Domestic equity indices slipped as losses in technology and financials countered gains in state-owned lenders and pharma shares. Sensex fell 79 points or 0.13% to trade at 61,853, while the broader NSE Nifty moved 26 points or 0.14% down to trade at 18,260. Mid- and small-cap shares were positive as Nifty Midcap 100 crawled 0.16% higher and small-cap rose 0.61%.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “As a batsman approaches a century, he might get stuck for a while in the ‘nervous nineties’. It appears that the market is in a similar state while approaching a new all-time high. Even though the conditions are favourable for a new record, there are near-term issues like the US debt ceiling impasse which can weigh over global markets in the near-term.
Relentless FPI buying, falling inflation, the market momentum and good results from the rally-leader financials can sustain this rally even with occasional corrections. The near-term uncertainty makes the market direction a bit confusing but for long-term investors this is a good ‘buy on dips’ market.”
Shares of Bharti Airtel rose 0.43% to Rs 791.2 as the telco recorded a nearly 50% YoY jump in its fourth-quarter profit during the financial year 2022-23 (Q4FY23). Consolidated net profit came at Rs 3,006 crore in Q4FY23 as against Rs 2,008 crore in the same period a year ago.
Shares of Bank of Baroda were trading flat at Rs 187.40 after the lender logged a massive growth in its March 2023 quarter profit on a yearly basis. The PSU lender's Q4 net profit came at Rs 4,775 crore against Rs 1,779 crore in the year-ago period. The bank earned Rs 25,857 crore as interest in Q4FY23, compared to Rs 18,174 crore in the corresponding period last year. Market cap of the bank stood at Rs 96,988 crore.
Shares of Jindal Steel and Power fell over 2% today after consolidated net profit declined 69% to Rs 462 crore in the March 2023 quarter. Revenue from operations fell 4% to Rs 13,691 crore during the reporting quarter. Market cap of Jindal Steel fell to Rs 55,747 crore. The stock slipped 2.50% to Rs 546.20 in early trade.
Shares of LIC Housing Finance fell over 6% in early trade and were the top losers on BSE today. The stock fell 6.21% to Rs 366.80 against the previous close of Rs 395.10 on BSE. Total 2.47 lakh shares of the firm changed hands amounting to a turnover of Rs 9.59 crore on BSE. LIC Housing Finance reported a net profit of Rs 1,180.3 crore logging a growth of 5.5%, compared to Rs 1,118.6 crore in the corresponding period last year.
Shares of Mirza International hit upper circuit of 5% at Rs 61.98 in early trade. Total 1.96 lakh shares of the firm changed hands amounting to a turnover of Rs 1.20 crore. Market cap of the firm rose to Rs 856.58 crore.
Shares of Suzlon Energy jumped 4% to Rs 8.57 after the renewable energy solutions provider said it bagged an order from Vibrant Energy for 33 wind turbine generators (WTGs) for a 99 mw wind power project. Total 158.38 lakh shares of the firm changed hands amounting to a turnover of Rs 13.33 crore. Market cap of the firm stood at Rs 10,222 crore.
Shares of Amber Enterprises gained over 17% to Rs 2210 today against the previous close of Rs 1,880.50 on BSE. Market cap of the firm rose to Rs 7,008.30 crore. Amber Enterprises reported a net profit of Rs 103.98 crore logging a growth of 81.72% compared to Rs 57.22 crore in the corresponding period last year.
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