Shares of multiplex chain PVR and Inox Leisure Ltd rose after the two companies announced a merger deal to create the country’s largest multiplex chain with over 1,500 screens.
Highlight
- Benchmark stock indices Sensex and Nifty closed with gains of 0.40% in early losses on Monday.
- The 30-share BSE barometer staged a recovery in afternoon trade and climbed 231.29 points.
- FMCG major ITC jumped 1.54 per cent while Hindustan Unilever rose 1 per cent.
Benchmark stock indices Sensex and Nifty closed 0.40 per cent higher in early losses on Monday, helped by buying in index heavyweights Reliance Industries, ICICI Bank and Bharti Airtel amid gains in global equities.
After falling 537.11 points to a low of 56,825.09 in morning trade, the 30-share BSE barometer staged a recovery in afternoon trade and ended up 231.29 points or 0.40 per cent at 57,593.49. 20 Sensex stocks closed with gains while 10 closed down
The broader NSE Nifty ended 69 points or 0.40 per cent lower at 17,222, with 29 constituents ending in the green.
Bharti Airtel was the top gainer of 3.4 per cent in Sensex stocks. Axis Bank rose 2.13 per cent, ICICI Bank 1.59 per cent and SBI 1.44 per cent.
Reliance Industries rose nearly 1 per cent, which helped the barometer recover from losses. IndusInd Bank gained 1.33 per cent, Bajaj Finserv 1.09 per cent, while Kotak Bank and HDFC Bank also advanced.
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FMCG major ITC jumped 1.54 per cent while Hindustan Unilever rose 1 per cent.
Among the losers, Nestle was the biggest loser by 1.83 per cent, HDFC by 1.58 per cent and HCL Tech by 1.41 per cent. Dr Reddy’s fell 1.4 per cent, Asian Paints 0.64 per cent and Wipro 0.59 per cent on profit-booking.
Shares of multiplex chain PVR and Inox Leisure Ltd rose after the two companies announced a merger deal to create the country’s largest multiplex chain with over 1,500 screens.
Shares of PVR closed at Rs 1,883.50, up 3.06 per cent. Inox Leisure Ltd closed at Rs 522.90, touching the upper circuit limit of Rs 563.60, up 11.33 per cent over the previous close.
According to S Ranganathan, Head of Research, LKP Securities, “The benchmark indices reversed the morning losses on positive global cues.”
VK Vijayakumar, Chief Investment Inflation and the Fed will remain tight.” Strategist at Geojit Financial Services.
in the wider market, BSE Smallcap Index declined 0.53 per cent and the midcap gauge fell 0.40 per cent.
Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities Ltd. said, “Markets once again witnessed volatility but managed to end on higher note due to sharp gains in banking and oil and gas stocks. are.”
Among the sectoral indices on the BSE, oil and gas (up 1.07 per cent), banks (1.01 per cent), energy (0.97 per cent) and telecom (0.73 per cent) were the major gainers.
Ajit Mishra, VP – Research, Religare Broking Ltd. said, “The index is volatile due to mixed global cues as well as lack of any domestic triggers. However, rotational buying in select key major indices has pushed the benchmark higher. But helping to maintain it.” said.
Read also | India’s largest multiplex chain PVR, INOX Leisure announce merger
Equity exchanges in Tokyo and Seoul closed lower, while Hong Kong and Shanghai ended higher. Stock exchanges in the US also closed on a mixed note on Friday.
European markets were trading with gains as investors weighed in on the developments in the war between Russia and Ukraine.
Meanwhile, international oil benchmark Brent crude fell 3.46 per cent to $116.3 per barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 1,507.37 crore on Friday, according to stock exchange data.