Produced by: Aseem Thapliyal Designed by: Mohsin Shaikh
Indian equity benchmarks were trading higher today. Sensex rose 582 points to 65,515 and Nifty gained 179.75 pts to 19,622. Metal, banking, oil & gas and IT indices zoomed 362 points, 377 points, 336 points and 542 points, respectively. Market volatility index India VIX was unchanged at 11.22 in morning trade today
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The October US inflation data is a game changer for the stock market. The 3.2% October inflation print is lower than expected. More importantly, the mere 0.2% MoM increase in core inflation is hugely positive. The takeaway from these numbers is that the Fed is done with rate hikes and the timeline for rate cuts in 2024 is likely to be advanced. The sharp recovery in US markets will be reflected in India, too. Short covering can add to the rally. FIIs are likely to turn buyers, lest they miss out on the rally in the best performing large economy in the world.”
Shares of Sigachi Industries rose over 8 per cent to Rs 55.90 after the company announced its Q2 earnings. Sigachi Industries reported 12 per cent rise year-on-year (YoY) in the consolidated net profit at Rs 15.15 crore for the September 2023 quarter. Total 5.58 lakh shares of the firm changed hands amounting to a turnover of Rs 2.99 crore. Market cap of the firm rose to Rs 1657.02 crore on BSE
Shares of state-run Rail Vikas Nigam Ltd (RVNL) rose nearly 4% in early deals after the firm received a letter of acceptance for Rs 311 crore order from the Central Railway to build tunnels and bridges in Madhya Pradesh. RVNL shares surged 3.82% to Rs 162.90 on BSE in early trade. Total 5.07 lakh shares of RVNL changed hands amounting to a turnover of Rs 8.17 crore.
Shares of Kalyan Jewellers rose over 3% after the firm reported a 27% rise in Q2 profit. Kalyan Jewellers stock gained 3.30% to Rs 348.15 against the previous close of Rs 337 on BSE. Total 0.46 lakh shares of the firm changed hands amounting to a turnover of Rs 1.57 crore. Market cap of Kalyan Jewellers rose to Rs 34,490 crore on BSE
Shares of Rajesh Exports were the top BSE losers, falling 17.44% to Rs 362.25 in early deals. Market capitalisation of the firm fell to Rs 12,197 crore. Total 3.35 lakh shares changed hands amounting to a high turnover of Rs 13.66 crore on BSE. Net profit in Q2 fell to Rs 45.31 crore against Rs 372.96 crore in the September 2022 quarter. Total income slipped to Rs 38079.4 crore in the September 2023 quarter against total income of Rs 80,271 crore in Q2 of previous fiscal.
Shares of YES Bank surged 6 per cent during the early trading session. Market capitalisation of the bank rose to Rs 57,603 crore. Total 376.65 lakh shares changed hands amounting to a high turnover of Rs 75.57 crore on BSE. The lender last week said it has received Rs 120 crore from sale of NPA portfolio to JC Flowers ARC
Shares of Suzlon Energy hit a fresh 52 week high of Rs 40.50 today after MSCI included the stock to its Global Standard index. Market capitalisation of the firm rose to Rs 54,898 crore. Total 145.28 lakh shares changed hands amounting to a high turnover of Rs 58.65 crore on BSE
Shares of Manappuram Finance rose 10% in early deals extending their gains for the third straight session. The stock surged 10 per cent to hit an intraday high of Rs 154.65. The Kerala-based non-banking financial company (NBFC) said its profit rose 36.91 per cent year-on-year (YoY) to Rs 560.65 crore compared with Rs 409.49 crore in the same quarter last year. The company also declared an interim dividend of 0.85 paisa per equity share
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