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The Indian stock market ended on a low note on Wednesday, with key companies such as Axis Bank, Ultratech Cement, Indusind Bank, NTPC, SBI, L&T, Tata Steel, Bajaj Finserv, and Sun Pharma witnessing a bearish trend. This downturn was attributed to unfavorable global cues and increasing US bond yields, leading to sustained selling by Foreign Institutional Investors (FIIs).
Investment strategist V.K. Vijayakumar anticipates further market volatility in the short term. However, he also highlighted the attractive valuations in the current market scenario that are likely to lure Domestic Institutional Investors (DIIs) and retail investors. He further noted that this could be an opportune time for long-term investors to acquire fundamentally strong stocks that have been weakened by FII selling.
In addition to these market trends, there were significant movements among individual companies. Reliance Industries Limited’s (RIL) UK subsidiary entered a joint venture with Superdry PLC to acquire its intellectual property assets for India, Sri Lanka, and Bangladesh.
Exide Industries announced an investment of Rs. 340 crore ($45 million) in its subsidiary. This move is part of the company’s broader strategy to enhance its business operations and strengthen its position in the market.
Nazara Tech’s Singapore subsidiary made a notable acquisition by purchasing game marketing agency PublishME. This strategic move is expected to boost Nazara Tech’s presence in the global gaming industry.
Hindustan Aeronautics Limited (HAL), one of India’s leading aerospace and defense companies, delivered the first Light Combat Aircraft (LCA) Tejas twin-seater to the Indian Air Force. This delivery marks a significant milestone in India’s defense sector.
Other stocks that were under watch included Royal Orchid Hotels and Deepak Nitrate. These companies, along with the others mentioned, are expected to influence the market’s direction in the coming days.
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