Stock market today: Sensex climbs 544 points to 71,684; Nifty ends above 21,700
Business | January 31, 2024 16:12 ISTThe NSE Nifty closed 0.95 per cent higher at 21,725.70, while the BSE Sensex closed 0.86 per cent higher at 71,752.11.
The NSE Nifty closed 0.95 per cent higher at 21,725.70, while the BSE Sensex closed 0.86 per cent higher at 71,752.11.
The Sensex initially declined by 243.07 points to 70,896.83, while the Nifty fell 73.25 points to 21,448.85.
The IPO has a price range of Rs 129-135 per share and consists of a fresh issue of up to 2,30,30,000 equity shares, amounting to Rs 311 crore.
The stock fell by 10.56 per cent during the day to Rs 205.70 and ended the trading session at Rs 207.70 apiece, down 9.69 per cent.
The Nifty fell 207.05 points, or 0.95 per cent lower, while the Sensex was down by 760.07 points, or 1.06 per cent.
Reliance Industries shares extended gains and rose 5.30 per cent to Rs 2,850.
The offering is priced in the range of Rs 129-Rs 135 per share and is expected to be worth Rs 311 crore.
The Indian stock market experienced a downturn as both Sensex and Nifty faced selling pressure in IT stocks and witnessed continuous foreign fund outflows. The benchmark BSE Sensex concluded at 70,700.67, marking a 0.51% decline with a substantial earlier drop of 741.27 points to 70,319.04.
The indices recovered from the market decline on Tuesday, where the BSE index had fallen over 1000 points.
Sun Pharma, Bharti Airtel, and Power Grid were the major gainers on the Sensex, while HDFC Bank, Asian Paints, and HUL were among the laggards.
India's stock market value surpassed the USD 4 trillion mark for the first time on December 5, 2023, with significant growth observed in the past four years.
Ayodhya has secured an investment of Rs 49,000 crore at the 2023 Global Investor Summit held in Uttar Pradesh, signalling a new era of economic prosperity for the region.
Foreign portfolio investors made a net investment of Rs 13,047 crore in equities from January 1 to January 19, according to data from the depositories.
January 22 will be a trading holiday after the Maharashtra government declared a holiday for the consecration of the Ram Temple in Ayodhya. The stock markets will also remain closed on Friday for Republic Day.
The market will remain closed on January 22 in view of Ram Mandir's 'Pran Pratishtha' ceremony in Ayodhya. The consecration ceremony will be performed by PM Modi. Over 7,500 eminent guests have been invited to the grand event.
Hindustan Unilever's revenue from operations stood at Rs 15,567 crore, 0.2 per cent lower than Rs 15,597 crore in the third quarter of FY23.
The BSE Sensex was 496.37 points higher, while the Nifty rose 160.15 points to 21,622.40.
The special session will be held to facilitate the transition from the primary trading site to the disaster recovery site.
NTPC, Asian Paints, PowerGrid, IndusInd Bank, Titan Company, Maruti Suzuki, Bajaj Finance, JSW Steel, and Nestle India were the top laggards in the Sensex.
The company's growth was due to consistently low raw material prices, resulting in the highest gross margin in the last 11 quarters, reaching 43.6 per cent.
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