NIFTY50: 21,544 ▲ 31 (+0.15%)
SENSEX: 71,386 ▲ 30 (+0.04%)
- Benchmark indices close marginally higher after a volatile session
- In all, 27 of the NIFTY50 stocks closed in the green
- China's 10-year government bond yield fell below 2.54%, the lowest level since April 2020 as traders and investors anticipate further easing of government policies to support growth
Among the NIFTY sectoral indices, Realty (+2.5%) and Auto (+0.9%) were the top gainers, while Media (-3.3%) and Financial Services (-0.4%) were the top losers.
What's Up
| Top gainers | Today's change |
| Hero MotoCorp | 4,125 ▲ 115 (+2.8%) |
| Adani Ports | 1,200 ▲ 32 (+2.7%) |
| SBI Life |
1,452 ▲ 31 (+2.2%) |
What's Down
| Top losers | Today's change |
| Britannia |
5,114 ▼ 63 (-1.2%) |
| Bajaj Finserv | 1,680 ▼ 16 (-0.9%) |
| Nestle India | 2,595 ▼ 24 (-0.9% ) |
Market Sentiment
| USD-INR | 83.13 ▲ 0.08 (+0.10%) |
| NIFTY MIDCAP 100 | 46,969 ▲ 75 (+0.1%) |
| NIFTY SMALLCAP 100 | 15,409 ▲ 67 (+0.4%) |
| India VIX | 13.26 ▼ 0.20 (-1.4%) |
Stock Buzz
⭐ L&T hits 52-week high after large order win
Shares of engineering-to-construction hit a 52-week high of ₹3,593 per share today. This was after the company's building and factories division secured a new order to construct a 720-bed hospital in Haryana from HITES (a Mini Ratna PSU). As per the company, the order is valued in the range of ₹1,000 to ₹2,500 crore.
⭐ Bajaj Auto hits lifetime high on buyback announcement
Shares of the two-wheeler manufacturer closed 1.7% higher. They hit a new lifetime high of ₹7,399 per share after the company’s board approved ₹4,000 crore share buyback. The buyback price is set at ₹10,000 per share. The proposed buyback is at a 43% premium compared to yesterday’s closing price. The record dates and other details are yet to be announced.
⭐ Zee reaffirms merger commitment
Zee Entertainment shares witnessed high volatility after news articles reported that the company’s merger with Sony is likely to be called off. However, the company quickly responded, calling these rumours baseless and factually incorrect. Nonetheless, the company’s shares closed 7.9% lower today despite the clarification. Notably, a few weeks ago, both companies mutually agreed to extend the merger deadline.
⭐ Bharti Airtel subsidiary partners with Adani Energy
Airtel Business, the business-to-business (B2B) arm of the company, has partnered with Adani Energy Solutions to deploy 20 million smart meters with its transformative Internet of Things (IoT) solutions across Assam, Andhra Pradesh, Bihar, Maharashtra and Uttarakhand. Meanwhile, Airtel shares closed 1.4% higher.
⭐ Bharat Forge gains on new MoU
The forging company signed a memorandum of understanding to invest ₹1,000 crore with the Tamil Nadu government to expand its manufacturing operations in the state. This investment will be done over a period of five years. Following the announcement, shares of Bharat Forge closed 1.5% higher today.
IPO Corner
⭐ The Jyoti CNC Automation IPO was fully subscribed on Day 1. The IPO received an overall subscription of 2.5 times, with the retail segment being subscribed 8.2 times. To apply for this IPO. Click here.
Learn with Upstox
What is a share buyback?
A buyback, or share repurchase, is an action where a company repurchases its own shares from shareholders at a price higher than the current market value. There are two primary methods for buybacks: tender offer and open market offer. In a tender offer, a company directly invites shareholders to sell their shares at a specified price while in an open market offer, a company buys back its shares from the open market through stock exchanges at the existing market price. Companies often buy back shares at a premium over the existing stock price which benefits the shareholders.
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