New Delhi: Indian equities reached record highs on Thursday boosted by buying in IT and Pharma stocks. The Nifty 50 Index rose by 0.06 per cent to close at 24,302.15 while the sensex increased by 0.08 per cent or 62.88 points to finish at 80,049.67. Meanwhile, the Bank Nifty which hit new highs during intra-day trading ended flat but with a slight positive bias at 53,103.7.
The markets traded within a narrow range and ended nearly unchanged, pausing after Wednesday’s gains. After an initial rise, the Nifty fluctuated throughout the day and settled near its lowest point at 24,306.55. Sector-wise, there was a mixed trend with pharmaceuticals, IT, and automotive sectors seeing moderate gains, while FMCG and metals remained subdued. The broader indices performed better than the benchmark, each gaining about half a percent,” said Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd. (Also Read: Budget 2024: Nirmala Sitharaman’s Budget May Bring Relief For India’s Senior Citizens)
He further added, “The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index. Meanwhile, the broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilize dip/consolidation to add quality names.” (Also Read: Finance Ministry Announces Interest Rates For GPF, Other Provident Funds For July-Sept 2024 Quarter)
In today’s trading session on Dalal Street several stocks drew significant attention. Inox Wind, Tata Motors, and Bajaj Finance were among the prominent names along with seven other notable stocks. According to Zeebiz, these are the stocks that stood out today:
– Tata Motors
Shares of Tata Motors rose by over 2 per cent, closing at Rs 999.05, following a more than 5 per cent year-on-year increase in Jaguar Land Rover (JLR) registrations in the UK for June.
– Wockhardt
The pharmaceutical company’s shares jumped by over 5 per cent, ending at Rs 933.9, as it prepares to launch two new antibiotics in India.
– Sun Pharma
Sun Pharma shares gained nearly 2 per cent, closing at Rs 1,560.55, after the EMA validated its marketing authorization application (MAA) for Nidlegy.
– Bajaj Finance
Bajaj Finance shares fell by nearly 2 per cent, finishing at Rs 7,108.6, as brokerages gave mixed outlooks on the stock following its Q1 business update.
– Inox Wind
Inox Wind shares surged by over 10 per cent, ending at Rs 157, after the company announced that its promoter entity, Inox Wind Energy, had infused Rs 900 crore.
– L&T Finance
L&T Finance shares saw a slight dip, closing at Rs 188.1, despite a 33 per cent year-on-year growth in retail disbursements for the June quarter.
– Mazagon Dock Shipbuilders
Shares of the PSU surged nearly 20 per cent, closing at Rs 5600.8. During today’s trading, the company’s market capitalization exceeded Rs 1 lakh crore.
