Tag: nifty

Market at Close | Sensex and Nifty plunge to 2-month lows amidst broad-based sell-off

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

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The equity benchmark indices Sensex and Nifty tanked to their lowest levels in two months on Thursday (May 9) as a broad-based decline sent frontline indices tumbling by 1-2%. The weakness was particularly pronounced in the broader markets, with the Midcap Index shedding 1,000 points, firmly favouring declines in market breadth.

The 30-share BSE Sensex tanked 1,060.45 points or 1.44% to settle at 72,405.94. The NSE Nifty dipped 335.40 points or 1.50% to finish at 21,967.10. The Nifty Bank index slipped by 533 points to 47,488, and the Midcap index was down by 927 points to 49,109.

From the Sensex basket, Tata Motors, Mahindra & Mahindra, HCL Technologies, State Bank of India and Infosys were the major gainers.
Larsen & Toubro, Asian Paints, ITC, JSW Steel and NTPC were the biggest laggards.

Stocks like Asian Paints and L&T witnessed declines of 5-6%. However, there were pockets of resilience, particularly in the auto sector, where two-wheeler stocks such as Hero MotoCorp and TVS Motors saw gains, buoyed by strong earnings and positive outlooks.

State Bank of India managed to close higher on the back of higher-than-expected results, marking a 2% recovery from its lows. Conversely, Piramal emerged as the top midcap loser, with its Q4 earnings disappointing investors, leading to a 9% decline in its stock price.

Further dampening sentiments were the slips seen in gold financing companies Muthoot Finance and Manappuram Finance, following an advisory from the Reserve Bank of India, with both stocks witnessing losses of 4-8%.

Other notable losers included Navin Fluorine, Tata Power, and United Breweries Limited (UBL), which all saw negative reactions to their Q4 results, closing down by 5% each.

In Asian markets, Tokyo, Shanghai and Hong Kong were trading with gains while Seoul traded lower. Wall Street ended on a mixed note on Wednesday (May 8).

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 at Close | Sensex, Nifty fall for 3rd straight session, wipe out ₹10 lakh crore market cap in 3-days

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

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The equity benchmark indices Sensex and Nifty extended their decline for the third consecutive day, erasing ₹10 lakh crore in market capitalisation over the course of just three trading sessions.

The 30-share BSE Sensex declined 383.69 points or 0.52% to settle at 73,511.85. The NSE Nifty dipped 140.20 points or 0.62% to finish at 22,302.50. The Nifty Bank and Midcap Index also witnessed sharp declines, slipping by 610 points and 988 points respectively.

The downturn was exacerbated by weakness in sectors such as metals and autos, which dragged down the overall market performance. However, the IT and FMCG sectors provided some respite, lending support amidst the broader sell-off.

Broader market indices witnessed significant underperformance compared to the benchmarks, with the Midcap Index experiencing its worst day in two months. An overwhelming 88 out of 100 stocks in the Midcap Index closed in the red, with individual stocks plummeting by as much as 6%.

From the Sensex basket, Hindustan Unilever, Tech Mahindra, Nestle India, Tata Consultancy Services, ITC, Infosys and Wipro were the major gainers. Power Grid Corporation Of India, IndusInd Bank, Tata Motors, HCL Technologies, NTPC and Tata Steel were the biggest laggards.

Lupin saw a 4% drop after missing revenue expectations in both the Indian and US markets. Meanwhile, Voltas slipped by 4% ahead of its earnings report. The real estate sector continued to face profit booking, with DLF witnessing another 4% decline today. Titagrah Rail emerged as a rare gainer in the market turmoil, surging by 10% after a leading brokerage firm initiated an overweight call on the stock.

The Nifty FMCG rose by 2%, led by gains in heavyweights such as HUL, Britannia, Nestle, Marico, Godrej Consumer, and Dabur. Gujarat Fluorochemicals’ commentary on product pricing weighed on SRF, dragging the stock down by 7%.

Similarly, a miss on volume estimates by Gujarat Gas impacted city gas companies, resulting in stock declines ranging from 1% to 6%. Market breadth heavily favoured declines, with the advance-decline ratio skewed at 1:3.

The Foreign Institutional Investors (FIIs) emerged as net sellers, offloading equities worth ₹3,668.84 crore. Conversely, Domestic Institutional Investors (DIIs) turned into net buyers of equities worth ₹2,304.50 crore.

