Benchmark indices opened higher today led by strong buying interest in banks, financials, technology, metal, and energy stocks. The 30-share BSE Sensex surged 313 points or 0.51% to trade at 61,425, while the broader NSE Nifty climbed 102 points or 0.57% to 18,167.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “India outperformed the rest of Asia and the developed markets in April with a smart rally mainly assisted by sudden change of strategy by the FIIs who have turned big buyers in the market in the last two trading days. The important trigger for this change of FII strategy is the appreciation in the rupee. Also, the good corporate results, particularly from the banking space and record GST collections at Rs 1.87 lakh crore are aiding bullish sentiments. The market is resilient and the undercurrent is bullish.”
Shares of Jet Airways Ltd slipped nearly 5% today after CEO-Designate Sanjiv Kapoor quit the bankrupt airline amid the ongoing process of its revival. He joined the airline as the Chief Executive Officer (CEO) in April 2022. Shares of Jet Airways lost 4.95% to Rs 55.83 (fresh 52-week low) in early trade against the previous close of Rs 58.74 on BSE.
Tata Motors stock fell 2.17% to Rs 474.6 in early trade. It was the top loser on Sensex. The firm reported a 4% fall in total sales for April 2023. Total sales fell to 69,599 units last month as compared with 72,468 units in April 2022. It opened at Rs 485.15 on BSE. Market cap of the firm fell to Rs 1.58 lakh crore
UltraTech Cement shares fell over 1% to Rs 7436 in early trade on Q4 earnings. The stock has fallen after three days of consecutive gain. Normalised consolidated profit rose 12.71% YoY to Rs 1,666 crore in the March quarter compared with Rs 1,478 crore (before one-time extraordinary gains) in the corresponding quarter of last year.
Kotak Mahindra Bank shares fell after two sessions today after the lender logged a 26.3% rise in standalone net profit YoY in its March quarter. The stock of the lender fell 1.23% to Rs 1913 in early trade. Market cap of the bank stood at Rs 3.80 lakh crore.
Shares of the insurance firm rose 1.66% to Rs 601.50 on Monday after the firm posted a net profit of Rs 101.79 crore in Q4 FY23 as against a net loss of Rs 82.04 crore in Q4FY22. Market cap of the firm rose to Rs 34,989 crore.
Shares of Welspun India rose 12.96% to Rs 99, (a fresh 52-week high) on Monday after board of the firm approved a proposal to buy back shares worth Rs 195 crore through a tender offer. The company will buy back up to 1.62 crore shares at an offer price of Rs 120. Market cap of the firm rose to Rs 8839 crore.
Shares of Adani Green Energy rose 5% on Tuesday (May 2) as the Adani Group firm reported a four-fold surge in profit for March quarter. The Gautam Adani-led company said its consolidated profit grew 319% at Rs 507 crore for the quarter, led by surge in revenues. Market cap of the firm rose to Rs 1.54 lakh crore.
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