Indian equity benchmarks traded lower in opening deals on Tuesday, dragged by financials and banking stocks. The 30-share BSE Sensex pack fell 80 points or 0.13% to trade at 62,265, while the broader NSE Nifty moved 13 points or 0.07% down to trade at 18,386. On the global front, Asian shares were up tracking an overnight rise in the US stock markets.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The market momentum, primarily driven by relentless FPI buying, is strong enough to take the market to record highs. Bank Nifty racing to fresh highs has the potential to push the Nifty towards the all-time high of 18887. The global market construct also is favourable with resilience in the mother market US.
The only joker in the pack now is the uncertainty regarding the US debt ceiling impasse. For long-term investors, there are contrarian value buying opportunities in leading IT names. Remain invested in high quality stocks. At record levels some profit booking may be considered.”
Shares of PVR Inox fell 4% to Rs 1,404 in Tuesday's trade as the multiplex owner reported its first-ever quarterly results post-merger. It reported widening in net loss at Rs 333 crore for the quarter ending March 31, 2023. It reported a net loss of Rs 105 crore in the year-ago period.
Shares of IT major Infosys were trading nearly 1% higher at Rs 1,270 on BSE. The stock was among the top Sensex gainers. Market cap of the firm rose to Rs 5.27 lakh crore.
The stock rose over 7% after the firm reported a net profit of Rs 206 crore in Q4 against Rs 141 crore profit in the same period of previous fiscal. Revenue during the quarter rose about 8% to Rs 1,506 crore. Shares of Astral gained 7.45% to Rs 1,713. Market cap of the firm surged to Rs 46,026 crore.
Shares of Adani Enterprises were among the stocks with highest turnover in early trade. Total 0.99 lakh shares of the firm changed hands amounting to a turnover of Rs 19.09 crore. Market cap of the firm stood at Rs 2.19 lakh crore. The stock rose 0.31% to Rs 1921 in early trade.
Shares of Manappuram Finance were among the stocks with highest turnover in early trade. Total 20.07 lakh shares of the firm changed hands amounting to a turnover of Rs 23.17 crore. Market cap of the firm stood at Rs 9902 crore. The stock rose 6.17% to Rs 117 in early trade.
Shares of Adani Total Gas slipped 4.71% to 740.45 today against the previous close of Rs 777.45 on BSE. Market cap of the firm fell to Rs 81,484 crore.
Shares of Zensar Technologies fell 6.47% to Rs 358.80 in early trade against the previous close of Rs 383.60 on BSE. Market cap of the firm declined to Rs 8138 crore. The stock was the top loser on BSE.
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