Benchmarks indices rose in early deals on Thursday. Sensex gained 60 points to 63,288, while Nifty gained 33 points to 18,788. Mid- and small-cap shares gained as BSE Midcap index added 150 points and small-cap index rose 160 pts, respectively
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The Fed decision to ‘skip’ rate hikes was overshadowed by the more hawkish-than-expected commentary. The Fed chief’s comment that “nearly all committee participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year” is negative news. The Fed now expects the Fed funds rate to be around 5.6% by end 2023 and 4.6% by end 2024. Interest rates remaining higher for longer will impact global growth which has slightly negative implications for global markets.”
Shares of Varun Beverages rose 6% as the stock turned ex-date for stock split. The scrip traded at an adjusted price of Rs 852.70 on BSE, up 5.63% over an adjusted price of Rs 807.25 for Wednesday. Varun Beverages market cap rose to Rs 1.08 lakh crore on BSE
Godrej Properties share rose 4.01% to Rs 1,567.95 on BSE after the realtor said that it would acquire land for a luxury residential project in Kolkata, saying the project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of approximately Rs 1,200 crore. Market cap of the firm rose to Rs 43,589 crore
Shares of Tega Industries climbed over 1% to Rs 965.45 after the company said that the National Company Law Tribunal (NCLT) on June 14 approved the composite scheme of arrangement between Nihal Fiscal Services, the promoter company of Tega Industries, Marudhar Food & Credit and MM Group Holdings, all part of the promoter group company. Market cap of the firm rose to Rs 6,380 crore
Shares of Suzlon Energy saw high turnover and volumes with 177.22 lakh shares changing hands amounting to a turnover of Rs 25.39 crore on BSE. Market cap of the firm rose to Rs 17,777 crore
Britannia Industries stock hit a fresh 52-week high of Rs 5,017.45 on BSE in early trade. Market cap of the firm rose to Rs 1.20 lakh crore
Shares of Brightcom Group rose 5% to Rs 28.86 in early trade today. Shares of Brightcom Group have gained 47% in the last eight sessions. It opened higher at Rs 28.62 on BSE. Market cap of the firm rose to Rs 5,823.72 crore
Shares of Reliance Power rose 5% to Rs 16.86 today. Reliance Power’s market cap climbed to Rs 6,237 crore. The stock saw high turnover and volumes with 155.66 lakh shares changing hands amounting to a turnover of Rs 25.69 crore on BSE. Market cap of the firm rose to Rs 6,237.79 crore
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