Nifty Top Gainers And Losers On Dec 23: From JSW Steel, ITC To Maruti Suzuki
After five straight sessions of decline, the Indian frontline indices closed on a positive note on Monday. JSW Steel, Hindalco and ITC were among the stocks that led the climb.
The markets on Monday snapped their five-day fall with JSW Steel Ltd., ITC Ltd., and Hindalco Industries Ltd. emerging as the top gainers for the day. On the other hand, Hero MotoCorp Ltd., Maruti Suzuki India Ltd., Nestle India Ltd. and HCL Technologies were among the worst performers.
Benchmark equity indices tracked the gains in the US and Asian markets to close higher on the first session of Christmas week. Nifty ended 0.7% or 165.95 points up at 23,753.45, and Sensex closed 0.64% or 498.58 points higher at 78,540.17.
JSW Steel, the top gainer in the Nifty 50 index, closed 2.15% higher at Rs 937.05 after it rose as much as 3.66% during the day.
Hindalco's stock also rallied to close 1.85% higher. This comes as Investec in a report indicated that Tata Steel and JSW Steel will reap the most benefits if Indian Steel Association's appeal for "safeguard duty" is accepted.
On Friday, India's Directorate General of Trade Remedies initiated an investigation into whether a safeguard duty needs to be imposed after domestic steelmakers complained of an increase in imports of certain steel flat products into the country.
ITC was also among the key gainers of the day, as its stock closed 2.07% higher at Rs 474.25 apiece on the NSE. The stock has been in focus since the company announced a demerger of hotel business on Dec. 17. The demerger will come into effect on Jan, 1, 2025.
IndusInd Bank also closed 1.75% higher, despite a Rs 27-lakh fine imposed by the Reserve Bank of India for flouting deposit norm. The central bank issued the monetary fine for non-compliance as it observed that the charge pertaining to the opening of certain savings deposit accounts in the name of ineligible entities was sustained by the bank.
Trent Ltd. was also among the top gainers. It closed 1.68% higher at Rs 6,946.
On the flip side, Hero MotoCorp plunged up to 1.88%, before closing 1.55% lower at Rs 4,272.6 apiece. Maruti Suzuki also saw a 1.34% fall, but recovered partially to close 0.73% down at Rs 10,822, followed by Nestle that closed 0.55% lower at Rs 2,151.6.
HCL Technologies and Bajaj Finserv, which were also amongst the drags, settled 0.44% and 0.4% lower, respectively.
