Benchmark stock indices on Friday opened on a cautious note, ahead of the March quarter results of Reliance Industries, the most valued firm on Dalal Street. Reliance Industries rose 0.3 per cent while Hindustan Zinc, whose results are also scheduled for later in the day, declined 1.3 per cent to Rs 323.05. At 10:15 am, Sensex quoted 16 points lower at 59,615; Nifty lost 6 points to 17,618.
The Q4 results season so far has been a mixed bag with IT disappointing and banking giving early indications of continuing strength, said VK Vijayakumar of Geojit Financial Services.
“HCL Tech results have not disappointed; some IT midcaps may beat market expectations. Even then, a strong and sustainable rebound in IT is difficult. Results of RIL today and ICICI Bank tomorrow can have mild impact on the market. The Nifty range of 17,600-17,800 is likely to hold in the near-term,” he said.
Shares of Vodafone Idea surged nearly 10 per cent in early trade after the telecom operator said Kumar Mangalama Birla, the chairperson of Aditya Birla Group, has returned to the company board as an additional director (non-executive and non-independent) with effect from April 20, 2023. The stock surged 9.73% to Rs 6.65 on BSE.
Sterling and Wilson Renewable Energy shares tumbled over 8% in early trade to Rs 281.35 after the firm reported a widening of consolidated losses at Rs 421 crore for the March quarter, mainly due to lower sales. The stock declined 8.25% to Rs 279 on BSE against its previous close of Rs 306.65. The market capital of the firm stood at Rs 5,353 crore
Shares of Adani Power were in focus after the Adani Group firm said it inked an agreement with MPSEZ Utilities Limited (MUL) for power supply. Adani Power stock climbed 1.75% to Rs 199.70 against the previous close of Rs 196.25 on BSE. The market capitalisation of the firm stood at Rs 75,981 crore on BSE.
Tata Steel was the top Sensex loser so far today. The Tata group stock fell 1.94% to Rs 105.90 on BSE over its previous close of Rs 108. The market cap of the firm stood at Rs 1.29 lakh crore.
EKI Energy Services Shares of EKI Energy Services hit a fresh 52 week low of Rs 436.25 in early trade today. The stock was stuck at its lower circuit limit of 5% on BSE. The market cap of the firm stood at Rs 1,200 crore. The stock closed at Rs 459.20 in the previous session and opened at Rs 436.25 today.
Shares of Jain Irrigation rose 5.11% to Rs 37.65 in early trade. The market cap of the firm stood at Rs 2,255 crore. The stock closed at Rs 35.82 in the previous session and opened at Rs 34.91 today.
Mirza International stock surged 10% to a fresh high of Rs 60.40 on BSE over its previous close of Rs 54.91. The market cap of the firm stood at Rs 834.74 crore. The stock opened at Rs 60.40 today. It soon hit its upper circuit limit of 10%.
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