Author: Ajay Vaishnav

Top stocks that trended in the market today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The BSE Sensex and the NSE Nifty 50 ended sharply lower on Thursday from the recent highs, continuing their downtrend for the second consecutive day.

Heavy selling in auto, bank, metal, realty stocks in particular dragged the benchmark indexes lower, along with weakness in index heavyweight scrips like Reliance Industries, HDFC twins and TCS.

The Sensex ended nearly a percent lower or by over 355 points to settle at 37,165, while the Nifty shed over 100 points to close at 11,244.

Top stocks that trended in the markets today:

Coal India: Shares of public sector miner gained over one percent after it reported higher output, rising by 10.6 percent on year to 40.56 million tonne in July. The stock ended at Rs 273.20, adding Rs 2.90 in value on the BSE. It rose for the second consecutive session today, and so far has gained over five percent.

Marico: Shares slumped over five percent to a near-two-week low of Rs 349.20 on the company’s weak operational performance in April-June quarter and disappointing volume growth. At close, Marico shares traded at Rs 350.90, down by 4.78 percent on the BSE.

Himadri Speciality Chemical: Shares surged over 12 percent to a three-month high of Rs 154.85 today amid heavy volumes. It eventually settled at Rs 144.95, higher by 4.73 percent on the BSE.

Pfizer: Shares of the pharma firm ended at Rs 2,702, rising by 1.13 percent on the BSE after its Q1 results showed a 60.6 percent rise in net profit. It touched a lifetime high of Rs 2,826 intra-day.

Transport Corporation of India: Shares jumped nearly seven percent at end to settled at Rs 299.60 on the BSE after the company posted a 60 percent on year jump in net profit for the quarter ended June. It earlier surged over 10.5 percent to a six-month high of Rs 308.90

Abbott India: Scrip of the pharma firm hit a life-time high of Rs 7,950.10, up 3.7 percent from the previous close of Rs 7,666.55 on the NSE. It closed at Rs 7,905, ending higher by 3.11 percent. This year so far, shares of Abbott India have risen 43 percent.

Dilip Buildcon: Shares gained nearly ten percent to a one-month high of Rs 869.80 on the BSE after the company was declared as the lowest bidder for a project worth Rs 720 crore. It closed at Rs 848.50, gaining by 6.99 percent.

Venky’s India: Shares of poultry processing firm surged by over 20 percent to end at day’s high of Rs 2700.05 on the BSE.

Godrej Properties: Shares fell 2.5 percent to Rs 724.55 on the BSE. Intra-day, it touched a low of Rs 712.50 after opening at Rs 749.85. The company reported a 65.4 percent YoY decline in consolidated net profit.

Sequent Scientific: Shares ended at Rs 57.35 on the BSE, rallying higher by 11.14 percent after its subsidiary’s facility received good manufacturing practice (CMP) certificate from the European health regulator.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market ends with sharp losses, Sensex dips nearly 1%, Nifty below 11,300

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sustained selling pressure seen in auto, metal, bank, realty and other sectors along with weakness in heavyweight stocks such as Reliance Industries, HDFC twins, TCS among others pulled indexes sharply lower at close on the second consecutive day on Thursday.

The two benchmark indexes never recovered through from the early downtrend and widened losses as trading progressed through the day. The Sensex ended 356 points lower to 37,165, declining by nearly a percent, while the Nifty 50 dipped by 101 points, or 0.89 percent, to 11,245.

Midcap ended marginally higher by 0.11 percent, while Bank Nifty declined by 0.87 percent or over 240 points dragging the indexes lower. The market breadth remains largely neutral with 1350 shares advancing on the BSE against 1326 declines.

Top losers included Bharti Airtel, Kotak Mahindra Bank, Maruti Suzuki India, Grasim, Reliance Industries, HDFC, while top gainers included pharma, oil, FMCG stocks.

Asian markets ended sharply lower with Hong Kong’s Hang Seng down by over 2 percent, while Japan’s Nikkei ended over 1 percent lower.

