Indian equity benchmarks started on a positive note on Thursday. Gains were led by financials and metal stocks. The 30-share BSE Sensex rose 79 points or 0.13% to 61,272 and Nifty gained 27 points or 0.15% to 18,116. Mid- and small-cap shares were positive as Nifty Midcap inched 0.20% higher and small-cap was up 0.24%.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “From the market perspective, more important than the expected dovish rate hike of 25 bp by the Fed is the Fed chief’s comment that ‘the case of avoiding a recession is more likely than having a recession.” Market is likely to remain resilient with limited volatility.
Possibility of a soft landing for the US economy is positive for the IT segment which has been on the back foot on concerns of poor orders from the US. The sharp decline in crude is an extra bonus to the macro economy and benign for segments like paints, adhesives and tyres.
Rail Vikas Nigam Ltd (RVNL) stock touched a record high of Rs 139.50, rising 7.14% on BSE. Total 14.12 lakh shares of the firm changed hands amounting to a turnover of Rs 19.37 crore. Market cap of the firm rose to Rs 28,564 crore on BSE.
Reliance Industries stock rose nearly half a percent in early trade to Rs 2431 against the previous close of Rs 2419.80. It opened at Rs 2423.40 on BSE. Market cap of the firm rose to Rs 16.42 lakh crore. The company’s shareholders have voted in favour of the proposed scheme of arrangement between the company and Reliance Strategic Investments, thus paving way for demerger of the Financial Services arm.
Shares of Adani Wilmar were trading flat a day after the Adani Group firm reported a 60% fall in net profit for the March 2023 quarter. The stock rose 0.81% to Rs 401 against the previous close of Rs 397.65 on BSE. Market cap of the firm rose to Rs 52,117 crore.
ITC shares were trading in the red a day after they hit a record high of Rs 426.90 on BSE. The stock of the FMCG major fell 0.53% to Rs 424.90 in early trade. Market cap of ITC stood at Rs 5.28 lakh crore. ITC stock hit an alltime high of Rs 428.45 in the previous session.
Shares of Suzlon Energy rose 6% to Rs 8.59 after the firm said it redeemed the entire outstanding FCCBs at their principal amount aggregating to US$ 529,338.11 together with accrued but unpaid interest thereon up to the redemption date at 1.25% p.a. amounting to US$ 1,378.48 in accordance with terms of the FCCB. Market cap of the firm rose to Rs 10,148 crore.
Shares of Bajaj Consumer climbed 10.45% to Rs 181.75 after the firm reported a 13% rise in profit to Rs 40.46 crore on BSE. Market cap of the firm climbed to Rs 2,596 crore.
Shares of BEML were the top gainers on BSE, rising 11.06% to Rs 1408.9 against the previous close of Rs 1268.55. Market cap of the firm rose to Rs 5828 crore.
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