Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
Wadia Group-owned Go First Airways' (Go First) insolvency plea could trigger a 'momentum rally' in shares of rival airlines, Interglobe Aviation (parent company of IndiGo) and SpiceJet, as they look to gain bankrupt airline's market share, said analysts. On the bourses, shares of InterGlobe Aviation hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE in Wednesday's intra-day trade, before settling 4.5 per cent higher at Rs 2,164 apiece. Those of SpiceJet and Jet Airways, meanwhile, rallied up to 6 per cent in the intra-day trade, and ended 1 per cent and 5 per cent higher, respectively, following the development, which was announced post market hours on Tuesday.
Brokerages have lowered the price targets of asset management companies (AMCs) since they failed to beat revenue growth expectations in the January-March quarter (fourth quarter, or Q4) of 2022-23 (FY23). The regulator's plans to lower the fee charged by AMCs also added to concerns. While HDFC AMC and Nippon Life India AMC reported modest growth in revenue from operations in Q4FY23, UTI AMC and Aditya Birla Sun Life AMC delivered yet another weak quarter.
The rupee had lost 30 paise to close at 61.35 in the previous session on Friday on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.
'Investing in a factor-based fund can be beneficial provided you have chosen the right factor.'
Financial, capital goods, IT, power and oil and gas sector stocks hogged the limelight, helped indices to reclaim their key level.
The Sensex closed the day at 27,490, higher by 479 points and the Nifty ended at 8331.95, up 150.45 points.
Since you are betting only on a few stocks, the risks are high.
Valuation of TCS, ITC declines in the week
Nikunj Saraf, Vice President Choice Wealth, answers your mutual fund queries.
'Reduce the perks and privileges of MPs, but let there be no reduction in the money spent on the education of martyrs' children,' says former BJP MP Tarun Vijay.
Images from Saturday's action in the Premier League.
India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed. India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa. Russia now makes up for nearly 42 per cent of all crude oil India imported in May.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
The BSE Sensex lost about 1,600 points, while the National Stock Exchange Nifty was down about 400 points.
A leading newspaper group in Delhi is keen to list a planned new company on the Alternative Investment Market of the London Stock Exchange.
Demanding withdrawal of the decision, the Communist Party of India said the government had opened up telecom sector when the country was 'yet to overcome the loot and losses due to 2G spectrum scam'.
India's largest listed pharmaceutical (pharma) company - Sun Pharmaceutical Industries (Sun Pharma) - is expected to maintain its outperformance vis--vis the sector's, as its multiple bets on specialty products, improving product mix, recent acquisitions, and branded business are finding favour with brokerages. While it has gained 7 per cent over the past year, the Nifty Pharma Index is down 13.6 per cent. Its outperformance over two years has been fairly evident, with the market leader gaining 66 per cent to Nifty Pharma's minus 1.4 per cent.
Metal stocks were trading under pressure while IT, auto, realty stocks gained in today's deals
The upsurge in capital market seems to have bypassed the information technology sector where the top 25 companies including Wipro, Infosys, HCL and NIIT, lost almost Rs 66,500 crore in market value since March 8, 2001.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
The total market capitalisation of BSE listed companies stood at Rs 1,01,68,542 crore.
The power sector is always strongly correlated to economic activity and is receiving its share of investor attention as India's post-Covid-19 recovery continues. India's leading integrated power producer, the public sector undertaking (PSU) NTPC controls around 25 per cent of India's power capacity. It continues to increase installed capacity, in thermal as well as renewables (solar, wind, green hydrogen) and hydropower and pumped hydro, and also has backward integration into coal mining, and explored nuclear.
The stock of LTIMindtree finished at Rs 5,001 a piece on Monday, which means it is down about 5 per cent from its all-time high as its June quarter results for the 2023-24 financial year (Q1FY24) missed estimates. A cautious note by the management, coupled with the fact that it will miss its double digit revenue growth target for FY24 weighed on the stock price. The company delivered revenues of just over a billion dollars in the quarter with constant currency growth of 0.1 per cent.
However, IT stocks fell on weak growth forecast by Gartner
India has substantially increased its crude oil imports from the US, with the country's share in India's crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.
Morgan Stanley has increased the target prices of certain information technology (IT) stocks by as much as 29 per cent, anticipating an improvement in earnings in the near future. Within the IT and engineering research and development (ER&D) services sector, it is now more optimistic about growth and margin estimates for 2024-25 (FY25).
This is the highest closing for both the indices since May 15.
'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
Bajaj Auto has raced ahead of Hero Honda Motors in terms of market capitalisation following the recent drubbing received by the latter, while the former managed gains in a weak market.
OIL, IOC, HPCL, BPCL slipped between 0.1-1.5% each while the oil producing companies such as ONGC (0.1%), RIL (1.5%), GAIL(2.6%) also edged lower.
Swiss National Bank shocked the currency markets on Thursday by abolishing their currency -- franc's three year-old cap of 1.20 per euro
The SIP route suits the salaried class, by matching their income flows with investment frequency.
Forex dealers said besides increased selling of the American currency by exporters and banks, a higher opening in the domestic equity market and the dollar's weakness against other currencies overseas supported the rupee.
The S&P BSE Sensex dropped 1 points to end at 26,396 and the Nifty50 slipped 2 points to end at 8,109.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
Don't exit from growth-style funds as they may benefit next from a shift in investor preference.
