FIRST TRADE: Sensex up 100 pts, Nifty tops 18,350; Page Industries crashes 10%
Stock market today: Page Industries hit a 10 per cent lower circuit of Rs 37,025.55 on the BSE, after the company reported a weak set of numbers for the March quarter of FY23.
The domestic market opened in the green on May 26, Friday. The S&P BSE Sensex traded around 100 points higher at 61,974.11 while the NSE's Nifty was quoting at 18,355.90, up 35 points, or 0.19 per cent. Among individual stocks, Page Industries hit a 10 per cent lower circuit of Rs 37,025.55 on the BSE, after the company reported a weak set of numbers for the March quarter of FY23.
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd, says, "As the market mood improves, fueled by Nasdaq and S&P 500's rally and the influx of buyers at Dalal Street, we find ourselves cautiously optimistic. However, amidst this prevailing optimism, we must be wary of the unresolved US debt ceiling, urging aggressive traders on the buy side to exercise caution. As we navigate through Q4 and anticipate the performance of various companies, we find our chart of the day favouring INDIAN HOTELS, APOLLO TYRES, COFORGE, and VEDANTA, urging investors to seize any corrective declines with an inter-week perspective. Amidst the ever-changing market landscape, let us hold our course and ride the winds of bullish opportunity.”
Apart from Page Industries, eClerx Services, Praj Industries, and Triveni Engineering, among others, were trading actively today, in reaction to their March quarter numbers. eClerx Services Limited on Thursday reported a 17.1 per cent year-on-year (YoY) increase in net profit at Rs 488.8 crore for Q4FY23. The stock was trading over 7 per cent higher at Rs 1,510.45 on the BSE. Praj Industries, too, was ruling around 7 per cent higher on the BSE. Triveni Engineering gained over 4 per cent in the early trade, a day after the company reported its March quarter numbers.
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Stocks were subdued on Friday, apart from standout gains in Japan as time ticked out on high-stakes talks to avoid a US debt default. MSCI's broadest index of Asia-Pacific shares outside Japan drifted 0.3 per cent higher in trade thinned by a holiday in Hong Kong. The index is down 1.6 per cent on the week, said a Reuters report.
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