallcap segments outperform driven by economic growth and government policies.

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• Dev IT share price today opened upside at ₹125.50 and touched an intraday high of ₹135.01 apiece

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• As markets continue their record-high momentum, industry experts share their perspectives on how investors should navigate the current market landscape. From sectoral preferences to prudent portfolio adjustments, their insights provide valuable guidance to investors.

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• The obvious lesson: Trades based on voting results are a gamble on unreliable polling.

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• The recent rally in paper stocks is driven by factors such as increased demand for packaging solutions, positive economic indicators, and proposed customs duty hike on imports. Companies like JK Paper and Orient Paper have recorded significant gains.

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• Arvind share price has rallied over 10% in one month, while the stock is up more than 47% year-to-date (YTD). Arvind shares have given multibagger returns of over 178% in one year.

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• Shipbuilding stocks surged on Thursday as Mazagon Dock Shipbuilders hit a 52-week high, crossing ₹1 lakh crore market cap. Cochin Shipyard and Garden Reach Shipbuilders & Engineers also joined the rally. Technical analysts suggest a buy on dip strategy due to overbought indicators.

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• Sensex today: ICICI Bank share price was the top gainer among the 30 stocks listed on BSE Sensex

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• Following shares hit their 52 week high today – Samvardhana Motherson International, Trent, ICICI Prudential Life Insurance Company, JSW Steel, Wipro

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• Inox Wind positioned well in Indian wind sector with strong balance sheet and order book. Received ₹900 crore infusion to achieve net debt-free status, leading to stock price increase.

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• Wockhardt share price has given multibagger returns of more than 118% year-to-date (YTD). In the past one year, Wockhardt share price has surged over 283%.

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• Kaya and Marico collaborate to boost sales and marketing of Kaya’s 75+ personal care products outside of Kaya’s clinics. The partnership leverages both companies’ expertise to enhance brand presence and accessibility across various channels and markets.

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• Gold And Silver Prices Today:Gold And Silver Prices Today : 10 gm of 24 carat gold was at Rs.73671.0 in Delhi whereas 1 kg of silver was Rs.89880.0 in Delhi.

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• Lupin share price: Brokerage firm Kotak Securities has double upgraded Lupin stock to an ‘add’ from a ‘sell’, raising the fair value to ₹1,805 from ₹1,400 earlier. This implies an upside potential of nearly 11 per cent from the stock’s previous close.

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• Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying GIC Housing Finance Ltd, and Aarti Industries Ltd.

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• Emcure Pharmaceuticals IPO GMP: Shares of the company are available at a premium of ₹333 in the grey market today, say market observers

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• Stock Market today: The Sensex comprehensively opened opened at above 80,000 mark on the Thursday. The 30 share benchmark index also had briefly crossed this mark on Wednesday. The Sensex has taken shortest span of close to 138 sessions to cross the 80,000 mark

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• Bajaj Finance’s total assets under management (AUM) grew by 31% to ₹354,100 crore as of June 30, 2024, as compared to ₹270,097 crore as of June 2023.

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• Dikshit Mittal, a fund manager at LIC Mutual Fund, remains positive on the market outlook due to reasonable valuations, earnings growth, stable macroeconomic conditions, and domestic inflows. He discusses Nifty’s performance, Budget expectations, sector preferences, and market triggers post-Budget.

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• Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — STC India, Shivalik Rasayan, Castrol India, Izmo, and HUDCO

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• Bansal Wire Industries’ IPO received strong subscriptions from retail and non-institutional investors, with the subscription status reaching 1.76 times on the first day of bidding. Anand Rathi Research recommends subscribing to Bansal Wire IPO for the long term due to its diverse product portfolio.

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• Stocks to buy today: Experts have recommended buying these five buy-or-sell stocks — Cochin Shipyard, Cholamandalam Investment and Finance, BHEL, REC, and RBL Bank

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• The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,465 level, a premium of nearly 100 points from the Nifty futures’ previous close.

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• Indian stock market: Gift Nifty was trading around 24,460 level, a premium of nearly 95 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.

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• Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — SAIL, Paras Defence, and NMDC

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• The rise of this investor group coincides with NSE’s premium turnover of index options—the most popular traded product—surging 426% from ₹26.29 trillion in FY21 to ₹138.19 trillion in FY24.

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