Sat, Jun 24, 2023 11:56 AM
Wall St Week Ahead-Lofty valuations on US stocks a growing worry
A Flip by Bhavya Sabharwal
Indian markets experienced selling pressure throughout the week amid muted global sentiments and profit taking in overheated segments at higher levels. During the week, about 45 smallcap stocks have delivered double digit weekly returns with four of them offering over 25% returns. Rama Steel Tubes was the top gainer in the smallcap pack with nearly 60% return.
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Zscaler's stock plummeted 27% after the company issued disappointing guidance, despite strong fiscal Q4 results, with revenue up 30% and adjusted EPS up 38%. However, the company's lowered EPS forecast due to new products with lower initial gross margins triggered the sell-off, making the stock a potential buy on the dip.
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đź“ŚDerive Trading & Resorts Private Limited sold 1.29 lakh shares or a 0.81 percent stake in VST Industries for an average price of Rs 480.57 via a bulk deal on September 6.And SBI Mutual Fund sold 4.47 lakh shares or a 2.89 percent stake in VST Industries for an average price of Rs 485.35. đź“ŚMorgan Stanley Asia (Singapore) Pte bought 3.08 lakh shares in Indigo Paints.
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