Benchmark indices started on a positive note today but later turned negative after recording a steep fall in the previous session. Sensex fell 133 points or 0.22% to trade at 59,777, while the broader NSE Nifty moved 37 points or 0.21% lower to trade at 17,669. However, mid -cap and small-cap shares rose 105 points and 56 points, respectively in early trade.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The important near-term question is whether Nifty can recover from the 121 point cut on Monday amid resumption of FII selling. The market was dragged down by the IT pack with Infosys alone contributing 138 points to the cut in Nifty on Monday.
This means, if we exclude the IT segment the market is resilient. A likely consequence of the disappointing results of the IT stocks in FY 24 is the inevitable sectoral rotation that is already underway. Since the prospects of banking, FMCG, construction, pharma, and capital goods appear good, money is likely to move into these segments.”
The stock of Tata Motors rose up to 2.46% to Rs 483.5 against the previous close of Rs 471.90 on BSE. It has been gaining for the last four sessions. The market cap of the firm rose to Rs 1.58 lakh crore. The stock was the top gainer on Sensex today on hopes of a healthy performance in Q4 of the last fiscal.
Shares of online food delivery provider Zomato were trading in the red today even as financial services firm Motilal Oswal initiated coverage on the stock with a target of Rs 70. The target price amounts to an upside of 30% against the previous close of Rs 53.91 on BSE. In early trade, Zomato stock touched a low of Rs 53.47, falling nearly 1% on BSE. The stock opened marginally higher at Rs 54.
Shares of logistics services firm Delhivery rose nearly 2% in early trade after brokerage firm Bernstein initiated coverage on the stock with a market ‘perform’ rating. It has assigned a target price of Rs 360, amounting to an upside of 11.45% against the previous close of Rs 323 on BSE. In early trade, Delhivery rose 1.93% to Rs 329.95 on BSE. The stock opened marginally higher at Rs 324.6.
Reliance Industries stock fell after four days of gain today in line with negative domestic equities. The stock fell up to 1.32% to Rs 2335.10 against the previous close of Rs 2366.80 on BSE. The stock opened higher at Rs 2370.70. The market cap of the firm fell to Rs 15.82 lakh crore. It was among the top losers today.
Shares of SBI were trading flat today as the lender’s board will consider a fundraising proposal of up to $2 billion today through public or private placement of senior unsecured notes in US dollars during the current financial year. The stock was trading 0.08% lower to Rs 543.55 in early trade. The market cap of the firm stood at Rs 4.85 lakh crore. The stock closed at Rs 544 in the previous session and opened at Rs 542 today.
Poonawala Fincorp shares rose 2% in an otherwise weak market today after Birla Mutual Fund purchased 4.4 million shares in the firm via bulk deals. Shares of the firm rose 2% to Rs 308.1 in early trade. The market cap of the firm climbed to Rs 23,499 crore. The stock closed at Rs 302.05 in the previous session and opened at Rs 308.10 today.
Mirza International stock surged up to 20% to Rs 42.44 against the previous close of Rs 35.37 on BSE. The market cap of the firm climbed to Rs 566.49 crore. The stock opened at Rs 35.90 today.
Bajaj Holdings touched an intraday high of Rs 6657.65, rising 9.29% against the previous close of Rs 6091.80 on BSE. The market cap of the firm climbed to Rs 72,485 crore. Total 5,500 shares of the firm changed hands on BSE.
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