Benchmark indices were trading flat in early deals today. Sensex slipped 16 pts to 65,602 and Nifty added 2 pts to 19,442
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Even after the recent run up in markets, sentiments are clearly bullish. Global and domestic cues are positive. There are signs of overheating in the small-cap space. Some leading mutual funds in the small-cap segment have stopped fresh lump-sum investment in their schemes. This is an indication of froth building in this space. Investors should exercise caution chasing small-cap stocks. Liquidity can drive markets higher. It makes sense to remain invested in this market. But optimism has to be tempered with some caution.”
Shares of renewable energy firm Suzlon Energy Ltd touched their 52-week high in early trade today amid a rally in the broader market. Suzlon Energy stock hit a 52-week high of Rs 18.54, a level which the stock touched on July 4 this year, according to the BSE website. The stock has reached 52-week high after five sessions. The stock rose 3.34% to Rs 18.54 against the previous close of Rs 17.94 on BSE. Market cap of Suzlon Energy rose to Rs 22,863 crore
Shares of Delta Corp Ltd crashed 20% after the GST Council decided to levy a 28% GST on online gaming, horse racing, and casinos. The decision to raise GST by 10% online gaming is negative for the investors of the online gaming firm. Currently, online gaming platforms pay 18% GST on the platform fees. Shares of Delta Corp hit the lower circuit of 20 % to Rs 197.45 in early deals today against the previous close of Rs 246.80 on BSE
Shares of Nazara Technologies Ltd (Nazara Tech) plunged 14% in early trade even as the company, before market hours, clarified the 28% GST proposed by the GST Council would apply only to the skill-based real money gaming segment of its business, whose share in its FY23 consolidated revenues was 5.2%. The stock slipped 14.36% to hit a low of Rs 605 on BSE
Shares of Wipro fell 0.23% to Rs 391.50 in early deals. The company said it would invest $1 billion in artificial intelligence (AI) over the next three years and launched Wipro ai360 which it said would create an end-to-end innovation ecosystem, with responsible AI at the core. Market cap of Wipro stood at Rs 2.14 lakh crore on BSE
Shares of Adani Enterprises Ltd are in focus today after the flagship firm of the Adani Group said it has raised Rs 1,250 crore via allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures. Adani Enterprises stock was trading 1.06% lower at Rs 2,396.05 against the previous close of Rs 2,421.80 on BSE
Brightcom Group stock fell nearly 5% to Rs 26.32 in early deals. Market cap of Brightcom Group slipped to Rs 5,355 crore. A total of 19.30 lakh shares changed hands amounting to a turnover of Rs 5.22 crore
Swan Energy stock fell over 5% to Rs 238.30 in early deals. Market cap of Swan Energy slipped to Rs 6332 crore. A total of 0.37 lakh shares changed hands amounting to a turnover of Rs 88.73 lakh. The stock was among the top BSE losers
Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position