Produced by: Aseem Thapliyal
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The major negative in the market continues to be the sustained selling by FIIs, triggered by the high bond yields in the US. This selling by FIIs, in both equity and debt, will continue to weigh on markets so long as the US bond yields remain high, which, in turn, will be decided by the US inflation numbers. The latest US core PCE inflation numbers came in on expected lines with 2.8 % YoY growth. Consequently the bond yields have marginally drifted down and the US equity markets surged last Friday. FII selling will continue, but is likely to be lower than in recent days.”
Shares of NBCC India rose 6% after the govt-owned civil construction firm said the company has accorded the in-principle approval for incorporation of a wholly owned subsidiary company in Dubai (UAE) subject to the approval of its administrative ministry i.e. Ministry of Housing and Urban Affairs (MoHUA). The Navratna PSU stock gained 6.20% to Rs 144.70 today. Shares of NBCC have zoomed 265.90% in a year and gained 123% in six months.
IRCON International shares gained over 6% after the railway engineering firm said it has won a Rs 1198 crore project in a joint venture. IRCON International stock rose 6.43% to Rs 266.95 against the previous close of Rs 250.80 on BSE. The multibagger stock opened higher at Rs 258 today. Market cap of the firm rose to Rs 24,105 crore.
Shares of IREDA gained over 12% in early deals after the company was awarded 'Navratna status' by the government. IREDA stock gained 12.51% to Rs 192 against the previous close of Rs 170.65 on BSE. The stock opened higher at Rs 186.20 today. Market cap of the firm climbed to Rs 49,360 crore.
YES Bank shares gained 9% to Rs 28.50 after the private lender reported a strong set of March quarter (Q4FY24) results, aided by one-off gains from tax refunds. YES Bank reported a standalone net profit of Rs 452 crore for the March 2024 quarter, up 123 per cent on a year-on-year (YoY) basis. Market cap of the lender rose to Rs 78,910 crore.
Shares of SBI Life Insurance rose over 3% on Monday after the firm announced its earnings for the quarter ended March 2024. SBI Life shares gained 3.18% to Rs 1460.35 against the previous close of Rs 1415.25 on BSE. Market cap of the firm rose to Rs 1.45 lakh crore.
Shares of Canara Bank hit their 52 week high on Monday. Canara Bank stock gained marginally to a high of Rs 624.75 against the previous close of Rs 617.55 on BSE. Market cap of the bank rose to Rs 1.12 lakh crore.
IRFC stock saw a high turnover of Rs 93.48 crore after 57.89 lakh shares changed hands on BSE. IRFC stock gained nearly 2% to a high of Rs 164 against the previous close of Rs 158.05 on BSE. Market cap of the firm rose to Rs 2.10 lakh crore.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.