Benchmark indices rose in early trade today with the Sensex climbing 201 points to 61,965. Nifty too gained 59 points to 18,323. In the previous session, Sensex surged 709.96 points, or 1.16%, to close at 61,764.25 and Nifty rallied 195.40 points, or 1.08% to 18,264.40.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, " There are three prominent factors which are driving the ongoing rally in the market: One, better-than-expected strength of the US economy and the increasing confidence that the US will succeed in avoiding a bad recession. This has led to consolidation in the US market.
Two, strong buying by FIIs who have been continuous buyers during the last eight trading days resulting in cumulative buying of Rs 13,825 crore. Three, fundamental support to the rally from macro indicators such as robust GST collections, improving PMI, high fuel consumption and good credit growth. These positives along with a rising rupee can sustain the rally and take the market higher.”
Shares of Apollo Tyres rose to a fresh 52-week high in early trade ahead of the firm’s Q4 and annual earnings today. Apollo Tyres stock rose to Rs 381 against the previous close of Rs 376.25 on BSE. Market cap of the firm rose to Rs 24,184 crore.
Mankind Pharma shares made a strong debut at Dalal Street as the pharmaceutical company was listed at Rs 1,300 on BSE, a premium of 20% against the issue price of Rs 1,080. The drug and consumer-health product maker kicked off its maiden trading session at the same level on the National Stock Exchange (NSE).
Raymond shares rose over 2% ahead of the firm’s Q4 and annual earnings today. Shares of Raymond rose 2.41% to Rs 1,625 against the previous close of Rs 1,586.70 on BSE. Earlier, the stock opened at Rs 1,600.50. Market cap of the firm rose to Rs 10,722 crore.
Shares of RVNL were among the stocks with maximum turnover on BSE today. The firm clocked turnover of Rs 42.44 crore with 32.14 lakh shares changing hands on BSE. RVNL stock fell nearly 4% to Rs 129.15 against the previous close of Rs 135.05 on BSE. Market cap of the firm rose to Rs 27,126 crore.
Shares of Adani Ports & SEZ rose over 1% after the Adani group company said it would pay $130 million of its debt early, after nearly $413 million worth of debt has been tendered for early payment. The stock climbed 1.26% to Rs 693.65 against the previous close of Rs 685.05 in early trade today. Market cap of the firm stood at Rs 1.49 lakh crore
Shares of Carborundum Universal rose 6.58% to Rs 1,182.55 against the previous close of Rs 1109.55 in early trade today. Market cap of the firm stood at Rs 22,020 crore. Net profit of Carborundum Universal more than doubled to Rs 137 crore in the fourth quarter. Revenue rose to Rs 1,200 crore for the quarter under review.
Shares of Jindal Poly Films rose 10.41% to Rs 700 against the previous close of Rs 634 in early trade today. Market cap of the firm climbed to Rs 3,024 crore. The stock was the top gainer on BSE today.
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