Equity benchmarks traded slightly lower in opening deals on Friday, dragged by financials, banks and consumer stocks. The 30-share BSE Sensex pack fell 55 points or 0.09 per cent to 60,595 while the broader NSE Nifty lost 7 points to 17,909.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “There is global support to the ongoing rally in the Indian market. The mother market, US, is doing well supported by better-than-expected earnings from Big Tech companies. The latest GDP numbers from the US indicate a strong but slowing economy. Markets are now discounting a 25 bp rate hike by the Fed next week and then a pause. This will be favourable for the market in the short-term.”
Shares of Wipro climbed 3 per cent after the IT firm announced its Q4 earnings on Thursday. Shares of Wipro were the top Sensex gainers in early trade rising 3.65% to Rs 388 against the previous close of Rs 374.35 on BSE. Market cap of the company rose to Rs 2.11 lakh crore.
Reliance Industries shares rose over 1% and were among the top Sensex gainers in early trade. Reliance Industries stock climbed to Rs 2403.05 against the previous close of Rs 2377.50. Market cap of the firm rose to Rs 16.3 lakh crore.
Shares of Bajaj Finserv were the top Sensex losers today on the back of Q4 earnings. The stock lost 2.96% to Rs 1319.75 against the previous close of Rs 1359.95 on BSE. Earlier, the stock opened at Rs 1373.75. Market cap of the firm fell to Rs 2.11 lakh crore. Bajaj Finserv posted a 31.4% growth in consolidated net profit to Rs 1,769 crore in Q4 compared to a profit of Rs 1,346 crore in the same quarter a year ago.
Axis Bank stock fell 2.33% to Rs 860.5 against the previous close of Rs 881.05 on BSE. The stock opened at Rs 882.10. Market cap of the firm fell to Rs 2.64 lakh crore. Axis Bank reported a loss of Rs 5,728.42 crore in the March quarter on account of the acquisition of Citibank India's consumer business. Excluding the one-time hit due to the deal, the bank made a net profit of Rs 6,625 crore in Q4, a growth of 61% YoY.
Shares of PI Industries gained nearly 11% to Rs 3412 on BSE in early trade. The stock was the top gainer on BSE. Market cap of PI Industries stood at Rs 51,512 crore. The stock closed at Rs 3064.65 in the previous session and opened at Rs 3205.55 today. The rally comes after its subsidiary PI Health Sciences picked stakes in Indian arms of an American pharma firm.
Shares of Raymond Ltd fell over 6% in early trade today. The stock slipped 6.36% to Rs 1608.10 against the previous close of Rs 1717.35 on BSE. Earlier, the stock opened at Rs 1710. Market cap of the firm fell to Rs 10,745 crore. The stock hit 52 week high of Rs 1755.35 in the previous session after Godrej Consumer Products acquired the fast-moving consumer goods (FMCG) business of Raymond Consumer Care for Rs 2,825 crore.
Shares of Mirza International were stuck in the lower circuit of 5% at Rs 66.11 against the previous close of Rs 69.58 in early trade today. Market cap of the firm fell to Rs 913.65 crore.
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