Benchmarks indices fell in early deals on Wednesday, dragged by financials, banks and metal stocks. Sensex plunged 52 points or 0.08% to 61,930 and Nifty lost 18 points or 0.10% to 18,330. On the global front, Asian shares were trading lower tracking an overnight fall in the US stock markets.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The US debt ceiling impasse continues to affect markets. Since failure to reach a resolution will have catastrophic consequences for the global economy and markets, a resolution of the crisis at the eleventh hour is the most likely scenario. But markets will be on tender hooks till then. A global risk-on and rally is the most likely scenario after the resolution of the impasse.”
Shares of metal and mining major Vedanta Ltd are in focus today amid a report which said its parent Vedanta Group took a fresh loan for about $850 million, to reduce debt. The stock traded at Rs 289.65 today against the previous close of Rs 288.40 on BSE. Market cap of the firm fell to Rs 1.06 lakh crore.
Shares of Adani Transmission hit an upper circuit with the Adani Group's power transmission arm topping the market capitalization of Rs 1 lakh crore during the session. Shares of Adani Transmission hit 5% upper circuit to Rs 909.60 on BSE.
Shares of Adani Power rose over nearly 5% to Rs 272.80 on BSE. Market cap of the firm climbed to Rs 1.03 lakh crore. Adani Power stock opened at Rs 267.20 on BSE.
Shares of JSW Energy are in focus after the firm reported a 68.5% fall in Q4 net profit to Rs 272.1 crore against a net profit of Rs 864.4 crore in the corresponding quarter last fiscal. JSW Energy stock opened 3.25% lower at Rs 240 against the previous close of Rs 248.05 on BSE. The stock zoomed to an intraday high of Rs 254.5, gaining 2.6% on Wednesday. It also hit an intraday low of Rs 240, down 3.25% on BSE.
Shares of Suzlon Energy jumped 7.41% to Rs 10.15 on NSE amid heavy volumes. The stock saw 11,05,43,148 shares changing hands within the first hour of Wednesday's trading, amounting to Rs 109.11 crore.
Shares of Tata Motors fell marginally to Rs 524.45 in early trade. It opened at Rs 528 against the previous close of Rs 528.50. Market cap of the firm stood at Rs 1.74 lakh crore. The auto stock was among the top Sensex losers today.
Adani Green Energy will seek board’s approval to raise Rs 6,150 crore to Rs 8,200 crore through the qualified institutional placement (QIP) route, a report in The Economic Times stated. Shares of Adani Green Energy gained 0.87% to Rs 998 against the previous close of Rs 989.50 on BSE. Market cap of the firm stood at Rs 1.58 lakh crore.
Shares of Dishman Carbogen plunged 12.26% to Rs 114.55 in early trade after the firm’s Q4 loss widened to Rs 70.72 crore against Rs 44.62 crore in the corresponding quarter of the previous fiscal. Market cap of the firm fell to Rs 1,831.23 crore. The stock was among the top losers on BSE.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.