Benchmark indices fell in early trade on Friday in-line with the weak trend in the US markets and the decline in index major HDFC twins. The 30-share BSE Sensex tanked 586.15 points to 61,163.10 and Nifty declined 150.9 points to 18,104.90.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The most significant trend in the market now is India’s outperformance even in the context of the challenging global environment. The mother market US has turned weak and S&P 500 has slipped for the fourth day on renewed fears of the stress in the US banking system. But the Nifty, defying weak global cues, is resilient and is only 3.5% away from the all-time high. A market correction is imminent. It would be a good idea to take some money off the table even while continuing with the Buy on Dips strategy.”
Adani Wilmar stock rose over a per cent to Rs 403.10 today after the firm reported a 59% decline in the net profit at Rs 93.61 crore for the quarter ended on March 31, 2023. Total 0.26 lakh shares of the firm changed hands amounting to a turnover of Rs 1.03 crore. Market cap of the firm rose to Rs 52,097 crore on BSE.
BHEL stock rose fell 6% to Rs 80.57 against the previous close of Rs 86.01. It opened at Rs 85.65 on BSE. Market cap of the firm fell to Rs 28,187 crore. It was among the top losers on BSE in early trade.
Shares of Adani Transmission are in focus today as Adani Electricity Mumbai, a wholly-owned subsidiary of Adani Transmission Ltd, is likely to announce a $100 million bond buyback shortly, a Bloomberg report suggested citing people familiar with the matter. Adani Transmission stock fell 0.63% to Rs 1007 against the previous close of Rs 1013.35 on BSE. Market cap of the firm stood at Rs 1.12 lakh crore.
HLE Glascoat shares rose 8% to Rs 644.15 in early trade today. The stock has gained after two days of consecutive fall. Market cap of the firm climbed to Rs 4398.69 crore.
Shares of the AGI Greenpac rose 20% to Rs 495.9 (52-week high) in early trade. It opened 14% higher at Rs 471 against the previous close of Rs 413.25. Market cap of the firm rose to Rs 3177.29 crore. AGI Greenpac was the top gainer on BSE today.
Shares of HDFC Bank and HDFC plunged up to 6% as a report said HDFC Bank could see $150-200 million in outflows as the index aggregator MSCI in an update to clients said it will use an adjustment factor of 0.50 to compute HDFC merged company weightage, Nuvama Wealth Research said in a note. Shares of HDFC Bank fell 5.56% to hit a low of Rs 1,631 on BSE. Shares of HDFC declined 4.97% to Rs 2,720. 9
Shares of Manappuram Finance plunged 14% today after the Enforcement Directorate (ED) seized assets worth Rs 143 crore after searching six premises of Manappuram Finance Limited and its Managing Director, VP Nandakumar, in Kerala's Thrissur as part of its investigation into allegations of money laundering from illegal deposits from the public. Market cap of the firm fell to Rs 8722 crore. The stock fell 13.96% to Rs 102.60 in early trade.
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.