look news india
Mumbai: The third phase of Lok Sabha elections is being held tomorrow, May 7, 2024, this time with some expectations of a weaker-than-expected result and amid the scandals of the Harshad Mehta, Ketan Parekh era and a renewed rally in the Indian stock markets, Kolkata's promoters, brokers With profit entries showing higher profits, funds today opted to trim the surge in the index-based early rally amid reports of collusion scam. Along with this, gap was seen in many stocks due to panic selling in small and midcap stocks.
The Sensex made an early jump of 482 points to 74,359 before hitting a low of 73,786.
On the back of Titan, funds pressured consumer durables stocks along with selling in oil-gas, PSU, capital goods stocks, which ultimately ended the initial rally. Of course, strength was seen in select IT, healthcare, banking, realty stocks. Initially the Sensex reached 74359.69 with a gain of 481.54 points and then fell to a low of 73786.29 and closed at 73895.54 with a gain of 17.39 points. In the initial rise, Nifty spot rose by 112.95 points to reach 22588.80, then fell to a low of 22409.45 and finally fell by 33.15 points to close at 22442.70.
Titan falls Rs 254 to Rs 3282 on results: Whirlpool, Voltas, Rajesh Exports fall
Among consumer durables stocks, Titan Company's quarterly results were weaker than expected, with net profit rising 5 per cent to Rs 771 crore and total revenue rising 22 per cent to Rs 11,472 crore, profit booking falling Rs 253.75 to Rs 3281.65. Voltas fell by Rs 38.55 to Rs 1452, Rajesh Exports fell by Rs 7 to Rs 302.50, VIP Industries fell by Rs 9 to Rs 549.80. The BSE Consumer Durables index closed at 52702.07, down 2108.81 points.
Oil-Gas index falls 602: HPCL down Rs 9, BPCL down Rs 21 before May bonus, BPCL down Rs 20
Oil-marketing PSU stocks were selling off today as Saudi Arabia raised prices, with Brent crude up 67 cents at $83.63 a barrel and New York-Nymex crude up 77 cents at $78.88 a barrel. The scrip fell Rs 20.65 to Rs 513.65, BPCL fell Rs 19.75 to Rs 610.05, GAIL India fell Rs 6.10 to Rs 197.70 ahead of the announcement of considering the issue of bonus shares with the quarterly results of May 9, 2024. Petronet LNG fell by Rs 9.05 to Rs 304.80, IOC fell by Rs 4.50 to Rs 166.30, Adani Total Gas fell by Rs 13.80 to Rs 916.55, Reliance Industries fell by Rs 29.50 to Rs 2839. The BSE Oil-Gas index closed 602.72 points down at 28,542.39.
Valuation in IT stocks: TCS rises by Rs 82 to Rs 3921: Netweb, D-Link, Tech Mahindra gain.
Funds remained selective with short covering today after initial selling in IT-software services, technology stocks. TCS increased by Rs 81.65 to Rs 3921, Netweb increased by Rs 77.30 to Rs 1930.95, LTI Mindtree increased by Rs 63.55 to Rs 4718, Tech Mahindra increased by Rs 13.90 to Rs 1263.55, Oracle Finserv increased by Rs 76.95 to Rs 785. Rs 8, HCL Technology It rose by Rs 10.25 to Rs 3391.35, Persistent Systems rose by Rs 24.60 to Rs 3391.35.
Kotak Bank rises by Rs 77 to Rs 1625 due to good results: IndusInd Bank, ICICI attracted
Private bank shares were attractive today. Kotak Mahindra Bank's quarterly net profit rose 16.88 per cent to Rs 5,337.2 crore, while its shares rose Rs 77.50 to Rs 1,624.75. IndusInd Bank increased by Rs 15.65 to Rs 1498.35, ICICI Bank increased by Rs 6.80 to Rs 1148.80, Axis Bank increased by Rs 3.95 to Rs 1145, HDFC Bank increased by Rs 4.15 to Rs 1522.80. BSE Bankex index closed 125.27 points higher at 55534.36. Along with this, among financial services stocks, Daulat Algotech rose by Rs 18.35 to Rs 134.30, Centrum Capital rose by Rs 2.67 to Rs 40.25, Rane Holdings rose by Rs 63.90 to Rs 1463.95, Anand Rathi rose by Rs 2.67 to Rs 1463.95. ₹57.65 increased to Rs 4055.
Small, midcap stocks surge, profit booking, market scope negative: 1,935 shares closed negative.
Sensex, Nifty based bounce got a jolt as Nifty remained negative and Sensex positive, market breadth turned negative due to huge selling by players in multiple funds, small, mid cap stocks. Of the total 4094 stocks traded on BSE, the number of gainers was 1207 and the number of decliners was 2726.
FPI/FII net sale of shares worth Rs 2169 crore: DII net purchase of Rs 781 crore
Foreign portfolio investors – FPIs, FIIs made a net sale of shares worth over Rs 2168.75 crore in cash today on Monday. There were sales of Rs 14,766.98 crore against total purchases of Rs 12,598.23 crore. While DII-domestic institutional investors made net purchases of shares worth Rs 781.39 crore in cash today. There were sales of Rs 13,009.76 crore against total purchases of Rs 13,791.15 crore.
Investors' wealth in stock-market cap. Rs 2.85 lakh crore reduced to Rs 403.39 lakh crore
Small, mid-cap stocks witnessed widespread selling today with many shares falling as indices turned bearish following the index-based two-way volatility. As a result, investors' wealth, i.e. total market capitalization of BSE listed companies fell by Rs 2.85 lakh crore in a day to Rs 403.39 lakh crore.