Produced by: Aseem Thapliyal Designed by: Manoj Kumar
The domestic equity market was trading higher on Tuesday. Sensex rose 195 points to 71,510 and Nifty gained 46 pts to 21,465.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The market is likely to move into a consolidation phase as the Christmas holidays and the New Year approach. A period of consolidation after the sharp run up of the last two weeks is also desirable since it will make the market healthy. Instead of rushing to buy, investors can adopt a strategy of buy on dips. It would be risky to chase the overvalued mid and small caps which have run up too much, too fast, on retail investor exuberance. Investors can buy high quality large caps on dips. Another pocket of safety is PSU banks which are attractively valued. The next bout of buying by institutions is likely to begin in the early days of the New Year."
Shares of Suzlon Energy were trading lower in the afternoon session today despite country’s largest renewable energy solutions provider Suzlon Group executing the definitive documents for securing working capital facilities with REC Limited. Suzlon Energy shares slipped 2.72% to Rs 36.80 against the previous close of Rs 37.83. Suzlon Energy stock opened flat at Rs 37.83 today.
Shares of food and beverages major Nestle India rose over 4% to hit a record high in early deals on Tuesday after the firm fixed Friday, January 5, 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub-division/split of existing equity shares. The board of the firm had announced the stock split in the ratio of 1:10. The stock rose 4.46% to Rs 25,442.75 on BSE. Market capitalisation of Nestle India climbed to Rs 2.43 lakh crore.
Shares of airline SpiceJet surged nearly 8% to a fresh 52-week high today after the airline said it has expressed interest with the resolution professional of Go First. SpiceJet shares zoomed 7.77% to Rs 69.20 on Tuesday against the previous close of Rs 64.21 on BSE. The aviation stock opened higher at Rs 66 today. A total of 150.59 lakh shares of the firm changed hands amounting to a turnover of Rs 100.73 crore on BSE.
Shares of IRCON International rose 2.14 per cent to hit their one-year high price of Rs 181.65. The stock gave up its gains as the session progressed and was last seen trading 0.31 per cent lower at Rs 177.30. The International Chamber of Commerce (ICC) pronounced an award in favour of IRCON with respect to a matter of arbitration with Eskom Holdings SOC.
Shares of Apollo Tyres surged 7.10 per cent to hit a 52-week high of Rs 485 over its previous close of Rs 452.85. At this price, the scrip has gained 41.59 per cent on a year-to-date (YTD) basis and 14.15 per cent in the last six months.
Shares of ZEE Entertainment fell 4 per cent in Tuesday's trade amid uncertainty over its merger deal with Sony Pictures Networks India, as the media firm sought for an extension of timeline to complete the amalgamation. The stock fell 3.76 per cent to hit a low of Rs 270 on BSE.
The banking stock fell 3.16% to Rs 22.06 on BSE. Market cap of the bank fell to Rs 63,961 crore. A total of 348.13 lakh shares of the firm changed hands amounting to a turnover of Rs 77.65 crore.
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