News

Stock market news for June 21, 2024

Published

7 months ago

24 June, 2024

FinCrypto Staff

Fri, Jun 21 2024 4:09 PM EDT

S&P 500 finishes lower, Dow registers best week since May

The S&P 500 fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.

For the week, the broad index advanced 0.6%, while the Nasdaq finished flat. The Dow rose 1.45% for its best weekly performance since May.

— Samantha Subin

Fri, Jun 21 2024 3:15 PM EDT

This week’s biggest Dow winners

The Dow Jones Industrial Average is up 1.4% since the start of the week and headed for its best weekly performance since May.

Powering those gains in the 30-stock index is Salesforce, which is on pace to advance 5.3% for the week. Other significant winners include Amgen and Nike, both up nearly 4% since the start of the week. Cisco Systems has gained 4.4%.

UnitedHealth is the biggest weekly loser in the index, down nearly 3%.

— Samantha Subin

Fri, Jun 21 2024 2:43 PM EDT

Nvidia poised to snap eight-week winning streak

Nvidia‘s troubles this week has put the artificial intelligence darling on track for its first losing week in nine.

The mega-cap technology stock has dropped more than 3% so far this week. That would end the eight-week positive streak notched by the chipmaker.

To be sure, this week’s drawdown is a small bite in an otherwise monster rally. Nvidia shares are still higher by more than 16% on the month and 150% on the year.

— Alex Harring

Fri, Jun 21 2024 2:06 PM EDT

Major gold ETF declines, heads for losing week

A major gold fund was wilting on Friday, putting it on track for a losing week.

The SPDR Gold Shares (GLD) was down 1.7% in afternoon trading at roughly $214.34 per share.

See Chart…

The GLD fund was down on Friday, erasing its weekly gains.

The fund entered the week at $215.73 per share, and closed as high as $224.56 per share in May.

— Jesse Pound

Fri, Jun 21 2024 1:33 PM EDT

Energy leads weekly sector gains

The energy sector has jumped 2.3% this week, outperforming the broader market amidst a jump in gasoline consumption and oil prices. SLB, Baker Hughes and Targa Resources all gained more than 5%.

Consumer discretionary was the following best-performing sector of the week, rising 2%.

Utilities and real estate were the only negative sectors week-to-date, falling 0.6% and 0.7%, respectively.

— Hakyung Kim

Fri, Jun 21 2024 1:00 PM EDT

Stocks making the biggest moves midday

Here are the stocks on the move midday:

Sarepta Therapeutics — Shares of the biopharma company surged 33% after the U.S. Food and Drug Administration approved the expanded use of the company’s gene therapy, Elevidys, for Duchenne muscular dystrophy. The FDA granted traditional approval of the therapy for patients 4 years and older who are able to walk and an accelerated approval for those who can’t.

Hertz Global — Shares rose more than 10% after the car rental giant upsized a bond offering to $1 billion. This comes after the company initially planned to raise $750 million as it looks to refresh its fleet of vehicles.

Asana — The stock popped 10.5% after the software firm announced a share buyback plan that would cost $150 million. Asana’s share repurchase program is expected to wrap up on June 30, 2025.

Read the full list here.

— Sean Conlon

Fri, Jun 21 2024 12:40 PM EDT

Regulators find fault with Citigroup’s ‘resolution’ plan

Citigroup shares fell more than 1.5% Friday after regulators ruled that the megabank’s “resolution” plan isn’t up to bar.

In a joint review of the eight largest banks’ plans to unwind should they fail or come under distress, the FDIC and the Federal Reserve differed on the severity of Citi’s shortcomings. The FDIC said the plan “is not credible” while the Fed called a issues a “deficiency,” which is a lower offense.

In the event of a disagreement, regulations call the issue a “shortcoming,” or “a weakness that raises questions about the feasibility of the plan” that must be addressed by July 1, 2025. Citi also was found to have a shortcoming in 2021.

There were no other issues raised with other plans that submitted resolution plans.

—Jeff Cox

Fri, Jun 21 2024 12:14 PM EDT

Bitcoin weakness signals S&P 500 summer correction, says Stifel’s Bannister

Recent weakness in bitcoin could be signaling an upcoming correction in stocks, according to Stifel’s chief equity analyst Barry Bannister.

