Benchmark indices rose in early trade today with the Sensex climbing 490 points to 61,554. Nifty too gained 137 points to 18,206. In the previous session, Sensex plunged over 694.96 points, or 1.13% to end at 61,054.29, while NSE's Nifty50 tumbled 186.80 points, or 1.02%, to close at 18,069.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Support from global markets and sustained FII buying can revive positive market sentiments which were impacted by heavy delivery selling of Rs 4500 crores in HDFC twins last Friday. It is important to note that the fundamentals of the HDFC twins are strong and the selling was triggered by fears of outflows after the merger due to MSCI weighting update.”
Shares of Vedanta Ltd rose over a per cent in early trade today after three days of consecutive fall after the company said it has repaid $800 million of loans taken from Standard Chartered Bank against the company’s shares. Vedanta stock rose 1.32% to Rs 278.45 against the previous close of Rs 274.80 on BSE. Market cap of the firm rose to Rs 1.03 lakh crore.
Shares of Adani Power are in focus today after the Adani Group firm reported a 13% rise in Q4 profit. Adani Power’s consolidated net profit after tax (PAT) rose 12.9% to Rs 5,242.48 crore as compared to Rs 4,645 crore for Q4 FY22. Adani Power stock climbed 3.35% to Rs 247.75 against the previous close of Rs 239.70 on BSE.
Federal Bank shares rose over 2% today after the lender on Friday reported a 67% YoY jump in its net profit at Rs 903 crore for the quarter ended March 31, 2023. Shares of Federal Bank rose 2.31% to Rs 130.75 against the previous close of Rs 127.80 on BSE. Earlier, the stock opened at Rs 128.55. Market cap of the firm rose to Rs 27,419 crore. On Friday, the stock fell over 8% post Q4 earnings.
Shares of One97 Communications Ltd (Paytm) climbed over 5% in Monday's trade, taking the recent winning run to the sixth straight day. The firm announced its Q4 earnings on May 5. The stock rose 5.24% to Rs 725.6 against the previous close of Rs 689.45 on BSE. Market cap of the firm rose to Rs 45,623 crore.
Shares of IndusInd Bank gained nearly 5.66% to Rs 1,134.85 on BSE in early trade. The stock was the top Sensex gainer. Market cap of IndusInd Bank stood at Rs 87,400 crore. The stock closed at Rs 1074.05 in the previous session and opened at Rs 1080 today.
Shares of Marico rose 9.29% to Rs 539.5 against the previous close of Rs 493.65 in early trade today. Market cap of the firm stood at Rs 68,805 crore. Marico on Friday reported a 19% increase in net profit for the quarter ended March 2023. Net profit climbed 18.67% to Rs 305 crore in the January-March quarter compared to Rs 257 crore profit in the corresponding period a year ago.
Shares of TCNS Clothing Co. fell 19.73% to Rs 418.05 against the previous close of Rs 520.80 in early trade today. Market cap of the firm fell to Rs 2605 crore. The stock was the top loser on BSE today.
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