(Market update as of 3.45 pm)

Markets widen losses ahead of close

Indian share markets widened losses ahead of the close of bourses, dragged lower by index heavweight shares Reliance Industries, HDFC twins. Sustained buying in bank, auto, metal, realty stocks has kept both indexes at sharp lows from the recent record highs.

The Sensex was trading at over 300 points lower, or down by 0.80 percent, at 37,219.64 at 2.44 pm, while the Nifty traded at 11,260, declining by 0.76 percent, or 86 points. Reliance Industries declined by 1.65 percent, while HDFC was lower by 1.72 percent.

HDFC Bank traded lower by 1.58 percent. Other laggards include Bharti Airtel (down by 2.62 percent), Kotak Bank (2.09 percent), Maruti Suzuki (1.72 percent). Vedanta, Yes Bank, ITC, Asian Paints, TCS all declined by up to 1.51 percent. Tata Steel surged.

(Market update as of 2.46pm)

Here’s how the markets have performed around noon

The market continues to trade lower on Thursday after sustained selling has been seen in metal, auto, banking, capital and realty stocks due to weak Asian cues as the trade war concerns rise between the US and China.

The BSE Sensex dropped over 191 points, to trade at 37,330, down by 0.51 percent at 11.46 am, while the Nifty has shed 0.50 percent, losing 57 points, to 11,289.40.

The Midcaps outperformed the indices with the Nifty Midcap increasin by 0.12 percent and the BSE Midcap higher by 0.39 percent.

Pharma stocks –  led by Lupin, Dr Reddys Labs, Sun Pharma – were trading positive and have gained more than two percent as of yet. Oil stocks also rose due to fall in the crude oil prices. HUL, Power Grid Corp, Coal India were the other notable index gainers.

Bharti Airtel, Reliance, Maruti Suzuki, Kotak Mahindra Bank, M&M, HCL Technologies, Tech Mahindra were among the major losers while Reliance fell by over 1.5 percent on both the indices.

In Asia, stocks reacted to renewed fears of US-China trade war. Japan’s Nikkei fell 0.40 per cent and Hong Kong’s Hang Seng plunged nearly 2 percent. China’s Shanghai Composite index too was lower.

Also, catch all the action and updates in our Market Live blog.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market trades sharply lower on weak global cues

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Indian benchmark equity indexes traded sharply lower on Thursday tracking Asian peers where trade sentiments have taken a hit after the Trump administration threatened to expand tariffs on $200 billion worth of Chinese imports.

The BSE Sensex and the NSE Nifty 50, opened flat on Wednesday and fell sharply afterwards with the 30-share BSE index losing over 123 points to 37,398.10 in initial trade. The 50-share index dropped below the 11,350 mark, losing 38.20 points to 11,308.

Weakness in PSU Bank and bank shares along with metal and auto stocks added to the fall.

Both midcaps were lower by nearly 0.6 percent, with the BSE MidCap being lower by 95 points and the Nifty MidCap trading lower by 132 points.

Only two out of 19 sectoral indices on the BSE were trading in the positive territory.

On the NSE, all broad market indices traded lower, while among sectoral indices, maximum weakness was seen in auto at 1.55 percent, followed by PSU bank and metal at 1.35 percent each. Nifty Bank was down by 0.70 percent, fin service was lower by 0.75 percent. Only Nifty Pharma traded higher at 0.88 percent, while FMCG was at 0.24 percent higher.

Among gainers, Dr Reddy’s Labs, Sun Pharma, Lupin and HPCL and BPCL were leading on the Nifty, while Power Grid Corp, Coal India, Hindustan Unilever, IndusInd Bank were higher on Sensex. Index laggards included Grasim, Vedanta, Tata Steel, Yes Bank, Tata Motors, Maruti Suzuki, down by up to 2.42 percent.

The Indian rupee opened stronger against the US dollar at 68.37, a day after the Reserve Bank of India raised key lending rates to tame inflation, while retaining a neutral policy stance. The rupee had closed at 68.43 on Wednesday.

Asian markets fell sharply after trade war concerns came back to haunt investors. Japan’s Nikkei was down by 0.40 percent, while Hong Kong’s Hang Seng has tanked by almost 500 points or 1.7 percent. South Korea’s Kospi was down by over 1.2 percent.

