Equity indices snapped two-day fall amid positive global cues today. Strong buying in banks, financials, metals and consumer stocks led the market higher. Sensex surged 372 points or 0.60% to trade at 61,933, while the broader NSE Nifty moved 108 points or 0.59% higher to trade at 18,290.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The market is delicately poised with both bullish and bearish signals. Profit booking at higher levels and the buildup of short positions are bearish signs. Positive global cues will embolden the bulls to charge once again towards new highs. Two major results today -SBI and ITC- are likely to be very good, and can aid the bulls.
Shares of Tata Motors were the top Sensex losers in early trade. The stock fell 1% to Rs 510.65 on BSE. Market cap of the firm fell to Rs 1.70 lakh crore. Earlier, the stock opened at Rs 518.35 on BSE.
Stock of Bajaj Finance rose 1.36% to Rs 6,799 and was the top Sensex gainer today. Market cap of the firm rose to Rs 4.11 lakh crore. Earlier, the stock opened at Rs 6,741 on BSE.
Shares of Manyavar brand owner Vedant Fashions fell 4% to Rs 1,195.15 in Thursday's trade after an offer for sale (OFS) of up to 9.88% stake by a promoter group entity kicked off. The objective of the issue is to achieve minimum public shareholding norms.
Shares of Jindal Saw rose 13.51% to Rs 198.25 against the previous close of Rs 174.65 on BSE. Total 4.44 lakh shares of the firm changed hands amounting to a turnover of Rs 8.54 crore on BSE. Market cap of the firm rose to Rs 6,286 crore. The stock rose after the firm reported a 178% rise in net profit to Rs 353.68 crore in Q4.
Shares of Jindal Stainless rose over 8% today on strong Q4 earnings. Total 0.96 lakh shares of the firm changed hands amounting to a turnover of Rs 2.85 crore. Market cap of the firm rose to Rs 24,859 crore. The stock gained 8.19% to Rs 303 on BSE. The firm reported a 4 percent year-on-year increase in net profit to Rs 765.79 crore for the fourth quarter that ended March 31, 2023.
Shares of SBI were among the stocks with highest turnover in early trade. Total 2.64 lakh shares of the firm changed hands amounting to a turnover of Rs 15.53 crore. Market cap of the firm stood at Rs 5.23 lakh crore. The bank will report its Q4 and annual earnings today.
Shares of Brightcom Group fell after 12 days of consecutive gain today. The stock hit lower circuit of 5% at Rs 15.77 against the previous close of Rs 16.60 on BSE. Market cap of the firm fell to Rs 3,182.26 crore.
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