Stock Market Today: Nifty, Sensex Rebound As IT Stocks, L&T Rally
The Nifty 50 added 167.45 points or 0.77% to close at 21,939.15 and the Sensex gained 487.62 points or 0.68% to close at 72,219.04.
KEY HIGHLIGHTS
Rupee Flat Against U.S Dollar
The local currency closed flat at Rs 83.05 against the U.S dollar.
Source: Bloomberg
Nifty, Sensex Rebound As IT Stocks, L&T Rally: Closing Bell
Benchmark equity indices ended higher today with shares of information technology companies contributing the most to the gains.
The Nifty 50 added 167.45 points or 0.77% to close at 21,939.15 and the Sensex gained 487.62 points or 0.68% to close at 72,219.04. Intraday, the Nifty 50 gained as much as 0.83% and the Sensex gained as much as 0.7%.
"Despite strong market momentum intraday profit booking was seen in banking stocks," said Shrikant Chouhan, head of Equity Research at Kotak Securities. "Technically, after early morning intraday correction the Nifty took the support near 21700/71600 and reversed sharply. From the day’s lowest point market rallied over 210 points."
Chouhan said, "We are of the view that as long as index is trading above 21700/71600 the positive momentum is likely to continue. Above the same the index could rally till 22100/73400, further upside may also continue which could lift the index till 22200/73700.On the flip side below 21700/71600, traders may prefer to exit out from the trading long position."
Tata Consultancy Services Ltd., Infosys Ltd., Larsen and Toubro Ltd., HCL Technologies Ltd., and Maruti Suzuki Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., ITC Ltd., Power Grid Corp Ltd., Axis Bank Ltd., and Kotak Mahindra Bank Ltd. were negatively contributing to the change.
Sectorally, Nifty IT and Nifty Oil and gas advanced the most, while Nifty PSU Banks and FMCG declined on Tuesday.
The broader markets outperformed as the BSE MidCap rose 1.06%, while the BSE SmallCap was 1.23% higher. Sixteen out of the 20 sectors compiled by the BSE advanced, while four declined.
The market breadth was skewed in the favour of buyers. About 2,354 stocks advanced, 1,504 declined, and 86 remained unchanged on the BSE.
Petronet LNG Executes Long-Term Contract With Qatar Energy
Executes long-term contract for purchase of 7.5 MMTPA LNG with QatarEnergy
LNG supplies will be made on delivered basis starting from 2028 till 2048
LNG volumes under new SPA to also be offtaken by GAIL, IOCL & BPCL after regasification from Dahej
Source: Exchange Filing
Capex To Remain Elevated This Fiscal, Says Bharti Airtel MD Gopal Vittal
Capex is going to be elevated this year
Vast part of 5G rolled out this year, rural is a big part
Capex to moderate in FY25
Source: Earnings Call
Welspun Corp Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 4749.71 crore vs Rs 2402.32 crore, up 97.71%
Ebitda at Rs 462.97 crore vs Rs 166.38 crore, up178.26%
Margin at 9.74% vs 6.92%
Net profit at Rs 293.7 crore vs Rs 23.22 crore, up 1164.85%