Also, catch all the action and updates in our Market Live blog.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top stocks that trended in the market today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Indian market turned volatile towards the fag end of the trading session on Wednesday, to close lower, bringing an end to a four-day gaining streak.

The catalyst turned out to be the Reserve Bank of India’s (RBI) decision to raise key lending rates.

The Sensex ended down by 84.96 points or 0.23% at 37,521.62, while the Nifty ended lower by 10.30 points or 0.09% at 11,346.20.

Indexes were pulled lower by HDFC twins and ICICI Bank, while TCS, Reliance Industries and ITC played for the bulls. 

Here are the top stocks that trended today:

Bajaj Auto: Shares of the two-wheeler maker slipped 0.56 percent to Rs 2,685.65, or lower by Rs 15.05 after the company reported 30 percent jump in auto sales for July at 4 lakh units against 3.1 lakh units it sold last year. Intra-day, it traded between Rs 2,768 and Rs 2,668.90 on the BSE.

Tata Motors: Shares of the automobile company recovered six percent from lows to close in the green post Q1 earnings. It settled at Rs 264.95, rising by Rs 0.80, or 0.30 percent. After opening at Rs 248, the stock swung between a high of Rs 267.30 and a low of Rs 248 on the BSE.

IndusInd Bank: Shares of private sector lender gained as much as 1.3 percent to a record of Rs 2,021, but closed at day’s low at Rs 1,991.60, declining by Rs 2.80 or 0.14 percent on the BSE. Intra-day, it touched a high of Rs 2,020.50.

Maruti Suzuki India: Shares of India’s largest automaker by market share declined to Rs 9,340.30, or by 1.75 percent, losing Rs 166.10 in value after reporting a 0.6 percent decline in total sales at 1.64 lakh units against 1.65 lakh units (YoY).

HDFC twins: HDFC Bank settled at Rs 2,157.35, down by 1.09 percent, or Rs 23.70 on the BSE. It touched a high of Rs 2,179 and a low of Rs 2,151. HDFC on the other hand, declined by 1.24 percent to Rs 1,970.05. The twin stocks pulled indexes lower today.

ABFRL: Shares of Aditya Birla Fashion and Retail Ltd (ABFRL) surged to Rs 154.10, adding Rs 13.35, or 9.48 percent to the stock’s value on the BSE. It touched a high of Rs 168.90 and a low of Rs 142.05.

Ashok Leyland: Shares rose 5.27 percent to end at Rs 118.75, adding Rs 5.95 to the stock’s value on the BSE.

Dabur India: Shares of Dabur India gained around three percent on Wednesday morning as investors cheered its June quarter performance. The stock touched an intraday high of Rs 432.35 and an intraday low of Rs 423.35. It closed at 430.90, rising by 2.53 percent, adding Rs 10.65 on the BSE.

Reliance Industries: Shares of oil-to-telecom conglomerate advanced nearly by a percent after an international arbitration panel ruled in its favour on the issue of gas migration. RIL stock ended at Rs 1,191.15, rising by 0.45 percent, or Rs 5.30, after seeing a high of Rs 1,202.95 and a low of Rs 1,185.95 on the BSE.

Coal India: Shares of state-owned coal mining company ended at Rs 270.50, rising by 3.60 percent, or by adding Rs 9.40 to the stock value. It touched a high of Rs 272.20 on the NSE.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sensex, Nifty end lower in volatile trade after RBI raises key lending rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity benchmark indexes closed lower on Wednesday, breaking a 4-day gaining streak, after the RBI raised repo rate by 25 basis points. The central bank, however, maintained its neutral stance on monetary policy.

The silver lining for the indexes, however, is that the Sensex ended above 37,500, and Nifty was able to hold on to 11,300 mark. Banks underperformed with the Nifty Bank slipping nearly 170 points lower.

But gains in midcaps kept market breadth in favour of advances with the NSE advance-decline ratio at 1:1. HDFC twins and ICICI Bank pulled indexes lower, while the support came from TCS, Reliance and ITC.

