Produced by: Aseem Thapliyal
The domestic equity market was trading lower in the afternoon session today. Sensex lost 726 points to 73,739 and Nifty fell 231 pts to 22,065.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "A major trend in the market now is the aggressive selling by FIIs, which has touched to Rs 15,863 crore so far this month. Though DIIs are buying they are not as aggressive as they were due to some concerns surrounding election results. It is important to understand that there is a new factor triggering FII selling, apart from the high US bond yields. This is the outperformance of the Chinese and Hong Kong markets. During the last one month while Nifty is down 1.5% the Shanghai Composite is up by 2.62% and Hang Seng is up by a whopping 8.8%. Chinese and Hong Kong markets are cheap with PEs around 10 while India is expensive with double the PE of these markets.."
Shares of Tata Motors climbed 3% to Rs 1042.95 on BSE in the afternoon session. Market cap of the auto major rose to Rs 3.43 lakh crore. Total 13.79 lakh shares of the firm changed hands amounting to a high turnover of Rs 142.20 crore.
Shares of Larsen & Toubro fell over 6 % to Rs 3276 today. Market cap of the firm slipped to Rs 4.5 lakh crore. Total 2.74 lakh shares of the firm changed hands amounting to a turnover of Rs 90.98 crore.
Tata Power stock fell 4% post Q4 earnings. The power stock slipped 4% to Rs 417.80 against the previous close of Rs 435.45. Total 28.36 lakh shares of the firm changed hands amounting to a high turnover of Rs 120.10 crore on BSE. Market cap of the firm slipped to Rs 1.33 lakh crore on BSE.
Shares of Bharat Forge Ltd hit a record high on Thursday after the auto equipment firm reported its Q4 earnings. Bharat Forge stock zoomed to a record high of Rs 1,463.30 in the current session. Market cap of the firm climbed to Rs 65,768 crore on BSE. Net profit climbed 59.3 percent on-year rise to Rs 389.6 crore in the last quarter against Rs 244.5 crore in Q4. Revenue rose 16.6 percent to Rs 2,328.5 crore in Q4 from Rs 1,997.3 crore last year.
Paytm shares rose today after falling for ten straight sessions. The stock hit upper circuit of 5% at Rs 333.40 against the previous close of Rs 317.45. Market cap of the firm rose to Rs 21,188 crore. Total 11.81 lakh shares of Paytm changed hands amounting to a turnover of Rs 39.08 crore.
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