At 12:14 pm, the stock market showed mixed trends, with the Sensex up by 250 points at 65,881 and the Nifty up by 72.5 points or 0.37 percent at 19,618.50. Of the shares traded, 1,869 advanced, 1,179 declined, and 95 remained unchanged.
One of the top gainers on the Nifty 50 was Bajaj Finserv Ltd, whose shares jumped after its subsidiary, Bajaj Finance, approved a fundraising of Rs 10,000 crore through QIP and preferential issue. This move would increase Finserv’s stake in the subsidiary to approximately 53 percent. The stock price of Bajaj Finserv rose by 3.7 percent to Rs 1,598.
HDFC Life Insurance Company Ltd saw a gain in its shares, breaking a three-day losing streak. The company’s shares traded 1.3 percent higher at Rs 631, with over 21 lakh shares changing hands.
ITC Ltd, a leading tobacco maker, experienced a surge in shares after three consecutive days of trading in the red. This came despite the rejection by the GST Council’s Fitment Committee of a tobacco industry proposal to reduce tax rates. At mid-day, ITC shares were up by 1.5 percent at Rs 442 on the NSE.
Tata Consumer Products Ltd also witnessed a gain in shares, becoming one of the top gainers on the Nifty. The company aims for double-digit growth in its coffee business, with plans for portfolio expansion and increased reach. Shares of Tata Consumer Products were trading at Rs 871, up by 1.5 percent on the NSE.
Titan Company Ltd saw its shares soar for a third consecutive day. The company’s wearables business, dedicated to smart tech products under the Fastrack and Titan brands, is set to expand its offerings in the smartwatch and Truly Wireless (TWS) categories. Shares of Titan Company were up by 1.7 percent at Rs 3,270.
However, ONGC Ltd emerged as the top loser on the Nifty index, with its stock price sliding. Despite giving a 20 percent return in the last six months, ONGC shares declined by 1 percent to Rs 180. Volumes were low, with only 29 lakh shares changing hands compared to the one-week average of 1 crore shares.
The biggest FMCG player in the country, HUL Ltd, experienced a decline in its shares after four consecutive days of gains. Trading volumes were relatively low, with only three lakh shares changing hands. HUL shares were down by 0.6 percent at Rs 2,505 on the NSE.
Bharti Airtel Ltd also saw its shares fall as investors did not respond positively to the telecom major’s plans to attract cricket fans ahead of the World Cup. Bharti Airtel launched two plans offering unlimited data for two days and 6GB of additional data for one day. The stock was trading at Rs 925, down by 0.4 percent from the previous close on the NSE.
Shares of Britannia Industries Ltd, a biscuit maker, traded in the red after two days of gains. Analysts predict that the company may reduce prices to drive volumes, potentially affecting its profit margins in the coming quarters. At mid-day, shares of Britannia Industries were down by 0.3 percent at Rs 4,523 on the NSE.
Power Grid Corp Ltd experienced a fifth consecutive day of falling shares. Volumes were also low, with only 75 lakh shares changing hands compared to the one-week average of about two crore shares. The stock traded lower by 0.2 percent at Rs 195.
Definitions:
– Sensex: The Sensex is a stock market index of 30 well-established and financially sound companies listed on the Bombay Stock Exchange (BSE).
– Nifty: The Nifty is a stock market index of 50 actively traded stocks listed on the National Stock Exchange of India (NSE).
– QIP: Qualified Institutional Placement is a fundraising method for listed companies where financial institutions, banks, and other qualified institutional buyers purchase newly issued shares.
– Preferential issue: A preferential issue is the sale of securities to a select group of investors, usually at a price lower than the current market price.
Sources:
– No additional sources provided.