The Indian benchmark indices opened marginally lower on Friday, following the trend of previous trading sessions. Despite positive global cues, the market saw weakness as FIIs continued their selling streak. However, experts believe that a recovery in earnings could lead to a change in the scenario and potentially shift the market towards a positive trend. Meanwhile, top gainers on the Sensex included names like Tech Mahindra, Infosys, and HCL Tech, while major losers were ICICI Bank and Reliance Industries.
Triveni Turbine Ltd, a company founded in 1995 and based in Noida, Uttar Pradesh, has been making waves in the electric equipment industry. With its team led by chairman Dhruv M Sawhney and company secretary Rajiv Sawhney, Triveni Turbine Ltd stands out among its competitors. Despite being a newcomer in the market, the company has already gained attention and established itself as a major player in the industry, as evidenced by its partnership with top data sources and its recognition by Living Media India Limited.
Indian equities continued their upward trend for the second day, with Nifty and Sensex both registering gains of over 1.5%. Bank Nifty also saw an increase of nearly 2%, led by gains in HDFC Bank, ICICI Bank, SBI and Axis Bank. This surge can be attributed to the positive sentiment post the state election results, which have been deemed as highly positive for the market. Analysts predict that the rally may continue for a few more days, driven by short covering and bullish momentum. Meanwhile, Asian markets also traded in the green as the US Treasury secretary selection caused a downward movement in the dollar and bond yields.
Hindustan Unilever Limited (HUL) has recently separated its ice cream business, with a valuation exercise already completed. However, the move has faced complications as a panel formed by HUL to evaluate the prospects of this business has discovered that softy ice cream mix is subject to an 18% GST. In addition, a video showing tampering of Amul ice cream has resurfaced, causing concerns for GCMMF. These developments, along with HUL's earnings and FII outflows, have contributed to a fall in the markets for the fourth day in a row. Despite this, there is a silver lining as the Sensex has rebounded, with FMCG seeing growth and Adani Energy receiving a SEBI notice for its shareholding categorization.
Despite initial signs of recovery, the Indian stock market faced a decline in early trade on Monday due to persistent foreign fund outflows, IT stock sell-offs, and weak cues from US markets. The downward trend was reflected in both the Sensex and Nifty, with major companies like Infosys, Tech Mahindra, and Tata Consultancy Services among the major losers. The rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market, adding to the ongoing sell-off.
The stock market kicked off the new Samvat Year 2081 with a strong start as the BSE Sensex rose nearly 448 points in a special Muhurat trading session. This increase was attributed to widespread buying by investors, with all of the index's constituents trading in the green. The 50-issue Nifty also saw a significant rise, with 47 of its constituents ending in the green. Major contributors to the Sensex's gains were Mahindra & Mahindra, Adani Ports, and Tata Motors.
In a session marked by selling pressure in financial, auto, and FMCG shares, the Nifty50 and Sensex closed lower, with the Sensex down 0.3% and Nifty50 down 0.1%. The market saw only brief moves above the flatline, with the Nifty50 moving within the 24,900-25,000 range. The top losers in the Nifty50 basket included M&M, ICICI Bank, Cipla, Adani Enterprises, and Maruti Suzuki, while top gainers included Trent, Hindalco, HCLTech, Tech Mahindra, ONGC, and JSW Steel. Despite the overall weak market trend, midcap and smallcap shares bucked the trend, with gains of 0.5% each in the Nifty Midcap and Nifty Smallcap indices. Keep up with the latest stock market updates and all other business news on Zeebiz.com.
The Indian stock market took a nosedive on Thursday, with the BSE Sensex and NSE Nifty50 dropping over 1.50% each as tensions in the Middle East continue to escalate. The decline, which resulted in a loss of Rs 7 lakh crore in market capitalization, is attributed to a surge in crude oil prices and a notable outflow of Foreign Institutional Investor (FII) money from India to China. Experts warn that the situation may worsen if Israel retaliates against Iran, which could lead to a spike in crude oil prices and potentially harm economies like India. Investors are advised to closely monitor the situation and consider shifting their portfolios to defensive sectors, such as Pharma and FMCG.
JP Morgan has upgraded KPIT Technologies from neutral to overweight and raised their target price for the stock, implying a potential gain of 20%. Despite negative news surrounding the global shift towards electric vehicles, the company's major clients such as BMW, Honda, and Renault have not scaled back their EV plans. KPIT Tech's strong exposure to Advanced Driver Assistance Systems and connected vehicles is expected to continue driving revenue and margin growth. Other firms like Goldman Sachs and HSBC have also maintained their positive outlook on the stock, with buy and hold calls, respectively. In the past year, the stock has outperformed the Nifty IT index, with a gain of over 45%.
Indian stock market shows strong performance as benchmark indices BSE Sensex and NSE Nifty gain over 0.75% on Thursday. Private lender HDFC Bank sells off housing loan portfolio worth $717 million while RITES consortium emerges as lowest bidder for $11.9 million project. Piramal Capital & Housing Finance, subsidiary of Piramal Enterprises, sells immovable property worth Rs 187 crore in Mumbai. Other major corporate actions such as ex-bonus and ex-dividend trading for Pulsar International and Sanghvi Movers, respectively, and strategic collaboration between Infosys and Sally Beauty Holdings Inc. to provide IT efficiencies through hyper-automation also to be watched out for on Friday.