Among stocks, Tata Motors recovered 6 percent from lows to close in the green after Q1 earnings, while Bajaj Auto closed at day’s low despite reporting in-line sales for July.

(Market update as of 3.45 pm)

RBI repo rate hike impact: Sensex, Nifty trade volatile

Indian markets continue to trade under pressure on Wednesday amid the Reserve Bank of India (RBI) raising key interest rates, but retained a neutral stance on the monetary policy. The RBI hiked repo rate by 25 basis points to 6.50 percent, while reverse repo rate now stands at 6.25 percent.

The Sensex dipped 148 points, or 0.39 percent lower, to 37,458.56 at 2.42 pm, while the Nifty declined to 11,340.70, down by 15.80 points, or 0.14 percent. All bank sectoral indices traded lower by up to 0.97 percent on the NSE with PSU Bank leading in losses. BSE Bankex is down by 0.72 percent.

(Market update as of 2.45 pm)

Here’s how the markets performed around noon

Indian equity indexes have erased most of the gains from Wednesday morning’s record rally amid sustained selling ahead of the Reserve Bank of India’s (RBI) decision on key policy rates and guidance on monetary policy.

The Sensex and the Nifty 50 have slipped into the red before noon, with the 30-share BSE index shedding over 150 points from the day’s high, trading at 37,556 at 11:58 AM, while the Nifty still hovered above the 11,350 mark, trading at 11,353 from the day’s high of 11,390.55.

Midcaps still trade higher with the BSE MidCap and the NSE MidCap rising by over 0.4 percent. The BSE sectoral indices are mostly flat, with 5 out of the 19 indices trading with a negative bias. Only oil and gas, healthcare and energy have posted gains below a percent.

Among the NSE sectoral indices, PSU Bank has declined by 0.80 percent, while auto, private banks too have declined by half a percent. Only pharma, IT and media are trading higher by up to a percent.

Among stocks, Bajaj Finance, HPCL, Power Grid, Lupin, Bajaj Finserv, TCS, Sun Pharma, Bajaj Auto and Coal India have risen on indexes, while shares of Idea Cellular, Maruti Suzuki, Eicher Motors, Tata Motors, Axis Bank, Yes Bank and ICICI Bank have declined.

Asian markets are mixed with Japan’s Nikkei rising by 0.85 percent, while Hong Kong’s Hang Seng is down by 0.22 percent as trade tensions between the US and China simmer.

Also, catch all the action and updates in our Market Live blog.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sensex, Nifty rally to fresh record highs; Tata Motors down by 3%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The BSE Sensex and the NSE Nifty 50 hit fresh highs on Wednesday in initial trade after opening on a flat note, ahead of the Reserve Bank of India’s (RBI) guidance on monetary policy and key interest rates.

The Sensex started at 37643.87 and soon the BSE index touched a high of 37,711.87. The NSE Nifty opened at 11,359.80 and soon hit a high of 11,386.90.

Investors will be guided by positive global cues although the outcome of the RBI’s monetary policy meeting will likely play on the back of the mind of traders. RBI is expected to raise rates by 25 basis points, according to CNBC-TV18 poll experts.

Midcaps have risen with the BSE MidCap trading higher by 0.45 percent, while the BSE SmallCap has also risen by 0.46 percent.

Among sectoral indices on the BSE, oil & gas surged the most by 1.23 percent. Energy was higher by almost a percent. Other notable gainers were telecom, energy, FMCG, metal. Only 4 out of 19 sectoral indices were trading flat with a negative bias.

NSE MidCap was higher by 0.51 percent. All sectoral indices were trading positive, except fin service. Metal surged the most by 0.70 percent. Nifty Energy was higher by more than 0.7 percent.

Among stocks, Tata Motors was one of the biggest losers after its Q1 results showed a net loss, pulling the stock down by almost 3 percent. Bajaj Auto surged by 1.7 percent following good sales for July as well. Other notable gainers included oil marketing companies such as IOC and BPCL on the back of falling crude oil prices.

Bharti Airtel, Vedanta, Kotak Bank, IndusInd Bank, Reliance shares also surged. HDFC twins were, however, trading lower along with Infosys, Axis Bank, NTPC among others.

