By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Both Sensex and Nifty wrested the control from bear and ended in green by the closing bell. The volatile session mostly traded in the red after opening higher during the early-morning trade. However, considerable momentum was generated by metal, banking, and pharmaceutical stocks as well as recovery in the IT segment. Sensex gained 259.62 points and reached 48,803.69 points during the session’s end while Nifty closed 76.65 points higher at 14,581.45 points.
Sensex and Nifty: At Sensex, the gains were led by TCS (3.67%) followed close on heels by ONGC (2.89%), ICICI Bank (2.69%), and HDFC Bank (2.13%). The 30-stock barometer, however, was dragged by Infosys (2.65%), IndusInd Bank (2.54%), and Maruti Suzuki (2.44%). A total of 18 stocks advanced at Sensex while 12 stocks declined. On the other hand, the gains at Nifty were led by TCS (3.7%), Cipla (3.28%), and ONGC (2.99%). On the lower end, Eicher Motors (3.26%), Grasim Industries (3.09%), and Infosys (2.42%) ended in the red. 28 stocks advanced and 22 stocks declined in the 50-stock index.
Infosys: Despite posting a net profit of Rs. 5,076 crores in Q4 and a buyback announced by the company, the stock value of Infosys continued to plunge as it returns from its all-time high. At NSE, the stock shed 33.85 points to close at Rs. 1,363.30. The company had yesterday announced a buyback of up to Rs. 9,200 crores at Rs. 1,750 per share. It expects its revenues to grow between 12% and 14% in constant currency during FY2022.
VIP Industries: During the initial trading hours, VIP Industries shed as much as 6% on account of ace investor Rakesh Jhunjhunwala decreased shareholding in the March quarter of FY21. The scrip has lost about 20% of its value since early March. However, the losses were trimmed during the late hours as the share price recovered to end 0.48% lower than its previous close. Rakesh Jhunjhunwala’s currently holds a 0.70% share in the company and his wife Rekha Jhunjhunwala holds about 1.62% of its shares. The duo’s collective shareholding has decreased from 5.31% in December 2020 to 2.32% in March 2020.
Finolex Industries: Finolex Industries hit its 52-week high as the company turned the ex-date for its stock split in the ratio of 1:5. The record date for the subdivision is fixed for Friday, April 16. Of late, the stock has bucked the market trend with a 12% rally in the past one month as compared to a 5% dip in the Sensex. It is inching towards its all-time high of Rs. 147.80 as of now.
Phillips Carbon Black: After the BSE data revealed investor Ashish Kacholia buying 25,02,495 shares of Phillips Carbon Black, the stock price zoomed more than 5% during the day trade. The investor owned a 1.45% stake in the company as of March 2021. Phillips Carbon Black traded at Rs. 199.80 on Thursday.
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