Indian equity benchmarks traded lower in opening deals on Wednesday amid muted global cues. Sensex fell 54 points to 61,706 and Nifty lost 14 points to 18,251.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Since bulls are in control of the market now, it is possible that this rally can take the market towards the Nifty all-time- high of 18887, which is only 3% away. The main driving force of this rally is the sustained FII buying for the last nine trading days with cumulative buying of Rs 15,767 crores. This sudden change in FII strategy has also triggered some short covering, which has assisted the bulls.”
Shares of Apar Industries Ltd climbed 6% in Wednesday's trade, a day after plunging 15%, as a couple of brokerages suggested targets on the stock that hinted a decent upside ahead. Market cap of the firm rose to Rs 10,298 crore. The stock rose 5.88% to Rs 2,754 on BSE.
L&T stock was trading flat ahead of Q4 earnings set to be announced today. The stock fell 0.27% to Rs 2,367 on BSE. Market cap of the firm stood at Rs 3.32 lakh crore. Larsen & Toubro Ltd (L&T) is expected to report a 13-22% YoY rise in net profit in the March quarter on double-digit rise in sales. Ebitda margin is seen stable YoY at around 12.3%, a strong expansion from 10.9% in the December quarter.
Shares of Reliance Industries were trading 0.52 % higher at Rs 2,492 against the previous close of Rs 2,479.15 on BSE. Earlier, the stock opened at Rs 2,485.60. Market cap of the firm rose to Rs 16.85 lakh crore. The stock was among the top stocks with highest turnover in early trade. Total 0.45 lakh shares of the firm changed hands amounting to a turnover of Rs 11.32 crore.
Shares of Tata Motors were among the top stocks with highest turnover in early trade. Total 1.98 lakh shares of the firm changed hands amounting to a turnover of Rs 10.08 crore. Market cap of the firm rose to Rs 1.68 lakh crore. The stock also hit a fresh 52-week high of Rs 513 in early trade.
Shares of IRFC were among the top stocks with highest turnover in early trade. Total 54.13 lakh shares of the firm changed hands amounting to a turnover of Rs 17.46 crore. Market cap of the firm fell to Rs 41,962 crore. The stock fell 2.13% to Rs 32.23 on BSE.
Shares of RVNL fell 5% to Rs 121.90 against the previous close of Rs 128.30 on BSE. Total 5.56 lakh shares of the firm changed hands amounting to a turnover of Rs 6.79 crore on BSE. Market cap of the firm fell to Rs 25,416 crore.
Shares of Welspun India fell over 6% to Rs 89.60 today against the previous close of Rs 95.67 on BSE. Earlier, the stock opened lower at Rs 91.49 on BSE. Market cap of the firm slipped to Rs 8,181 crore.
Shares of Blue Star gained 2.8% to Rs 1,446.1 against the previous close of Rs 1,406.75 in early trade today. Market cap of the firm rose to Rs 13,824 crore. The firm is targeting to achieve a market share of 15% by FY2025 in room air conditioners segment, according to company's Managing Director B Thiagarajan.
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