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 at Close | Sensex, Nifty end largely lower amid volatility, Midcaps underperform

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

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In a day marked by volatility, the equity benchmark indices Sensex and Nifty on Monday (May 6) witnessed a mixed session as indices struggled to find direction amidst a plethora of factors influencing investor sentiment.

The Reserve Bank of India’s (RBI) draft on infrastructure lending weighed heavily on public sector undertakings (PSUs), leading to a notable slip of 3-4% in the PSUs, PSU Bank, and PSE indices.

Most sectoral indices experienced declines, further exacerbated by a surge in the Volatility Index, reaching a 52-week high. The Sensex managed to eke out a modest gain of 17 points, closing at 73,896, while the Nifty succumbed to selling pressure, falling 33 points to settle at 22,443.

Midcap stocks bore the brunt of the market turmoil, with the Midcap Index slipping 273 points to 50,662, and the Nifty Bank shedding 28 points to 48,895.

Among individual stocks, Britannia and Kotak Mahindra Bank emerged as the top gainers on the Nifty, buoyed by robust Q4 results. However, Titan faltered, plunging 7% after reporting lower-than-estimated earnings for the quarter.

Godrej Properties soared to a record high, surging over 10% on the back of strong guidance. Deepak Nitrite also witnessed a notable uptick, spurred by a double upgrade from Morgan Stanley.

Marico’s stock rose 2% as its Q4 earnings met market expectations, while Lupin managed to claw back from lows to close in the green ahead of its quarterly results. Arvind staged an impressive recovery, climbing 14% from its lows post the release of its Q4 results data.

Paytm faced a setback, sliding 5% following the resignation of its
Chief Operating Officer (COO) and President, Bhavesh Gupta. Tata Technologies, Inox Green, Jammu & Kashmir Bank, and M&M Financial Services witnessed declines of up to 3% each after reporting their Q4 results.

Angel One experienced a sharp decline of more than 3% as gross client acquisition month-on-month continued to fall. With the market breadth favouring declines, the advance-decline ratio stood at 1:2.

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

What does the India VIX indicate after a 70% jump in eight sessions?

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

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The India Volatility Index or India VIX hit a 52-week high on Monday, jumping as much as 15%. This was also the biggest single-day surge for the volatility index since March 2023. The VIX also rose for the eighth day in a row on Monday.

The volatility index had declined to an intraday low of 9.85 on April 23. Since then, the index has surged eight days in a row to hit a 52-week high of 16.95 on Monday. The VIX gained as much as 16% on Monday.

India VIX is a volatility index calculated by the National Stock Exchange to measure the market’s anticipation for volatility and fluctuations in the near-term.

Generally VIX levels in excess of 30 are considered to signal heightened volatility from increased uncertainty, risk and investor fear. Levels below 20, however, correspond to more stable, less stressful periods.

However, over the last few sessions, the VIX has seen double digit gains twice.

After the surge over the last eight sessions, the India VIX is now trading above all of its key moving averages.

From oversold zones on April 23, the India VIX is now in overbought territory on the charts. Its Relative Strength Index stood at 71. An RSI reading above 70 indicates that the stock is in overbought territory.

The Indian markets have been very choppy on Monday. The Nifty has traded in a 200-point range and is set to close nearly 150 points off the day’s high with minor losses. Every small recovery on the index on Monday has been sold into. The underperformance has come from the broader markets, with the smallcap index declining by over 1%.

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 at Close | Sensex, Nifty end flat with financials being major drag

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

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The equity benchmark indices Sensex and Nifty ended flat on Thursday (May 2) with financials being a major drag. ICICI Bank and Kotak Mahindra Bank emerged as the primary culprits behind Nifty’s lacklustre performance.

The 30-share BSE Sensex climbed 128.33 points or 0.17% to settle at 74,611.11 in a restricted trade. During the day, the index rose by 329.65 points or 0.44% to a high of 74,812.43. The NSE Nifty rose by 43.35 points or 0.19% to 22,648.20 as 29 of its constituents advanced and 21 declined.

The Nifty Bank, in particular, bore the brunt of this downturn, shedding 166 points to settle at 49,231. The Midcap Index scaled new heights and nearing a record high. The index soared by 247 points to reach 51,115.