The rupee opened flat against the US dollar at 68.55, after yesterday’s close at 68.54.

Asian shares have tracked overnight gains on Wall Street, as optimism grows over US-China’s attempts to renew talks over trade dispute.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sensex, Nifty settle at record close, Reliance lifts indexes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Markets ended at record high on Tuesday after a largely lackluster performance throughout the day. The Sensex and the Nifty recouped losses towards the fag end of the trading session, helped in particular by index heavyweight Reliance Industries, which surpassed the Tata Consultancy Services to become the most valued company of India. At 7.5 lakh crore market cap, RIL is now a $109 billion dollar company.

The Sensex ended 112 points up at 37,607, while the Nifty settled at 11,356, rising by 37 points. Midcaps on both indexes also ended higher, but banks underperformed, dragging indexes lower.

(Market update as of 3.45 pm)

Sensex, Nifty turned green before the close

Markets turned positive before the close with the Sensex edging higher by 21 points, or 0.06 percent to 37,515.32, while the Nifty is up by 12.15 points, or 0.11 percent, to 11,331.70.

Reliance leads in the Sensex pack with nearly 3 percent gains on a day the oil-to-telecom conglomerate surpassed the Tata Consultancy Services in market cap and becoming the country’s most valued firm.

Reliance is well-supported by Hindustan Unilever, Hero MotoCorp, Adani Ports, Tata Steel, Bharti Airtel, Asian Paints.

Axis Bank shares have declined sharply, however, by 3.3 percent, followed by HDFC which is down nearly 1.6 percent. SBI, Vedanta, ICICI Bank, Tata Motors, ITC are other laggards.

(Market update as of 3 pm)

Here’s how the markets performed around noon

The Indian market extended losses around noon session, sapped primarily by weakness in HDFC twins and selling pressure seen in most sectors. The Sensex traded at 37,370.89, down by 123.51 points, while the Nifty was at 11,288.30, lower by 31.25 points.

Traders have also turned cautious ahead of the Reserve Bank of India’s (RBI) decision on key interest rates.

Both the BSE Sensex and the NSE Nifty 50, snapped their six-day dream run on Tuesday and opened lower amid weak global cues. The Sensex had gained 998.03 points in the previous six sessions. The 50-share broader NSE index too slipped from record high by falling 35.40 points.

Among Sensex gainers, Hero MotoCorp rose by 2.46 percent, followed by Sun Pharma with 1.86 percent gains, Bajaj Auto with 1.34 percent gains. HDFC at 2.20 percent led among the laggards, followed by Tata Motors, Axis Bank, Tata Steel, ICICI Bank, Vedanta, ITC, Infosys, declining by up to 1.42 percent.

Tech Mahindra with 3.84 percent led the Nifty gainers, along with Sun Pharma, Hero MotoCorp, Dr Reddy’s Labs, HCL Technologies, while IndiaBulls Housing Finance tops the laggards at 3.07 percent. HDFC was down by 2.34 percent, Eicher Motors, BPCL and Axis Bank were also down up to 2.34 percent.

MidCaps outperformed with Nifty MidCap higher by 0.29 percent, while the BSE MidCap was up by 0.21 percent.

Asian stocks were mixed with Japan’s Nikkei trading higher by 0.3 percent after the Bank of Japan kept interest rates unchanged, while Hong Kong’s Hang Seng was trading lower by 0.25 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market opens in the red, IndiGo shares tank 10%, pharma stocks up

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The market opened lower tracking weak global cues on Tuesday and ahead of the Reserve Bank of India’s decision on the monetary policy and key interest rates on Wednesday.

Investor sentiments were also guided by the movement of rupee, oil prices and a slew of corporate earnings.

The Sensex ​traded lower by 20.48 points to 37,473.90, while the Nifty 50 was down by 16.20 points to 11,303.30. Nifty Bank shed more than 67 points, lower by 0.24 percent to 27,775. Nifty MidCap was trading flat, marginally higher at 18,814.50.

Index gainers included Axis Bank, Tech Mahindra, Dr Reddy’s Labs, ONGC, Power Grid, while the laggards were led by BPCL, ICICI Bank, Vedanta, HPCL, HDFC.

