Produced by: Aseem Thapliyal Designed by: Manoj Kumar
Indian equity benchmarks were trading flat amid mixed global cues today. Sensex fell 11 points to 64,930 and Nifty was unchanged at 19,405. Banking index on BSE fell 238 points to 49,323. Consumer durables, capital goods, auto and healthcare indices rose 269 points, 250 points, 239 points and 352 points, respectively. Market volatility index India VIX was unchanged at 11.19 in morning trade today.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "There are three significant trends in equity markets now: One, global markets are stable as indicated by the 7-day winning streak in Dow and S&P 500. Two, a risk on is evident in markets primarily driven by the sharp correction in the US 10-year bond yield from the recent high of 5% to 4.57% now. Three, the crash in Brent crude from around $94 to below $82 now indicates that the market doesn’t expect the Israel-Gaza conflict to aggravate into a wider regional conflict. In brief, the market construct is favourable for the continuation of the rally despite the geopolitical uncertainties.”
Shares of Vedanta were trading flat in early trade. Total 22.36 lakh shares of the firm changed hands amounting to the highest turnover of Rs 53.44 crore. Market cap of the firm rose to Rs 88,283 crore on BSE.
Shares of pharma firm Neuland Laboratories Ltd hit a record high today post Q2 earnings. Neuland Laboratories stock touched a fresh high of Rs 4951.55, rising 7.41% on BSE. Market capitalisation of the firm rose to Rs 6255.15 crore. Total 4519 shares changed hands amounting to a turnover of Rs 2.18 crore. The firm reported a 132.3% rise in consolidated net profit to Rs 89.1 crore for the September 2023 quarter against Rs 38.3 crore in the September 2022 quarter.
Shares of HPCL gained 7% to Rs 300.20 on Wednesday. Market capitalisation of the firm rose to Rs 42,556 crore. Total 10.42 lakh shares changed hands amounting to a high turnover of Rs 30.88 crore on BSE.
Shares of Zomato Ltd rose over 3 per cent to Rs 125.15. Market capitalisation of the firm rose to Rs 1.08 lakh crore. Total 29.52 lakh shares changed hands amounting to a high turnover of Rs 36.43 crore on BSE.
Shares of IndusInd Bank hit a fresh 52-week high amid flat trading in benchmark indices today. IndusInd Bank shares rose 0.78% to a high of Rs 1497.95 against the previous close of Rs 1486.30 on BSE. The stock of the private sector lender has gained 21.50% this year and risen 30.23% in the last one year.
Shares of Suzlon Energy hit a 52-week high in early deals on Wednesday. The renewable energy stock gained 5% to Rs 39. Market cap of the firm climbed to Rs 52,929 crore. Total 84.84 lakh shares changed hands amounting to a high turnover of Rs 32.38 crore on BSE. In the September 2023 quarter, consolidated net profit zoomed 78.11 per cent to Rs 102.29 crore against Rs 57.43 crore in the year-ago period. However, revenue from operations slipped 0.92 per cent to Rs 1,417.21 crore in Q2 FY24 from Rs 1,430.38 crore in the corresponding period last year.
Shares of Prince Pipes gained 13% to Rs 705.85 in early deals today post Q2 earnings. Market capitalisation of the firm rose to Rs 7679.57 crore. Total 1.19 lakh shares changed hands amounting to a turnover of Rs 8.17 crore. The pipe maker reported a profit of Rs 71 crore for the September quarter against a loss of Rs 24 crore. EBITDA rose to Rs 94 crore in Q2 against a loss of Rs 11 crore in the corresponding quarter of the previous fiscal.
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