BSE: Nifty 50 index rises over 4%, gained 2.5% last week
The Nifty 50 opened above 18,100, while the Sensex gained 200 points at the open. Eicher Motors, UPL, and Nestle India are top index gainers.
Mumbai: Indian equity benchmarks BSE Sensex and NSE Nifty 50 opened higher on the first day of trading. The Nifty 50 opened above 18,100, while the Sensex gained 200 points at the open. Over the weekend, Kotak Mahindra Bank, Adani Green, Ultratech Cement, and SBI Cards presented their quarterly results. Investors await more financial results from India Inc. for domestic cues, with Tata Steel, Adani Total Gas, and Ambuja Cement, among others, due to post their earnings later in the day.
The benchmark Nifty 50 index rose over 4% in April. The index gained 2.5% last week.
Eicher Motors, UPL, and Nestle India, up 1.4 to 2 per cent, are the top index gainers. On the other hand, Hero MotoCorp, Tata Motors, and Adani Ports, down 0.6 to 2.6 per cent, are the top index losers.
The shares of Minda Corp. are trading 1.4 per cent higher at this hour. The auto components manufacturer will file an application before the Competition Commission of India (CCI) to increase its stake in rival company Pricol Ltd. to 24.5 per cent.
The shares of Bajaj Auto are trading a per cent higher after announcing auto sales numbers for April. Total sales in April rose seven per cent to 3.31 lakh units, compared with 3.10 lakh units in the year-ago period.
The total sales of Ambuja Cement are expected to grow two per cent year-on-year to 7.65 million metric tonnes.
The shares of IDFC First Bank are trading 3.9 per cent higher at their 52-week high. The bank posted a net profit of Rs 803 crore for the quarter ended March.
The shares of Mahindra Finances are up five per cent at a 52-week high of Rs 271. The company reported a 14 per cent increase in its net income to Rs 684 crore for the March quarter.
According to recommendations by Sacchitanand Uttekar of Tradebulls, buy Tata Steel for a target of Rs 117 with a stop loss of Rs 108.50. Buy Maruti Suzuki for a target of Rs 9,000 with a stop loss of Rs 8,720.
Ms Kalinga