Stock Market Highlights: Markets close higher, NIFTY50 above 22,500, SENSEX gains 500 points

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The NIFTY Midcap 100 index (+0.47%) closed higher today. NIFTY Smallcap 100 Index (+0.84%) closed even higher on Thursday.

Benchmark Indices – NIFTY50 (+0.07%) and SENSEX (+0.68%) – closed in green after weak opening. NIFTY50 is trading at 22,558.50. Out of the NIFTY50 space, 40 stocks are advancing. Axis Bank, SBI and Dr Reddy are among top gainers.

Puravankara shares gained 5% during the session to get locked in the upper circuit after its unit, Provident Housing received ₹1,150 crore investment from HDFC Capital, with a potential GDV of ₹ 17,100 crore. Shares of Puravankara were last trading at ₹ 395.85 on NSE.

Kirloskar Pneumatic reported a 87% rise in net profit to ₹ 60.2 crore in the quarter ended March 31, 2024. During the same period, the company reported 36% rise in revenue to ₹490 crore. Shares of the company are currently trading 10.9% higher at ₹ 882.40 on NSE.

Reserve Bank of India has restricted Kotak Mahindra Bank from onboarding clients through online channels and issuing new credit cards. Shares of the bank fell as much as 13% during the session, they are currently trading 11.06% lower at ₹1,638.90 on the exchange. To read more, click here

Oracle Financial Services reported 12% YoY rise in its consolidated revenue for the fourth quarter to ₹1,642 crore. Operating profit for the quarter rose 13% YoY at ₹703 crore while net profit rose 17% to ₹560 crore. Shares of the company were trading 2.06% lower at ₹7207 on NSE.

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The fundraise of ₹18,000 crore through the follow-on public offer (FPO) is a “fresh lease of life” for Vodafone Idea, said Kumar Mangalam Birla, the chairman of Aditya Birla Group which holds an 18% stake in the cash-strapped telecom firm.

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