Stock Market Update: Mumbai and National Bourses Record Worst Trade in Eight Weeks due to Foreign Investor Exodus – Weekly Report

by time news

2024-05-13 05:44:43

While equity indices ended higher on Friday, the Mumbai and national bourses recorded their worst trade in eight weeks last week due to ongoing parliamentary elections and a series of foreign investor exodus.

Among the stocks that were the most active in terms of trade as of last word, HDFC Bank, Kotak Bank, SBI Bank, RIL, Tata Motors, PPCL, and L&D were the top performers on the national board.

At the same time, the stocks touched new 52-week highs as retail investors showed interest in buying Jupiter Wagons, Hindustan Zinc, Vijaya Diagnostic, Honeywell, Polycab India, Astral and V-Guard, which traded higher.

Also, LTIMindtree, Berger Paints, Syngene International, Dalmia Bharat, Ramco Cements, Tata Technologies, Zee Entertainment Enterprises were sold and the stocks touched a 52-week low.

During the period till May 10, foreign portfolio investors (FPIs) sold and exited stocks worth about Rs 17,083 crore.

Last Friday, the Mumbai Stock Exchange Sensex rose 260 points to close at 72,664.47 points, while the National Stock Exchange Nifty rose 97 points to close at 22,055.20 points.

Go Digit General Insurance, Veritaas Advertising, Mandeep Auto Industries, Indian Emulsifier, Quest Laboratories, HOAC Foods IndiaRulka Electricals, and 12 new companies are expected to list on the market this week.

Reliance Industries, ITC and Bharti Airtel, State Bank, Jindal Steel are expected to rise this week.

It is expected that the impact on the stock market will be repeated as the 96 constituencies that will take place in the fourth phase of parliamentary elections on Monday (May 13) are underdeveloped areas.

Cement major JK Cement has announced its fourth quarter financial results.

The company reported a consolidated net profit of Rs 220 crore. Also this company has declared a dividend of Rs 20 per share.

Abbott India reported a 24.1 percent rise in profit at Rs 287.1 crore for the quarter to March.

Astral, Hero MotoCorp, Indus Towers, EIHotel, Bata India stocks are expected to be the top gainers this week.

This week India’s Tube Investments, Aditya Birla Capital, BASF India, Shree Cements, Radico Khaitan, V-Mart Retail, Power Finance Corporation, Rail Vikas Nigam, LIC Housing Finance, Granules India, Trident, Hindustan Aeronautics, Biocon, Crompton Greaves Consumer Electrical, JSW Steel, Atul Auto, NHPC, TV Today Network, and Mindteck (India) are expected to report their fourth quarter results from January to March, and shares of these companies are expected to trade higher .

Shares of Varun Beverages, Zomato, Jindal Steel and Tube Investments will be in focus in today’s trade as they expect to announce their fourth quarter results today.

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