Benchmark indices rose in early trade on Thursday in-line amid muted trend in the global markets. The 30-share BSE Sensex gained 42 points to 61,982 and Nifty climbed 22 points to 18,338.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Two important news that market players have been closely monitoring - the US inflation print and Karnataka exit poll results - that came yesterday, are unlikely to impact the market significantly. Both were somewhat on expected lines.
The US CPI inflation has eased to 4.9 percent YoY as the markets expected and the exit polls indicate a slight edge for the Congress, which also is not surprising. The decline in bond yields in the US after the release of inflation data indicates that the market expects the Fed to pause in June.”
Raymond stock is in focus today after the board has approved the issuance of NCDs for an amount up to Rs 2,200 crore in two or more tranches on a private placement basis to Raymond Consumer Care associate company of the Company, for repayment of external debt. The stock rose over a per cent to Rs 1,574 on BSE today. Total 785 shares of the firm changed hands amounting to a turnover of Rs 12.33 crore. Market cap of the firm rose to Rs 10,467 crore on BSE.
Shares of engineering and construction major Larsen & Toubro Ltd (L&T) were the top Sensex losers today after consolidated net profit jumped 10% YoY to Rs 3,987 crore for the March quarter against Rs 3,621 crore profit in the same quarter last year. L&T stock fell 3% to Rs 2,297.05 against the previous close of Rs 2,366.75. It opened at Rs 2,309 on BSE. Market cap of the firm fell to Rs 3.22 lakh crore.
Shares of RVNL gained 3% in early trade, breaking the three session losing streak today. RVNL stock rose 3% to Rs 125.65 against the previous close of Rs 121.90 on BSE. Market cap of the firm stood at Rs 26,177 crore.
Dr Reddy’s Lab shares slipped 5% to Rs 4,625 in early trade today. Market cap of the firm fell to Rs 77,238 crore. The firm logged a consolidated net profit of Rs 960.1 crore for the fourth quarter ended March 2023. This is an increase of 890% from Rs 97 crore clocked in the corresponding quarter of last year.
Shares of Titan were among the top stocks with highest turnover in early trade. Total 1.21 lakh shares of the firm changed hands amounting to a turnover of Rs 33.26 crore. Market cap of the firm rose to Rs 2.44 lakh crore.
Shares of Adani Ports were among the top gainers on Nifty in early trade. Adani Ports stock rose 1.23% to Rs 699.5. Market cap of the firm rose to Rs 1.51 lakh crore.
Shares of Ratnamani Metals & Tubes rose over 11% to Rs 2,501 today. Market cap of the firm climbed to Rs 17,066 crore. Total 0.20 lakh shares of the firm changed hands amounting to a turnover of Rs 4.91 crore.
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.