Rubicon Research stock had a stellar rally on its market debut, soaring 29.5 percent to close the session at Rs 628.20 against the issue price of Rs 485, backed by the positive market mood and healthy IPO subscription numbers of nearly 104 times.
For the year so far, FIIs have been net sellers of shares worth Rs 2.39 lakh crore, while DIIs have net bought shares worth Rs 6.02 lakh crore.
Weekly options data suggested resistance for the Nifty 50 at 25,700–25,800, with support in the 25,500–25,300 zone.
PL also turned overweight on banks, NBFCs, autos, retail, consumer staples and metals, which it said are well-placed to outperform in the current macro backdrop.
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Stock Market Today: Sensex, Nifty witnessed a strong rally, driven by robust buying in financial and other key sectors, resulting in a total market capitalization increase of Rs 3 lakh crore.
According to experts, the Nifty 50 is expected to see a falling resistance trendline breakout (around 25,380), followed by 25,450 as the key resistance — which can open the door for the June high. However, support is placed at 25,150 and 25,060.
The market is expected to remain in positive terrain, supported by strength in technical and momentum indicators. Below are some short-term trading ideas to consider.
The continuation of the higher high-higher low formation and healthy momentum indicators suggest that the Nifty 50 is gradually set to inch toward 24,400-24,500, the September swing high. Beyond that, 25,670 is the crucial hurdle to watch, which could open the door for a record high.
MSTC shares rebounded sharply on Wednesday, recouping the loss of previous couple of sessions, and closing 5.8 percent higher at Rs 540.70, while the buying interest was also seen in Allcargo Logistics, which bounced back and spiked 8.6 percent to Rs 34.36.
For the year so far, FIIs have been net sellers of shares worth Rs 2.40 lakh crore, while DIIs have net bought shares worth Rs 5.97 lakh crore.
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Sensex climbed 575.45 points, or 0.7 percent, to settle at 82,605.43. During the day, it jumped 697.04 points, or 0.84 percent, to 82,727.02.
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Stock market today: Sensex, Nifty rose on hopes of softer US interest rates after recent comments of Fed chief Jerome Powell.
If the Nifty 50 index stays above 25,060 (previous day’s low), it may attempt an upmove toward the 25,200–25,300 zone. Above this, 25,400–25,500 are the levels to watch. However, a move below 25,060 can drag the index down toward 24,950 (50-day EMA), experts said.
The market may witness range-bound trading until it trades below the previous week's high. Below are some short-term trading ideas to consider.
If the Nifty 50 breaks below the 25,060 and 24,950 support levels, the bears may take full control. Until then, consolidation and range-bound trading may persist, according to experts.
QRG has gradually been reducing its shareholding in Awfis. Considering today's transaction, its shareholding dropped below 1 percent at 0.75 percent.
DIIs purchased shares worth Rs 16,385 crore and sold shares worth Rs 12,723 crore. In contrast, FIIs bought shares worth Rs 10,848 crore but sold shares totalling Rs 12,356 crore.
“The demand for blue-collar workers has grown, while the supply has not kept pace. So, in a way, blue-collar wages have accelerated toward white-collar wages,” he added. “You can view it as a positive development—more people are being educated and employed, but it also highlights the need for better job creation in skilled sectors.”
The weekly options data suggested that the Nifty is still expected to trade within the 25,000-25,500 range, with the broader range being 24,500-25,500.
Under the proposed amendment, only trades executed within three years before a broker is declared as defaulter would qualify for compensation from the IPF. However, some experts suggest the proposal could undermine the very purpose of the Investor Protection Fund.