Benchmark stock indices on Monday opened higher as Q4 earnings continue to pour in for corporate India. Shares of Reliance Industries were flat in early trade. The stock stood at Rs 2,357, up 0.37% on BSE. The market cap of the oil-to-telecom major stood at Rs 15.94 lakh crore. At 10:22 am, Sensex was up 13 points at 59,668. Nifty added 7 points to 17,631.
Nifty is poised for a positive breakout from the recent narrow range of 17,600-178,00, thanks to healthy Q4 results from ICICI Bank and Reliance Industries and the RBI’s approval for merger of HDFC with HDFC Bank, said VK Vijayakumar of Geojit Financial Services. Vijayakumar said the four stocks account for 33.2 per cent of Nifty weight and could add resilience to the market.
Shares of Reliance Industries were flat in early trade. The stock stood at Rs 2,357, up 0.37% on BSE. The market cap of the oil-to-telecom stood at Rs 15.94 lakh crore. The conglomerate logged a 19% rise in net profit at Rs 19,299 crore for the March quarter. Revenue from operations came in at Rs 2.13 lakh crore, up 2.8% on YoY basis.
ICICI Bank was the top gainer on Sensex today after the lender reported a 30% rise in profit to Rs 9121.9 crore for the March quarter. The stock rose 2.55% to Rs 906.75 on BSE against its previous close of Rs 884.20. The market capital of the bank stood at Rs 6.26 lakh crore.
Shares of Wipro rose nearly 3% after the IT major said it would consider a share buyback proposal over April 26-27. The stock rose 2.64% to hit a high of Rs 377.75 on BSE. The market capitalisation of the firm stood at Rs 2.04 lakh crore on BSE.
Sun Pharma was the top Sensex loser today after the drugmaker temporarily halted production at its Mohali manufacturing unit to implement corrective measures as guided by the US Food and Drug Administration. The stock fell 2.95% to Rs 960 on BSE over its previous close of Rs 989.15. The market cap of the firm stood at Rs 2.31 lakh crore.
Mirza International stock surged 10% to a fresh high of Rs 66.44 on BSE over its previous close of Rs 60.40. The market cap of the firm stood at Rs 918.21 crore. The stock opened at Rs 63 today. It soon hit its upper circuit limit of 10%.
Shares of Bajaj Auto hit a fresh 52-week high ahead of the auto major’s March quarter earnings on April 25. The stock hit a high of Rs 4,353 on BSE. The market capitalisation of the firm stood at Rs 1.22 lakh crore on BSE.
Shares of Nykaa hit a fresh 52-week low in early trade today. The stock hit a low of Rs 119.65 on BSE. The market capitalisation of the firm stood at Rs 34,243 crore on BSE.
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