From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers.

HPCL, BPCL, and IOC saw their stocks surge by up to 7%, buoyed by the news of crude oil prices dipping below the $85 per barrel mark. REC and PFC saw positive trends with REC extending gains from the previous session, buoyed by favourable Q4 earnings reception, while PFC also rose. Dabur India closed at its peak for the day, driven by strong volume growth in Q4, surpassing market estimates.

Godrej Properties and Godrej Industries experienced slight declines, possibly due to market corrections, while Godrej Consumer Products ended positively following a family settlement. In the automotive sector, companies like Bajaj Auto, Tata Motors, M&M, and Hero MotoCorp witnessed an uptick in their stock prices, fueled by encouraging monthly sales figures.

While some companies, like Federal Bank, Chola Finance, and IndiaMART, celebrated robust Q4 results with gains ranging from 4% to 10%, others, such as Kotak Mahindra Bank, grappled with setbacks, including the resignation of a key executive. Overall, market breadth favoured advances, with the advance-decline ratio standing at a balanced 1:1.

In Asian markets, Hong Kong settled with gains while Seoul, Tokyo and Shanghai ended lower. European markets were trading on a mixed note. Wall Street ended mixed on Wednesday. Global oil benchmark Brent crude climbed 1.02% to $84.29 a barrel.

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 at Close | Sensex, Nifty regains Friday’s losses led by ICICI Bank, HDFC Bank

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

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The equity benchmark indices, Sensex and Nifty surged on Monday (April 29), reclaiming losses incurred during the previous session, with the financial sector spearheading the resurgence. The Nifty Bank Index stole the spotlight, surging to an all-time high, marking its most significant gain in two months.

Driving this surge were ICICI Bank and HDFC Bank, whose combined efforts accounted for over 60% of Nifty Bank’s remarkable ascent. ICICI Bank, in particular, emerged as the biggest contributor to both the Nifty and Nifty Bank indices.

The broader market indices mirrored the fervent activity, with the Sensex surging by  941 points to settle at 74,671, while the Nifty surged 223 points to reach 22,643. The Midcap Index also saw notable gains, climbing 210 points to 50,834. ICICI Bank’s market capitalisation crossed ₹8 lakh crore mark, buoyed by a robust showing in the fourth quarter.

IndusInd Bank, UltraTech Cement, State Bank of India, Axis Bank, Kotak Mahindra Bank, Tata Consultancy Services, Bajaj Finance and HDFC Bank were the other major gainers. ITC, Wipro and Bajaj Finserv were the other laggards.

HCLTech witnessed a 6% decline following lower-than-expected Q4 results and a muted outlook. Conversely, UltraTech Cement shone bright, rising 3% after reporting better-than-expected Q4 results.

Meanwhile, companies like IREDA and KPIT Tech enjoyed notable gains post-quarterly announcements, with the former receiving Navratna status and the latter impressing investors with improved earnings and bullish guidance.

In the midst of earnings season, volatility was evident, with Trent swinging wildly post-earnings but ultimately closing 1% higher. Similarly, Maruti Suzuki faced mixed reactions from investors, ending the day in the red despite a 3% dip from its highs.

Companies like SBI Card, Mastek, NDTV, and IDFC First Bank faced market scrutiny after posting Q4 results, resulting in declines of up to 4%. Apollo Hospitals also faced investor backlash, emerging as the top Nifty loser following scrutiny surrounding details of the Apollo 24/7 deal.

BSE shares witnessed a staggering 18% intra-day fall, the most since listing, amid concerns over regulatory fee issues. Despite the mixed bag of performances, market breadth favoured advances, with the advance-decline ratio standing at 1:1.

In Asian markets, Seoul, Shanghai and Hong Kong settled in the positive territory. European markets were trading on a mixed note. Wall Street ended with gains on Friday. Global oil benchmark Brent crude declined 0.51% to $89.04 a barrel.

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 at Close | Sensex, Nifty gain for fourth straight session, metal stocks surge

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

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Equity benchmark indices Sensex and Nifty continued their upward trajectory for the fourth consecutive session on Wednesday (April 24), bolstered by a surge in metal stocks and positive sentiments across sectors. The benchmark indices, Sensex and Nifty, notched up modest gains, with Nifty firmly holding above the 22,400 mark.