“Weakening bitcoin … signals an imminent S&P 500 summer correction and consolidation phase,” he said. “With the S&P 500 now at the very high end (2 sigma) of bitcoin post-peak cycle overlays since 2011, we have yet another strong signal that an imminent S&P 500 correction is possible.”

Bitcoin reached its all-time high of $73,797.68 on March 14 before quickly correcting and it has struggled to hold the $70,000 mark since, barring a handful of blips. On Thursday, the S&P 500 briefly touched 5,500 for the first time ever after notching its most recent record close earlier in the week.

For more on what’s behind this signal check out our full story on CNBC PRO.

— Tanaya Macheel

Fri, Jun 21 2024 11:44 AM EDT

14 stocks in the S&P 500 hit new 52-week highs

Colgate toothpaste is pictured on sale at a grocery store in Pasadena, California.

Mario Anzuoni | Reuters

14 stocks in the S&P 500 reached new 52-week highs during Friday’s session.

Of these names, 10 tickers hit new all-time highs. Names that reached this milestone were:

Colgate-Palmolive trading at all-time high levels back to its first listing on the NYSE in 1930, the company was founded in 1806
Walmart Stores trading at all-time high levels back to when it first began trading on the NYSE in Aug, 1972
Aflac Inc. trading at all-time high levels back through our history in 1973
Arthur J Gallagher trading at all-time high levels back to its IPO in June, 1984
Ameriprise Financial trading at all-time highs back to its IPO in Oct, 2005
McKesson trading all-time highs back through our history to 1983
Regeneron Pharma trading at all-time highs back to its IPO in Apr, 1991
Motorola Solutions trading at all-time highs back to its when it began trading as a separate entity post the Motorola Mobility split
Ecolab trading at all-time highs back to its IPO in 1957

On the other hand, Albemarle was the only stock trading at its 52-week lows.

— Lisa Kailai Han, Christopher Hayes

Fri, Jun 21 2024 10:46 AM EDT

Nvidia forms ‘bearish engulfing’ chart pattern

Nvidia‘s Thursday sell-off helped form a “bearish engulfing” pattern that often signals that the prior upward momentum is waning.

The chart pattern occurs during a rally when a large down candle follows a series of up candles. The downside candlestick is also larger than the upside ones preceding it. A candle represents the difference between the opening and closing price.

“A one-day reversal to create a bearish engulfing pattern is typically important for the near-term to suggest that a turning point might be near,” Mark Newton, head of technical strategy at Fundstrat, said in a note.

Sales prices for existing homes hits new record

A home with a “Sold” sign from a real estate company in North Patchogue, New York.

Steve Pfost | Newsday | Getty Images

Home prices hit a new record in May, but sales were a little better than expected, the National Association of Realtors reported Friday.

The median sales price for existing homes hit $419,300 for the month, up 5.8% from a year ago, with the record marking the 11th straight month of year-over-year gains.

At the same time, sales totaled a seasonally adjusted 4.11 million, down 0.7% but better than the 4.08 million Dow Jones consensus estimate. Unsold inventory expanded by 6.7% from April and stood at the equivalent of 3.7 months of supply, or 1.28 million.

— Jeff Cox

Fri, Jun 21 2024 10:05 AM EDT

Services PMI reading its highest level in more than two years

U.S. service sector activity hit its highest level in 26 months during June while the manufacturing picture improved as well, according to S&P Global “flash” readings released Friday.

The flash services activity index hit a level of 55.1, its highest since the spring of 2022 and its 17th straight month of growth, according to the survey of purchasing managers. That was up from 54.8 in May and better than the 54 estimate from Dow Jones.

On the manufacturing side, the PMI flash reading came in at 51.7, a three-month high and 0.4 points better than May. Economists surveyed by Dow Jones had been looking for 51 from the index that measures the share of managers who report expansion in activity.

— Jeff Cox

Fri, Jun 21 2024 9:31 AM EDT

S&P 500 opens slightly lower

The S&P 500 opened 0.15% lower Friday, along with the Nasdaq Composite. The Dow Jones Industrial Average added 12 points.

— Samantha Subin

Fri, Jun 21 2024 8:41 AM EDT

Stocks making the biggest moves before the bell: Gilead Sciences, Nike and more

Nike shoes are displayed at a Macy’s store on March 21, 2024 in San Francisco, California.

