Produced by: Aseem Thapliyal
The domestic equity market was trading higher in the afternoon session today. Sensex gained 304 points to 73,967 and Nifty rose 72 pts to 22,476.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “There are some positive global and domestic cues which augur well for the market. The decline in US inflation in April to 3.4% YoY and retail sales cooling off indicate a soft landing of the US economy, paving the way for rate cuts by the Fed. This favourable global construct can impart resilience to the mother market thereby providing stability to other markets. Domestically, the improvement in the voter turnout in the 4th phase of polling is positive from the market perspective since it removes some jitters associated with election results."
Multibagger defence stock Mazagon Dock Shipbuilders hit a record high of Rs 2661.25, rising 9.11% on BSE. Market cap of the firm rose to Rs 53,358 crore. Total 1.93 lakh shares of the firm changed hands amounting to a turnover of Rs 49.84 crore.
Shares of Cochin Shipyard hit their record high almost touching the Rs 1400 mark for the first time ever. The multibagger defence stock has climbed 394% in a year and gained 733% in two years. Cochin Shipyard stock gained 3.81% to a high of Rs 1397.25 against the previous close of Rs 1345.90. Market cap of the defence stock stood at Rs 35,880 crore.
Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) dropped nearly 2% on Friday as Norway's central bank Norges Bank has blacklisted Adani Group firm and two other entities from its portfolio citing ethical concerns. Shares of Adani Ports tumbled more than 1.79 per cent to Rs 1,320.55. Total market capitalization of the firm fell to Rs 2.88 lakh crore.
Shares of Triveni Turbine rose 7% to a record high in early deals today after the power equipment firm reported a 37% rise in net profit for the quarter ended March 2024. Triveni Turbine stock rose 6.84% to Rs 646.45 in early deals against the close of Rs 605.05 in the previous session. The power sector stock has gained 44.09% this year and risen 57.54% in a year.
Shares of Jindal Steel & Power hit a record high today. The metal stock has delivered 547.78% returns in five years and clocked 132% returns in three years. Jindal Steel stock gained 1.65% to Rs 1021.95 against the previous close of Rs 1005.30 on BSE. The stock hit record high for the fourth straight session today after the firm announced its Q4 and FY24 earnings on May 13 post market hours. The stock has risen 9% since then.
Shares of Vedanta rose over 2 per cent after the Anil Agarwal-led company said its board has approved fundraising to the tune of Rs 8,500 crore and that a decision on the fundraise structure would be taken soon. The stock rose 2.14 per cent to hit a high of Rs 442.45 on BSE. The Vedanta Resources arm hit a 52-week high of Rs 448.95 on May 15.
Shares of Vodafone Idea surged 3.8% to Rs 13.65 against the previous close of Rs 13.15 on BSE. Market cap of the firm climbed to Rs 89,353 crore. The rally in the firm came even as the telco’s consolidated loss after tax widened to Rs 7,675 crore in Q4. The company's consolidated revenue, however, moved 0.7 per cent higher on a year-on-year (YoY) basis to Rs 10,607 crore for the quarter ended on March 31, 2024.
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