Sensex soars 274 pts, Nifty near 19,400 as Bajaj Fin leaps 7%, Hero Moto 5%

Closing Bell on July 4, 2023: The rally was led by Bajaj Finance, Bajaj Finserv, Hero Moto, Tech M, TCS, Wipro, Sun Pharma, Kotak Bank, Infosys, Cipla, HCL Tech, SBI, HDFC twins, and ICICI Bank

SI Reporter New Delhi

11:39 AM

Pocket-friendly health: Price caps on critical medical devices extended

The pricing policy is a part of the National Medical Device Policy 2023 launched by the government to facilitate the growth of the sector while also ensuring accessibility and affordability READ MORE

11:27 AM

What's cooking in ITC's kitchen that's made analysts bullish on the stock?

It has been a dream run for ITC stock in the past one year. The counter has surged 59 per cent as compared to 36 per cent rise in the Nifty FMCG index during this period. On Monday, the stock hit a fresh 52-week high on the NSE at Rs 465.95. READ MORE

11:20 AM

How does India's $11.1 trillion household savings into equities stack up

Equities, as a percentage of the Indian household assets, valued at $11.1 trillion in March 2023, according to a Jefferies note co-authored by Mahesh Nandurkar, their managing director along with Abhinav Sinha and Nishant Poddar, stood at 4.7 per cent in March 2023 READ MORE

11:07 AM

SpiceJet most delayed Indian airline as travel season takes a toll

SpiceJet, which is operating about 250 flights a day, isn’t alone. Air India Ltd., the nation’s second-largest carrier, slid to fifth from second in the punctuality ranks, with almost twice as many flight delays in May as a month earlier. Akasa Air, launched less than a year ago, was the most on-time, though its performance also slipped. READ MORE

10:55 AM

HMA Agro makes decent debut; stock lists at 7% premium over issue price

The category for non institutional investors was subscribed 2.97 times, Qualified Institutional Buyers (QIBs) portion received 1.74 times subscription and Retail Individual Investors (RIIs) 96 per cent. READ MORE

10:43 AM

Bajaj Finance soars 8%, hits 52-week high on strong Q1 business update

In its quarterly update, the non banking finance company (NBFC) said that the assets under management (AUM) grew by 32 per cent to approximately Rs 2.7 trillion at the end of the quarter. The company recorded highest-ever quarterly increase in its AUM of approximately Rs 22,700 crore in Q1FY24. READ MORE

10:32 AM

Explained: How HDFC-HDFC Bank merger will impact equity mutual funds

As per Sebi norms, in the case of equity funds, a mutual fund scheme’s portfolio cannot hold more than 10% in a particular stock. But exchange-traded funds and funds that invest in particular sectors are exempted from this cap. Also, a fund house could invest up to 5% of its NAV (Net Asset Value) in the unlisted equity shares or equity-related instruments for open-ended schemes and 10% of its net asset value in case of a close ended scheme. READ MORE

10:24 AM

Mankind Pharma's success boosts hopes of more consumer IPOs in India

The company, which raised Rs 4,330 crore ($528 million) in India's second-largest new share sale this year, has seen its shares jump 57% in almost two months, drawing a rush of buy calls from analysts READ MORE

10:13 AM

New Listing :: HMA Agro lists at Rs 615 on the BSE, over 5% premium

10:02 AM

EXPERT COMMENT: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

>> The unabated surge in FPI inflows will keep the market resilient. The sharp U turn in FPI investment from Rs 34,146 crores of selling in the first two months of this year to Rs 90,986 crores of buying in the last two months has turned the market decisively in favour of bulls.

>> The surge in the market during the last 4 sessions was led mainly by the HDFC twins and RIL with some support from ITC. It is important to remember that these stocks have strong and improving fundamentals. Bajaj Finance can contribute to this select large-cap led rally since the company has reported 34% YoY growth and 9% QoQ growth in AUM. This is also a leading indicator of the resilient credit growth in the economy.

>> It makes sense to remain invested in this strong market which has taken most market participants by surprise. Optimism is fine but there is no room for exuberance since valuations do not allow an unabated rally.

9:56 AM