Among sectoral indices, Nifty PSU Bank was down by 0.08 percent, while others trading in the red were metal, fin service, FMCG. Nifty Pharma was higher by 0.43 percent, while Nifty Realty rose by 1.49 percent.

BSE MidCap and SmallCap were largely flat, trading higher by 0.30 percent and 0.20 percent respectively. Among BSE sectoral indices, realty was up by 1.49 percent, consumer durables 0.74 percent higher, power was up by 0.69 percent and utilities rose by 0.83 percent.

Among specific stocks, shares of InterGlobe Aviation, the parent company of IndiGo, tanked over 10 percent in early trade on Tuesday after the aviation company’s first quarter results disappointed the streets with brokerage firms revising their calls on the stock.

Shares of Shree Cement recovered 7 percent from Monday’s lows after CNBC-TV18 clarified to the street that the other expenses included a large forex loss.

Oil marketing companies’ stocks were down after Brent crude oil prices strengthened, while pharma stocks led by Dr Reddy’s and Lupin rallied higher.

Asian markets slipped into the red tracking rout in technology stocks on Wall Street. Japan’s Nikkei surged over 0.3 percent after the Bank of Japan kept interest rates unchanged, while Hong Kong’s Hang Seng was down by over half a percent.

US markets slided yesterday after rout seen in technology stocks.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top 10 stocks that trended in the market today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The BSE Sensex ended 157 points higher at 37,494, while the Nifty 50 ended 41 points higher at 11,319 on the first day of week after record opening in the morning.

ICICI Bank, Bharti Airtel, SBI, Axis Bank, UltraTech Cement were among top gainers, while IT stocks led by Infosys, Wipro declined along with HDFC twins, Adani Ports, L&T, Bajaj Auto and Kotak Bank.

Top 10 stocks that created buzz in the markets today:

Bharti Airtel: The telco’s shares settled at Rs 383.15, rising by 5.13 percent, or adding Rs 18.70 to the stock’s value. It swung between Rs 390.20 and Rs 353.20 on the BSE in intra-day trade.

ICICI Bank: Despite posting its maiden quarterly loss in more than a decade for the period ended in June, shares of ICICI Bank rose 4.76 percent at close, trading at Rs 307.25. It touched a high of Rs 308.35 and a low of Rs 294.50.

SBI: Shares of SBI surged 3.75 percent, rising to Rs 297.35, or adding Rs 10.75 to the stock on the BSE, after India’s largest public sector bank raised interest rates on fixed deposits, effective Monday. SBI raised interest by 5-10 basis points on deposits of below Rs 1 crore. The stock ranged between Rs 299.55 and Rs 287.60.

Bank of Baroda: Shares of Bank of Baroda jumped nearly 10 percent to Rs 151.75, after the public sector bank reported a 160 percent jump in net profit to Rs 528.3 crore for the quarter ended June, beating analyst estimates. BoB shares traded between a high of Rs 152.70 and a low of Rs 144.75, after opengn at 147.10 on the BSE.

Tech Mahindra: The IT firm reported Q1 net profit at Rs 897.9 crore. Tech Mahindra shares closed at Rs 654.60, rising by 1.46 percent, or Rs 9.45 in value on the BSE after trading between Rs 659.10 and Rs 646.60. It opened at Rs 649.

HCL Technologies: The IT firm’s share was the top index loser post its Q1 results on Friday. It closed at Rs 947.20, erasing value by Rs 16.50 or 1.17 percent on the BSE.

Texrail: Shares of Texmaco Rail & Engineering Ltd, traded at Rs 78.15 in the end on the BSE after good Q1 numbers, rising by over 13 percent.

Vedanta: The mining conglomerate’s shares traded at Rs 224.75, rising by 2.25 percent, or Rs 4.95 on the BSE. The stock has swung between Rs 232.95 and Rs 217.35, after opening at Rs 222 in intra-day trade.

HDFC: Shares of HDFC ended at Rs 2,028.05, or down by Rs 16.40, or 0.80 percent on the BSE after the firm reported a net profit of Rs 2,190 crore today.

