Market News
3 min read | Updated on April 01, 2024, 10:22 IST
SUMMARY
Benchmark Indices – NIFTY50 (+0.69%) and SENSEX (+0.58%) – opened in green on April 1, 2023. Out of the NIFTY50 space, 48 stocks were advancing. Hindalco, JSW Steel, and Infosys were among top gainers.
Stock list
The NIFTY midcap 100 and smallcap 100 indices opened higher on Monday
The Indian benchmark indices opened in green on Monday, April 1. NIFTY 50 opened 128 points higher, marking a solid positive start for FY25. Today’s strong market opening is led by banking and financial services like SBI (+2.5%), ICICI Bank (+1%) and construction major L&T (+1.5%). The BSE Sensex is also gaining momentum as the index is trading more than 500 points higher at 74,124 levels at 9:20 am.
Broader indices, too, are moving higher and have a stronger momentum. The NIFTY midcap 100 and smallcap 100 indices opened 0.5% higher on Monday morning. On the sectoral front, NIFTY PSU Bank remains the key leader with 2.5% gains on the market opening.
Below are key stocks that will remain in focus owing to key developments.
Auto shares such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Baja Auto will be in focus as the automakers are expected to release their monthly sales numbers for the previous month on Monday.
Shares of Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Bajaj Auto rose in the range of 2 to 3% last week.
Canara Bank shares may see a reaction as the PSU bank announced selling 13% of its shares in subsidiary mutual fund company Canara Robeco Asset Management Company. In a stock exchange filing on March 28, the lender informed that it would divest the stake through the initial public offer (IPO) route.
The TCS board will meet to consider FY24 results and recommend a final dividend for FY24 on Friday, April 12, 2024.
Macrotech Developers (Lodha Developers) has announced the acquisition of 50% of the equity capital and other securities of Siddhivinayak Realties Pvt Ltd in a deal worth ₹250 crore. The acquisition is through a wholly-owned subsidiary of the company. Siddhivinayak Realties has rights in various lands, including developing the free sale portion of the SRA project in Mumbai.
Leading packaging films producer has received a GST tax demand notice of ₹78.5 lakh from Goods and Service Tax Authority, Hyderabad, for tax difference. The investors may likely be cautious over the stock as the trading begins next week.
Indian Metals and Ferro Alloys Limited (IMFA) announced the withdrawal of the Scheme of Amalgamation of Utkal Coal Limited with and into the company. It also approved the acquisition of remaining shares of Utkal Coal Limited, a subsidiary of the company, to make it a wholly-owned subsidiary of the company. IMFA also declared a special dividend of ₹15 per equity share for the financial year ending March 31.
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