From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers. Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.

Leading the charge were banking names Kotak Mahindra Bank and ICICI Bank, alongside robust performances from metal sector heavyweights like SAIL, NMDC, JSW, and Tata Steel. The metal stocks rode on the back of a global upswing in prices, propelling the sectoral index to a record high.

However, the market saw a mixed bag of performances from individual stocks. Cipla emerged as the top gainer on the Nifty, buoyed by a positive brokerage note, witnessing a surge of 4%. Conversely, Tata Consumer Products faced a setback, slipping over 5% following a mixed set of earnings announcements.

While insurance stocks grappled with pressure in the wake of ICICI Prudential Life Insurance Company’s mixed Q4 results, defence names like HAL saw continued buying interest, registering a gain of more than 4%.

In the telecom sector, Vodafone Idea retraced its gains from the previous session, sliding 9%, while Indus Towers also experienced a dip. On the flip side, UBL saw a surge of 10%, fueled by the upbeat outlook stemming from Heineken’s volume growth in India.

Dixon Technologies continued its upward trajectory, with a rise of more than 4% to hit a record high. The market breadth favoured advances, with the advance-decline ratio standing at 2:1.

As the market closed, attention turned to anticipation ahead of the earnings reports from key players like Axis Bank, Indian Hotels, and AU Small Finance Bank, while HUL ended the day flat in anticipation of its upcoming results.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European markets were trading mostly with gains. Wall Street ended with gains on Tuesday. Global oil benchmark Brent crude declined 0.35% to $88.11 a barrel.

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

NSE waives transaction charges on Nifty Next 50 F&O trades for next 6 months

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

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On April 23, the National Stock Exchange of India (NSE) announced that it would waive transaction charges on futures and options (F&O) contracts traded on the Nifty Next 50 index for the next six months, from April 24, 2024, to October 31, 2024.

In a circular released on April 23, the NSE stated, “In order to encourage active participants in Futures and Options contracts on Nifty Next 50 Index, it has been decided that no transaction charges will be levied on the trades done in Futures and Options contracts on Nifty Next 50 Index (NIFTYNXT50) in Future & Options segment from April 24, 2024 (product launch date) till October 31, 2024.”

This announcement follows closely after NSE’s recent introduction of trading in F&O contracts on the Nifty Next 50 Index, which will be effective from April 24, 2024.

Sriram Krishnan, Chief Business Development Officer at NSE, emphasised the significance of introducing derivatives on the Nifty Next 50 index, saying, “The introduction of derivatives on the Nifty Next 50 index (NIFTYNXT50) will complement the existing index derivatives product suite well. The Nifty Next 50 index represents the space between the Nifty 50 index, comprising the top large and liquid stocks, and the Nifty Midcap Select index, comprising the top large and liquid mid-capitalised stocks.”

Also Read: NSE to introduce derivatives on Nifty Next 50 index from April 24, check details here

The newly-introduced cash-settled derivatives contracts will expire on the last Friday of the expiry month, as per NSE’s announcement.

The Nifty Next 50 Index includes 50 companies from the Nifty 100, excluding the Nifty 50 companies. It is also known as Junior Nifty.

As of March 2024, the index’s top sector representation came from the financial services sector, with a weight of 23.76%, followed by the capital goods sector at 11.91% and consumer services at 11.57%. The index was introduced on January 1, 1997, with the base date and base value being November 3, 1996, and 1000, respectively.

The market capitalisation of index constituents stands at ₹70 lakh crore, representing about 18% of the total market capitalisation of the stocks listed on the NSE as of March 29, 2024. The aggregate daily average turnover of index constituents stood at ₹9,560 crore, accounting for around 12% of the cash market turnover in FY24.

Also Read: India VIX records steepest drop in 5 years as Israel-Iran tensions ebb and election trends

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 at Close | Sensex, Nifty gains for third straight session, Volatility Index slides 20%

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

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Equity benchmark indices Sensex and Nifty continued their upward trajectory for the third consecutive session on Tuesday (April 23) but closed off their intraday highs. The Sensex edged up by 90 points to reach 73,738, while the Nifty gained 32 points to settle at 22,368. Notably, the Nifty Bank surged by 46 points to 47,970, and the Midcap Index soared by 518 points, closing at 49,615.