Reliance Industries Ltd (RIL): RIL shares ended at Rs 1,149.70, up by 1.78 percent, or Rs 20.10 on the BSE. It earlier rose as much as 2.43 percent to an all-time high of Rs 1,157.3 during the day. The oil-to-telecom conglomerate had posted an about 8 percent rise in standalone net profit for June-quarter which beat analysts’ estimates.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Markets close near day’s high; PSU Bank index surges

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity markets ended Monday’s trading session on a high note with benchmark indexes recovering from mid-day bout of selling in IT and midcap stocks. They were largely helped by bank, telecom, oil stocks primarily in offsetting losses in other sectors.

The BSE Sensex ended 157 points higher at 37,494, while the Nifty 50 closed 41 points up at 11,319 on the first day of week after record opening in the morning.

ICICI Bank, Bharti Airtel, SBI, Axis Bank, UltraTech Cement were among top gainers, while IT stocks led by Infosys, Wipro declined along with HDFC twins, Adani Ports, L&T, Bajaj Auto, Kotak Bank.

Among sectoral indices, Nifty PSU Bank shone the most with 4.3 percent rise with all 12 public sector banks listed rising on the indice.

Market breadth is in favour of advances with advance-decline ratio at 2:1. Banks lead Nifty gains today with the SBI, ICICI and Axis Bank leading the pack. Texrail surges over 14% intra-day after good Q1 numbers. Tech Mahindra gained ahead of Q1 results.

(Market update as of 3.50 pm)

The markets recouped losses ahead of close

Indian equity markets recouped losses in early afternoon trade with the Sensex rising by over 155 points, or 0.42 percent, to 37,491.85, while the Nifty 50 reclaimed 11,300 mark, to trade higher by 39 points, or 0.34 percent, to 11,317.20.

ICICI Bank, SBI, Bharti Airtel, Vedanta, M&M, were among top index gainers, while shares of HDFC Bank, Kotak Mahindra, Infosys, L&T, Adani Ports, HCL Tech, Hindalco, Bajaj Finance declined. Midcaps were trading in the green with the BSE MidCap nearing half a percent.

Among sectoral indices, BSE Telecom, Bankex surged by up to 1.73 percent, while IT, Capital Goods, Teck trading in the negative zone. All other indices were trading higher of flat.

On the NSE, PSU Bank surged 4.70 percent, while Nifty IT traded in the red.

(Market update as of 2.10 pm)

Here’s how the markets performed around noon

Indian benchmark equity indexes, the Sensex and the Nifty, pared gains on Monday after sustained selling pressure was seen in IT and midcap stocks.

The bank stocks, particularly public sector banks, led by Bank of Baroda and State Bank of India (SBI) have helped offset losses in indexes along with ICICI Bank, metal and telecom stocks. Index heavyweight Reliance Industries has come down from the day’s high.

At 11:38 am, the Sensex was trading higher by just 30 points, or 0.08 percent, to 37,367.13, while the Nifty 50 traded at 11,288.20, marginally higher by 9.85 points, or 0.09 percent.

Shares of SBI, HPCL, ONGC, Vedanta, ICICI Bank, were among top index gainers, while Kotak Mahindra Bank, Infosys, Wipro, HDFC Bank, ITC, Eicher Motors, Grasim declined.

Midcaps trade in the red, with the Nifty MidCap lower by 0.31 percent, while the BSE midcap was down by 0.15 percent.

Among sectoral indices on the NSE, PSU Banks has surged by 3.59 percent with all 12 stocks advancing, led by Bank of Baroda at 9.58 percent. Other notable gainer is Pharma at 0.50 percent, while Nifty IT has lost by 0.68 percent.

On the BSE, Bankex gained by 0.78 percent, along with oil and gas, power, consumer durables, telecom and energy. IT, capital goods, teck and realty stocks have declined.

Earlier, the markets opened on a strong note breaking all previous records. The BSE Sensex rose by over 150 points to 37,496.80, while the Nifty hit a fresh high of 11,300 in opening trade.

Also, catch all the action and updates in our Market Live blog.

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