Indian equity benchmarks were trading lower today. The 30-share BSE Sensex fell 342 points to 66,085 and Nifty lost 79 pts to 19,732.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "In spite of the tragic geopolitical developments, globally markets are resilient. There are two main reasons for this. One, the US economy continues to be strong and this is supporting the mother market and thereby other markets, too. Two, the market view is that the Fed will succeed in soft landing the US economy and avert a recession. Back home in India, the resilience of the Indian economy and improving macros are supporting the market. The recent experience is that geopolitical developments will not impact the markets for long. For instance, the market is ignoring the ongoing Ukraine war. Even while remaining vigilant, market weakness can be used to buy high quality stocks, particularly in sectors like financials, automobiles and capital goods."
Shares of Tejas Networks Ltd hit a record high in early deals today after the Tata Group firm said FibreConnect, an innovative wholesale telecom infrastructure developer in Italy, has successfully launched its broadband services in that country using its state-of-the-art telecom and networking products. Tejas Networks share gained 7.34% to a record high of Rs 939.90 today. Market cap of the firm rose to Rs 15,487 crore.
Shares of Mazagon Dock Shipbuilders gained over 3% in early deals after the defence firm inked a contract with Acquisition wing of Ministry of Defence for construction and delivery of one training ship for Indian Coast Guard (ICG) at a cost of Rs 310 crore. Mazagon Dock stock climbed 3.52% to an intraday high of Rs 2230.60 on BSE. Total 0.56 lakh shares of the firm changed hands amounting to a turnover of Rs 12.28 crore. Market cap of Mazagon Dock rose to Rs 44,148 crore on BSE.
Shares of L&T Technology Services fell 4.5% to Rs 4407 in early deals today after the firm reported a 5.17 per cent rise in its second-quarter (Q2) profit for the financial year 2023-24 (FY24). Profit came at Rs 315.4 crore in the September 2023 quarter as against Rs 299.9 crore in the year-ago period.
Shares of Tata Elxsi gained 3.28% to Rs 7,694 today as the company's net profit rose 14.8% year-on-year to Rs 200 cr ($24.03 million). Revenue from operations climbed to Rs 882 crore. Market cap of Tata Elxsi rose to Rs 47,454 crore.
Shares of Orient Cement climbed 14.28 per cent to Rs 216.35 as a media report suggested promoter CK Birla has approached Gautam Adani to sell his stake in the listed cement company. Market capitalisation of the firm rose to Rs 4304 crore. The stock was top gainer on BSE.
Shares of Suzlon Energy climbed 5 per cent to a 52-week high of Rs 31.06 in early deals. Market capitalisation of the firm rose to Rs 41,996 crore. Total 172.52 lakh shares changed hands amounting to the highest turnover of Rs 53.31 crore on BSE.
Shares of Zomato hit a fresh 52 week high of Rs 115 in early deals. Market capitalisation of the firm stood at Rs 96,154 crore. Total 33.59 lakh shares changed hands amounting to a high turnover of Rs 38.02 crore on BSE.
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