Produced by: Aseem Thapliyal
The domestic equity market was trading lower in the afternoon session today. Sensex fell 212 points to 74,825 and Nifty lost 60 pts to 22,694.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The hotter-than-expected US inflation has spiked the US bond yields. This is negative for FPI inflows but is unlikely to impact the Indian market which is resilient, and the rally is driven mainly by domestic liquidity. Dips are likely to get bought imparting strength to the market. Therefore, investors may use the dips to buy high quality largecaps where the margin of safety is high.”
Shares of Maharashtra Seamless rose nearly 8% in early deals after the iron and steel products maker said it received order with basic value of Rs 674 crore approximately from ONGC Ltd. for supply of casing seamless pipes. Maharashtra Seamless shares gained 7.49% to Rs 964.35 against the previous close of Rs 897.15 on BSE. Market cap of the firm rose to Rs 12,312 crore.
Tata Power Company shares rose for the 10th straight session in Friday's trade. The stock gained 2.84 per cent to touch its lifetime high of Rs 444.10. At this price, the multibagger stock has soared 123.88 per cent in the past one year.
Shares of Vakrangee climbed over 10 per cent after the smallcap firm entered an agreement with Global One Enterprises Pvt Ltd (Max TV) for offering subscription-based OTT Plans through Vakrangee Kendra networks. The stock surged 10.31 per cent to hit a high of Rs 26.73 on BSE. Market cap of the firm rose to Rs 2,714 crore.
Reliance Infrastructure shares fell 20% for the second straight sesion today. The crash came after the Supreme Court set aside the arbitral award in favour of Anil Ambani-owned Reliance Infrastructure's metro arm Delhi Airport Metro Express Private Limited (DAMEPL). The share fell to Rs 181.95 against the previous close of Rs 227.40 on BSE. Market cap of the firm slipped to Rs 8047 crore. A total of 28.09 lakh shares of the firm changed hands, amounting to a turnover of Rs 54.76 crore on BSE.
Vodafone Idea stock fell over 5% to Rs 12.23 after the telco said its plans to raise up to Rs 18,000 crore via follow-on public offer (FPO) of equity shares. Market cap of the firm fell to Rs 59,973 crore.
Shares of Waaree Renewable Technologies were stuck in the upper circuit of 5 per cent at Rs 1972.45 today. Market cap of the firm rose to Rs 20,542 crore. A total of 6.59 lakh shares of the firm changed hands, amounting to a turnover of Rs 129.30 crore on BSE.
Shares of Delhivery gained 6.22% to Rs 478 in early deals today. Market cap of the firm rose to Rs 34,746 crore. A total of 19.04 lakh shares of the firm changed hands, amounting to a turnover of Rs 90.21 crore on BSE.
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.