From the Sensex basket, Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints and State Bank of India were the major gainers. Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra and Bajaj Finance were among the laggards.

Aditya Birla Group stocks stole the limelight with gains, as Grasim Industries, Aditya Birla Fashion and Retail and Aditya Birla Capital surged by 4-9%. Meanwhile, Vodafone Idea witnessed a surge of over 11% after its ₹18,000 crore follow-on public offering (FPO) garnered a staggering subscription rate of 7x.

Key players like Tata Consumer Products, MCX, ICICI Prudential Life Insurance Company and SBI Cards and Payment Services closed with gains, setting the stage ahead of their earnings reports. Nestle witnessed a surge of 3% from its intraday low as investors anticipated its quarterly results scheduled for tomorrow.

Automobile stocks witnessed significant buying interest, with Maruti Suzuki’s share price crossing the ₹13,000 mark for the first time. However, Sun Pharma emerged as the top Nifty loser, declining by over 3%. The realty sector saw notable buying activity, particularly in Oberoi Realty and DLF, both gaining 3% each.

On the flip side, M&M Financial Services faced a setback, sliding by more than 5% following reports of fraud in one of its North East branches. Oracle Financial Services extended its downtrend for the 12th consecutive session, marking an 18% decline over the past 12 days. Despite fluctuations, market breadth favoured advances with an advance-decline ratio standing at 2:1.

In Asian markets, Tokyo and Hong Kong settled in the positive territory while Seoul and Shanghai ended lower. European markets were trading with gains. Wall Street ended in positive territory on Monday. Global oil benchmark Brent crude climbed 0.41% to $87.36 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,044.54 crore, while Domestic Institutional Investors (DIIs) sold ₹2,918.94 crore in equities today (provisional).

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 at Close | Sensex, Nifty rises 1% each, Reliance along with ICICI Bank, Axis Bank lift Nifty

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

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The Indian stock markets surged ahead on Monday (April 22), extending the gains from the previous session and reaching a one-week high. Frontline indices, Sensex and Nifty, each rose by 1%, fueled by broad-based buying across all sectoral indices.

Leading the charge were heavyweight stocks like Reliance Industries, ICICI Bank, Axis Bank, and Larsen & Toubro, which lifted the Nifty higher. However, HDFC Bank weighed on the indices, dragging down Nifty, despite posting improved quarterly results.

Extending its previous day’s rebound, the 30-share BSE Sensex climbed 560.29 points or 0.77% to settle at 73,648.62. During the day, it advanced 679.47 points or 0.92% to 73,767.80.

Also Read: Vodafone Idea’s ₹18,000 cr FPO fully subscribed on last day: Check GMP and other details

The NSE Nifty went up by 189.40 points or 0.8% to 22,336.40. The Nifty Bank witnessed a strong uptrend, gaining 351 points to close at 47,925, while the Midcap Index climbed 400 points to reach 49,096, reflecting widespread optimism among investors.

From the Sensex basket, Larsen & Toubro, Bajaj Finance, Axis Bank, State Bank of India, UltraTech Cement, Wipro, ICICI Bank, Infosys, HCL Technologies and Asian Paints were the major gainers. NTPC, JSW Steel and HDFC Bank were the laggards.

The auto sector witnessed significant buying activity ahead of earnings reports, with Eicher Motors and Hero MotoCorp emerging as the top gainers. Additionally, a fall in crude oil prices boosted oil marketing companies and aviation stocks.

HDFC Bank, despite reporting improved Q4 results, saw a 3% decline from its highs. Persistent Systems recorded its biggest fall in five years due to muted margin guidance, while Gujarat State Petroleum Corporation (GSPL) slumped 20% after the Petroleum and Natural Gas Regulatory Board (PNGRB) approved lower tariffs for a crucial pipeline.

Oracle Financial Services continued its downward spiral for the 11th consecutive session, shedding 15% in 11 days. SPARC hit the lower circuit for the seventh straight day, with pending sell orders contributing to the downward pressure.

On a positive note, Tejas Networks surged more than 16% ahead of its Q4 earnings. Overall, market breadth favoured advances, with the advance-decline ratio standing at 3:1.

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