The benchmark indices swung to the positive zone in the afternoon trade on Monday as cyclical counters such as public sector banks, auto, and metals marched ahead. Besides, a fall in crude oil prices, and stability in global markets on hopes of fresh round of talks between Russia and Ukraine supported the sentiment. At close, the Sensex was up 231.29 points or 0.40 per cent at 57,593.49, and the Nifty was up 69 points or 0.40 per cent at 17222. About 1051 shares have advanced, 2268 shares declined, and 123 shares are unchanged.
Bharti Airtel, up 4 per cent, was the top gainer on the Nifty50 index, followed by Coal India, Axis Bank, Eicher Motors, ITC, SBI, ICICI Bank, HUL,IndusInd Bank, and Power Grid. On the downside, UPl, Dr Reddy’s Labs, Nestle, HDFC, SBI Life, HDFC Life, HCL Tech, and Adani Ports were the top laggards, falling up to 2 per cent. In the broader markets, the BSE MidCap and SmallCap indices ended 0.3 per cent and 0.5 per cent lower, respectively.
Aster DM Healthcare share price rose 10 per cent after the company signed a memorandum of understanding (MoU) with Tamil Nadu to set up healthcare facilities.
Share prices of multiplex players PVR and Inox Leisure touched their 52-week highs, a day after the announcement of their merger deal to create a cinema giant with more than 1,500 screens.
Share price of Bharti Airtel rose 3 per cent as the company is going to acquire 4.7 percent equity in Indus Towers from an affiliate of Vodafone Group Plc at Rs 187.88 per share with the transaction totalling Rs 2,388.06 crore.
GAIL India share price gained 3 per cent as the meeting of the board of directors of the company is scheduled on March 31 to consider and approve buy back of the fully paid-up equity shares of the company.
Shares of Emami, meanwhile, hit a 52-week low of Rs 442.50, down 2 per cent on the BSE in Monday’s intra-day trade after the company announced the acquisition of “Dermicool”, one of the leading brands in Prickly Heat Powder and Cool Talc category from Reckitt, for a total consideration of Rs 432 crore excluding taxes and duties.
S Ranganathan, head of research at LKP securities, said: “Benchmark Indices reversed early morning losses on positive global cues and hopes of RBI opting for status quo at its policy meet scheduled during first week of April. The resumption of international flights energised hospitality stocks while the ongoing consolidation in the Media sector and positive tailwinds in the Telecom space lent ammunition to the Bulls despite an unfavourable Advance-Decline ratio. The broader markets witnessed keen interest in state-run enterprises of Gujarat with most of them posting yearly highs.”
Read all the Latest Business News and Breaking News here
Comments
0 comment