Indian equity benchmarks traded lower in opening deals on Wednesday amid weak global cues. Sensex fell 314 points or 0.51% to 61,041 and Nifty lost 91 points or 0.50% to 18,057. On the global front, Wall Street equities lost over 1% overnight, dragged by banking and energy stocks ahead of the US Federal Reserve rate decision, while Asian equities remained subdued.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Currently there are two significant macroeconomic trends that might impact equity markets. One, the US economy is slowing down and leading indicators like new job generation suggest further deceleration in the US economy and a possible recession by end 2023. Two, in contrast to this trend in the US, is the resilience of the Indian economy with leading indicators like GST collections, FDI, credit demand and corporate results reflecting optimism.”
Shares of public sector lender UCO Bank slipped 4% in early trade today despite the lender reporting a 86.2% rise in net profit for the quarter ended March 2023. In the current trading session, the UCO Bank stock opened flat at Rs 30.35. At 9:29 am, the banking share was trading 2.05% lower at Rs 30.09 on BSE. It hit a low of Rs 29.46, down 4.01% in early trade.
InterGlobe Aviation (IndiGo), Jet Airways and SpiceJet rallied up to 8 per cent during the early trading session after Wadia Group-owned Go First filed for bankruptcy on Tuesday, May 2. This means lower competition for the peers. Shares of InterGlobe Aviation rallied 8% to Rs 2235.95 and SpiceJet stock surged about 6% to Rs 33.25 on BSE. Grounded Jet Airways' shares also surged 5% to Rs 60.59.
Shares of RVNL hit an all-time high of Rs 128.7, rising 8.7% on BSE in early trade. Earlier, the stock opened at Rs 123. Market cap of the firm rose to Rs 26,782 crore. The stock has gained 25% in the last three sessions.
Shares of IRCON International Ltd hit a fresh 52-week high, continuing their upward march for the 11th consecutive session. The stock jumped 3.75% to Rs 89.45 over a previous close of Rs 86.21. It was among the top stocks traded in terms of turnover in early trade. Total 24.14 lakh shares of the firm changed hands amounting to a turnover of Rs 20.95 crore on BSE. It settled 16.03 per cent higher at Rs 86.21 in the previous session.
Shares of Adani Enterprises were among the top stocks traded in terms of turnover in early trade on BSE. Total 0.87 lakh shares of the firm changed hands amounting to a turnover of Rs 16.70 crore on BSE. Market cap of the firm stood at Rs 2.19 lakh crore.
Shares of Bombay Burmah Trading fell over 9% today after the Wadia Group stock reacted to low-cost airline Go First’s announcement of bankruptcy. The stock fell 9.62% to Rs 940 against the previous close of Rs 1040 on BSE. Earlier, the stock opened at Rs 970 down 6.73% on BSE. Market cap of the firm slipped to Rs 6872 crore.
Shares of Mirza International were stuck in the lower circuit of 5% at Rs 59.67 against the previous close of Rs 62.81 in early trade today. Market cap of the firm fell to Rs 824.65 crore. The stock was among the top losers on BSE.
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