Justin Sullivan | Getty Images

These are the stocks moving the most in premarket trading:

Nike — The athletic clothing maker moved 1% higher following an upgrade at Oppenheimer to outperform from market perform.
Gilead Sciences — The pharmaceutical stock rose more than 2.6%, building on a rally of 8.5% from the previous session.
Sarepta Therapeutics — The biopharma stock soared 37% after the U.S. Food and Drug Administration granted approval for Sarepta’s Elevidys gene therapy, which would treat patients with Duchenne muscular dystrophy.

Read the full list of stocks moving here.

— Lisa Kailai Han

Fri, Jun 21 2024 7:40 AM EDT

Options expiration ‘triple witching’ and index rebalancing could create volatility Friday

Some mechanical deadlines in the stock market could give Friday’s trading an extra jolt of volatility.

June 21 is this quarter’s so-called “triple witching,” when stock futures and index options contracts expire on the same day as many highly traded individual stock options.

Triple witching can sometimes lead to abnormally high volatility as traders try to close out their options positions.

Friday is also the final day before the rebalance of many indexes followed by major funds takes effect. That includes CrowdStrike joining the S&P 500, and a big shift in the weights of Nvidia and Apple in the Technology Select Sector Index. One ETF will need to acquire more than $10 billion worth of Nvidia to align with the new index weights.

— Jesse Pound

Fri, Jun 21 2024 6:23 AM EDT

Sarepta surges after gene therapy approval

Shares of Sarepta Therapeutics popped 33% after the Food and Drug Administration approved more use of the company’s gene therapy against Duchenne muscular dystrophy.

Fri, Jun 21 2024 6:08 AM EDT

Stocks head for winning week

Traders work on the floor of the New York Stock Exchange

NYSE

With just Friday’s session left in the trading week, the three major indexes are tracking for gains.

The Dow led the way, adding 1.4% this week.

The S&P 500 has advanced 0.8%. Notably, the broad index briefly topped 5,500 for the first time during Thursday’s session.

The technology-heavy Nasdaq Composite has trailed, rising by just 0.2%.

— Alex Harring

Fri, Jun 21 2024 4:03 AM EDT

Europe stocks lower

European markets were lower in early deals Friday, though they remained on track for a weekly gain as investors monitor a slew of central bank decisions and data releases from the region.

France’s CAC 40 index was down 0.1%, and Germany’s DAX and the U.K.’s FTSE 100 were both around 0.2% lower.

— Jenni Reid

Thu, Jun 20 2024 6:36 PM EDT

Tech is ‘overdone’ right now, Nuveen’s Saira Malik says

Tech stocks may soon be seeing a pullback, according to Saira Malik of Nuveen.

“The technicals and the flows into tech … make them look overbought in the short term,” the firm’s chief investment officer told CNBC’s “Power Lunch” on Thursday. “The relative strength indicators show that tech is overdone at this point, so I wouldn’t be surprised to see a shorter-term pause.”

However, there’s one megacap tech name in particular that could see a lot more upside ahead, especially given the limited supply of artificial intelligence stocks, Malik said.

“Nvidia is definitely becoming the tail that wags the dog,” she said, adding that it’s not an expensive stock compared to the broader semiconductor industry. “It’s just not a stock that you’re paying a lot for.”

Shares of the chipmaker closed down 3.54% on Thursday after hitting a new 52-week high during the session. The stock is up around 164% this year.

— Sean Conlon

Thu, Jun 20 2024 6:22 PM EDT

Asana shares jump 4%

Shares of Asana rallied 4% Thursday evening after the company announced a $150 million stock repurchase program. The company said the program will run through June 30, 2025.

Year to date, shares are still down more than 40%.

— Hakyung Kim

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

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Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

Thu, 11 Jul 2024 08:44 PM

Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
Read the full story here
Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
Read the full story here
Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
Read the full story here

Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
Read the full story here
Thu, 11 Jul 2024 12:44 PM

LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
Read the full story here
Thu, 11 Jul 2024 12:18 PM

Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
Thu, 11 Jul 2024 11:04 AM

LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
Read the full story here
Thu, 11 Jul 2024 10:22 AM

LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
Thu, 11 Jul 2024 08:40 AM

LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
Thu, 11 Jul 2024 07:59 AM

LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
Read the full story here
Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
Read the full story here

News / Business / Latest Business News Live Updates Today, July 11, 2024

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News

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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