Benchmark indices rose in opening trade extending gains for the sixth consecutive session. Gains were led by buying in banks and financials. The 30-share BSE Sensex rose 54 points or 0.09% to trade at 60,354, while the broader NSE Nifty moved 14 points or 0.08% higher to trade at 17,828.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “There are more macro positives, which can sustain this rally. The significant macro positive is the 4% overnight crash in Brent crude. This will further improve India’s CAD which is already healthy. This will have a benign effect on inflation too, enabling the MPC to not raise interest rates further. In this scenario banking, which is already doing well, can do better.”
Shares of HDFC Life were the top Nifty losers in early trade. The stock fell 1.72% to Rs 522.45 against the previous close of Rs 531.60 on BSE. Market cap of the company fell to Rs 1.12 lakh crore.
Rail Vikas Nigam Limited (RVNL) shares are in focus today after the company was promoted to ‘Navratna’ category of Central Public Sector Enterprises (CPSE) from Category-I Miniratna. RVNL stock fell 1.54% to Rs 102.99 in early trade. Market cap of the firm fell to Rs 21,738 crore.
Shares of Bajaj Finance were the top Sensex gainers today on the back of Q4 earnings. The stock gained 2.82% to Rs 6226 against the previous close of Rs 6054.80 on BSE. Earlier, the stock opened at Rs 6059. Market cap of the firm rose to Rs 3.75 lakh crore. Bajaj Finance reported a 30% YoY jump in profit at Rs 3,158 crore for the March quarter compared with Rs 2,420 crore in the same quarter last year.
The Brightcom Group stock fell 4.97% to Rs 9.75 against the previous close of Rs 10.26 on BSE. The stock opened at Rs 9.75. Market cap of the firm fell to Rs 1967.47 crore. Brightcom Group will consider the appointment of an independent director on April 28, it said.
Shares of Raymond gained nearly 7.67% to Rs 1735 on BSE in early trade. The stock was the top gainer on BSE. Market cap of Raymond stood at Rs 11,558 crore. The stock closed at Rs 1611.75 in the previous session and opened at Rs 1623.90 today.
Shares of Non-Banking Finance Company Poonawalla Fincorp rose over 5% today on the back of Q4 earnings. The stock gained 5.78% to Rs 325.6 against the previous close of Rs 307.80 on BSE. Earlier, the stock opened at Rs 310. Market cap of the firm rose to Rs 24,992 crore. The firm reported its highest-ever quarterly profit of Rs 181 crore during Q4. Profit jumped 103% led by higher loan sales and better asset quality.
Shares of Mirza International were stuck in the lower circuit of 5% at Rs 69.58 against the previous close of Rs 73.24 in early trade today. Market cap of the firm fell to Rs 961.61 crore. The stock was the top loser on BSE.
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