Indian equity benchmarks were trading lower today. The 30-share BSE Sensex fell 381 points to 65,495 and Nifty lost 109 pts to 19,562.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The market responds to economic headwinds more than geopolitical tensions. From that perspective, the sustained rise in US bond yields is becoming a major challenge for the mother market of the US, and thereby, for global markets. The market had not positioned for the US 10-year bond yield at 4.95 % and, therefore, this unexpected spike in yields will take its toll on equity markets. It is important to understand that the spike in bond yields is not due to monetary factors alone. The fiscal situation characterised by high deficit in the US is also contributing to the rise in yields via increased supply of bonds. So, this combination of fiscal and monetary factors pushing bond yields up will pose a major challenge to equity markets. FPIs will continue to sell, impacting the markets."
Shares of Wipro fell over 3% to Rs 390.10 in early deals after the firm reported a 0.48 per cent dip in its Q2 FY24 profit at Rs 2,646.3 crore (year-on-year) from Rs 2,659 crore in the year-ago period. Market capitalisation of the firm fell to Rs 2.05 lakh crore. Total 2.11 lakh shares changed hands amounting to a turnover of Rs 8.30 crore.
Shares of Bajaj Auto hit a 52-week high of Rs 5393.30 in early deals today after the firm reported a 20% rise in Q2 net profit to Rs 1,836 crore against Rs 1,530 crore in the same quarter last year. Market capitalisation of the firm rose to Rs 1.51 lakh crore. Total 0.42 lakh shares changed hands amounting to a turnover of Rs 22.26 crore.
Shares of Astral Ltd slipped 6% in early deals today despite the firm reporting a 90% rise in Q2 net profit to Rs 131.2 crore against the profit of Rs 69.1 crore in the September 2022 quarter. The stock fell 6.07% to Rs 1843.55 on BSE. Market capitalisation of the firm declined to Rs 49,769 crore. Total 0.28 lakh shares changed hands amounting to a turnover of Rs 5.24 crore.
Shares of Ion Exchange slipped 6.53% to Rs 592 in early deals. Market capitalisation of the firm fell to Rs 8725.93 crore. Total 0.17 lakh shares changed hands amounting to a turnover of Rs 1.03 crore. The stock is among the top losers on BSE.
Shares of Suzlon Energy climbed to a 52-week high of Rs 32 in early deals. Market capitalisation of the firm rose to Rs 43,028 crore. Total 131.02 lakh shares changed hands amounting to a high turnover of Rs 40.46 crore on BSE.
Shares of GPT Infraprojects hit their all-time high in early trade after the firm said it has bagged an order worth Rs 739 crore, the single largest in its history. GPT Infraprojects shares zoomed 2% to a fresh high of Rs 111.22 against the previous close of Rs 109.04 on BSE.
Shares of NBCC hit their 52-week high in early trade. The shares zoomed over 7% to a fresh high of Rs 69.60 against the previous close of Rs 64.63 on BSE. Market capitalisation of the firm rose to Rs 12,355 crore.
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