Sensex Today Surges 569 Points; Nifty Tops 24,000 Mark


After opening the day on a negative note, Indian share markets reversed the trend as the session progressed and ended on a firm footing.Amid a volatile session, benchmarks Sensex and Nifty hit fresh record highs on Thursday.At the closing bell, the BSE Sensex stood higher by 569 points (up 0.8%).Meanwhile, the NSE Nifty closed higher by 176 points (up 0.7%).NTPC, Wipro, Grasim Industries were among the top gainers today.L&T, HDFC Bank, and Eicher Motors on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,042 up by 181 points, at the time of writing.The BSE MidCap index ended 0.3% higher and the BSE SmallCap index ended 0.5% lower.Sectoral indices are trading mixed with stocks in the power sector, telecom sector, and IT sector witnessing the most buying. Meanwhile, stocks in the consumer durables sector and capital goods sector witnessing selling pressure.Shares of TVS Holdings, JK Cement, and Reliance industries hit their respective 52-week highs today.The rupee is trading at 83.45 against the US$.Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 71,234 per 10 grams.Meanwhile, silver prices were trading 0.2% lower at Rs 88,990 per 1 kg.Here are three reasons why Indian Markets are rising today#1 Index Heavyweights RallyThe Indian benchmark index on Thursday was driven by UltraTech Cement’s surge following its announcement of acquiring a 23% stake in India Cement.RIL, the second-largest stock on the Nifty 50, continued its upward trend with a 1.3% increase, following a 4% rise in the previous session.#2 Sectoral GainsFinancial services and private sector banks advanced by 0.5%. ICICI Bank, the second-largest private lender by market capitalization, rose 1% and was poised to extend gains for the eighth consecutive session.#3 Rupee FactorThe rupee appreciated 8 paise to 83.5 against the US dollar in early trade on Thursday, as crude oil prices retreated from their elevated levels.At the interbank foreign exchange market, the local unit opened at 83.56 and gained further ground to trade at 83.49 against the greenback in initial deals, registering an increase of 8 paise from its previous closing level.
 Texmaco Rail Hits Record High. Here’s Why.In news from the railway sector, shares of Texmaco Rail & Engineering zoomed over 11% on 27 June to hit a fresh record high of Rs 245.7 on the National Stock Exchange (NSE).The sharp rally comes as investors expect the company to benefit from the growing Indian economy, and increasing investments in the railway sector.Texmaco Rail & Engineering Ltd. is a Kolkata-headquartered private engineering and infrastructure company. It is primarily engaged in the business of manufacturing railway wagons, coaches, and locomotives, as well as providing related services.Texmaco Rail & Engineering reported a substantial increase in its consolidated net profit for the quarter ended March 2024 (Q4FY24). The company’s net profit surged 247% to Rs 453.2 m, marking a notable rise from Rs 183.3 m in Q4FY23.The engineering giant also witnessed a remarkable 37% increase in its revenue from operations, which soared to Rs 11.4 bn in the fourth quarter of FY24.On an annual basis, the company’s performance was equally impressive as the consolidated net profit for FY24 zoomed to Rs 1.1 bn, up from just Rs 260.3 m in FY23.

Whirlpool Jumps 10%. Here’s why
Moving on to news from the Consumer durable sector, shares of Whirlpool India surged more than 9% on 27 June after it was reported that German engineering group Robert Bosch is considering a bid for the US appliances manufacturer.The stock price was trading 9.3% higher at Rs 2,008.6.The move will help Bosch strengthen its position in the household appliances market at a time when the competition with Asian rivals is heating up, Reuters reported on 26 June.According to the report, the German company has been discussing the possibility of making an offer for Whirlpool, which has a market capitalization of around US$ 4.8 bn.Whirlpool has been undergoing a major restructuring in recent years, which has seen it fold its European business into a new company controlled by Turkish rival Arcelik and divest its Middle Eastern and African businesses.Earlier this year, Whirlpool sold a 24% stake in its Indian arm for US$ 468 million. The sale was conducted through its subsidiary in Mauritius and brought its stake in the entity down from 75% to 51% Reuters reported in February.More By This Author:Sensex Today Trades Lower; Nifty Above 23,800
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