Sensex, Nifty listless at open; IndusInd Bank up 1%, Ipca Labs hits 52-week low
Stock market today: IndusInd Bank (up over 1 per cent) was the top gainer on the Sensex, followed by Bajaj Finserv and Power Grid. On the flip side, Tech Mahindra was the biggest laggard.
Equities were lacklustre at the open on April 25 amid muted global cues. The 30-share index Sensex of BSE traded 0.01 per cent lower at 60,051.52 levels while the NSE's Nifty quoted at 17,730.35, down 0.074 per cent.
IndusInd Bank (up over 1 per cent) was the top gainer on the Sensex, followed by Bajaj Finserv and Power Grid. On the flip side, Tech Mahindra was the biggest laggard.
Ipca Laboratories was down 8.5 per cent at Rs 755.25 on the BSE after the company informed it has entered into an agreement to acquire 33.38 per cent of the paid-up equity share capital of Unichem Laboratories Ltd.
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However, the stock that took the hardest knock was Crompton Greaves Consumer Electricals. At the time of writing this report, the scrip was trading over 11 per cent lower at Rs 261.80. The stock hit a 52-week low of Rs 256.05 in the early deals. The stock slumped on the back of some high-level changes in the company's top level. For instance, Mathew Job resigned as Chief Executive Officer (‘CEO’) & Director while Shantanu Khosla has been appointed and elevated as the Executive Vice Chairman of the Board for a period of one year from May 1, 2023, to April 30, 2024.
Realty, metal, oil & gas and power stocks were trading with decent gains in the morning trade while consumer durable stocks were trading in the red. The S&P BSE Consumer Durables index was down over a per cent at 38,316.82 levels.
Stocks fell broadly, while the US dollar also weakened early on Tuesday, as investors weighed corporate earnings and economic growth outlooks in a busy week. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent, at the time of writing this report. Hong Kong's benchmark edged down 1.2 per cent, while mainland stocks lost 0.7 per cent.
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