Benchmark indices traded lower in opening deals on Friday, dragged by metal, pharma and energy stocks. The 30-share BSE Sensex pack fell 259 points or 0.42% to trade at 61,645, while the broader NSE Nifty moved 64 points or 0.35% down to trade at 18,233. On the global front, most Asian shares traded lower tracking an overnight fall in a majority of US stocks.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Even though the momentum is with the bulls the market is likely to remain subdued till there is clarity on two important issues. The US debt ceiling impasse is a short-term threat to the market even though the market believes that the issue will be sorted out just before the deadline. The Karnataka poll outcome can impact the market if the earnings surprise with either a big win for the Congress or the BJP contrary to the broad exit poll results.
A decisive trend in the market will emerge only after clarity on these two issues. The outperformance of the broader market is significant and this is supported by good Q4 results. Latest mutual fund data shows that an increasing amount of mutual fund inflows is moving towards small caps. This can support the rally in the broader market.”
Eicher Motors shares rose 7% today after the firm posted strong numbers for the quarter ended March 2023. The stock climbed 7% to Rs 3647 on BSE. Market cap of the firm climbed to Rs 99539 crore.
Shares of Anil Agarwal-led Vedanta were trading lower on Friday's ahead of the metals & mining company's March quarter results. The stock slipped over 1% to Rs 278.70 on BSE. Market cap of the firm stood at Rs 1.03 lakh crore.
Shares of Tata Motors hit a fresh 52-week high of Rs 516.75 ahead of the firm’s Q4 earnings set to be announced today. Market cap of Tata Motors surged to Rs 1.70 lakh crore. Earlier, the stock opened at Rs 514 on BSE.
Shares of South Indian Bank rose over 10% today on strong Q4 earnings. Total 103.15 lakh shares of the firm changed hands amounting to a turnover of Rs 18.37 crore. Market cap of the firm rose to Rs 3773.21 crore. The stock gained 10.55% to Rs 18.20 on BSE. The lender reported a 22.7 percent year-on-year increase in net profit at Rs 333.9 crore for the fourth quarter that ended March 31, 2023. This is the highest-ever net profit in the history of the bank.
Shares of Infosys were among the top stocks with highest turnover in early trade. Total 1.70 lakh shares of the firm changed hands amounting to a turnover of Rs 21.16 crore. Market cap of the firm stood at Rs 5.16 lakh crore.
Shares of Interglobe Aviation hit a 52-week high of Rs 2308.90 today against the previous close of Rs 2252.45 on BSE. Market cap of the firm rose to Rs 86,923 crore.
Shares of Cipla rose to Rs 951.90 in early trade against the previous close of Rs 943.70 on BSE. Market cap of the firm rose to Rs 76,207 crore. The pharma firm will announce its Q4 earnings today.
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