Domestic equity benchmarks fell in early trade on Wednesday, led by technology and consumer goods shares, extending their losing run to the third straight session. The 30-share BSE Sensex slipped 108 points, or 0.18 per cent, to 59,619. The NSE Nifty declined 22 points, or 0.12 per cent, to 17,639.
There are no fresh triggers for the market, said VK Vijayakumar of Geojit Financial Services, who sees a brief phase of consolidation ahead. “Within this phase, there will be impressive moves in individual stocks. Among Q4 results this week, the best performance is likely to come from ICICI Bank. HCL Tech is unlikely to disappoint like Infosys. RIL’s results will be good but unlikely to surprise the market," Vijayakumar said.
Shares of Tata Steel rose 2% today after a report suggested that the steelmaker was in talks to raise as much as $400 million. This could be the company’s first green loan, if the talks fructify. The metal stock rose 2.18% to Rs 109.95 over its previous close of Rs 107.60 on BSE. The market cap of the Tata Group firm stood at Rs 1.34 lakh crore.
Shares of Tata Communications slipped 2.03% to Rs 1,188.3 over its Wednesday’s closing of Rs 1,212.95 on BSE. The Tata group firm will announce its March quarter earnings today. The market capitalisation of this company stood at Rs 34,137 crore at last count.
Infosys shares were trading 1.58% lower at Rs 1241 in early trade. This stock has been battered of late after the IT major reported a weak set of March quarter results that triggered price target cuts by a host of brokerages. The IT major’s FY24 guidance too disappointed investors.
This stock hit a fresh 52-week high in early trade after the company said it received final approval from United States Food and Drug Administration (USFDA) for an osteoporosis drug. The stock rose to Rs 519.70 against the previous close of Rs 515.75 on BSE. Market cap of the firm stood at Rs 52,077 crore.
Shares of this realty player rose 4% in early trade after the company bought a 51% stake in construction company Dashanya Tech Parkz. Prestige Estates Projects bought a majority stake in the target company through its wholly owned subsidiary Prestige Exora Business Parks. The stock touched an intraday high of Rs 457.75 rising 4.45% on BSE. The stock has gained after two days of consecutive fall.
Shares of HDFC Bank hit a high of Rs 1,667.50 against Wednesday’s Rs 1,658.25. The stock gained after two days of consecutive fall. The bank today allotted 972706 equity shares to its employees pursuant to exercise of options under its Employees Stock Options Scheme (ESOS). The market cap of the bank stood at Rs 9.26 lakh crore.
Shares of KRBL touched an intraday high of Rs 373.15, rising 8.84% on BSE. The stock is trading higher than its 5-day, 2-, 50- and 200-day moving averages, but lower than its 100-day moving average. The market cap of the company stood at Rs 8,722 crore.
The Brightcom Group stock hit its lower circuit limit of 5% today. Brightcom Group shares are trading lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The stock lost 29% in the last seven sessions. At last count, it stood at Rs 13.23 on BSE.
Shares of SBI were trading flat today after the lender’s board cleared long term fund raising of up to $2 billion in debt during financial year 2023-24. The stock was trading 0.44% lower at Rs 543.40 in early trade. The market cap of the bank stood at Rs 4.84 lakh crore. The stock closed at Rs 545.80 on Wednesday and opened at Rs 544.45 today.
Shares of National Standard fell 3.53% to Rs 5,190 today. The stock was trading higher than the 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. The market cap of the firm stood at Rs 10,430 crore. The stock was among the top losers on BSE.
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