Stock Market Today: Nifty Snaps Two-Day Slump, Hero MotoCorp and Tata Steel Lead Gains
The Indian equity benchmark indices closed higher, snapping a two-day slump, as Hero MotoCorp and Tata Steel stocks led gains. The NSE Nifty 50 ended 157 points, or 0.64% up at 24,722, and the 30-stock BSE Sensex ended 418 points, or 0.52% higher at 81,018.
Nifty and Sensex Moves
The NSE Nifty 50 and BSE Sensex both saw significant gains, with the Nifty closing at 24,722 and the Sensex at 81,018. The NSE Nifty Bank closed flat at 55,619.
Q1 Results: Top Performers
Several companies announced their Q1 results, with some notable performers including:
- DLF: Revenue up 99.4% to Rs 2,716.70 crore, net profit up 18% to Rs 762.67 crore
- Kansai Nerolac Paints: Revenue up 1.4% to Rs 2,162.03 crore, net profit down 4% to Rs 220.91 crore
- Godfrey Phillips India: Revenue up 36.5% to Rs 1,486 crore, net profit up 55.9% to Rs 356 crore
Major Corporate Actions
Several companies announced major corporate actions, including:
- Adani Ports and Special Economic Zone: Approved the issuance of 2:1 bonus equity shares
- BEML: Bagged an order from the Ministry of Defence for supply of HMV 8X8 with a contract value of Rs 282 crores
- Electronics Mart India: Commenced commercial operations of a new multi-brand store under the brand name ‘Bajaj Electronics’ in Telangana
Market Outlook
The market outlook remains positive, with the Nifty and Sensex expected to continue their upward trend. However, investors should remain cautious and keep an eye on global market trends and economic indicators.
Conclusion
In conclusion, the Indian stock market saw significant gains, with the Nifty and Sensex both closing higher. The Q1 results of several companies were announced, with some notable performers. Major corporate actions were also announced, including the issuance of bonus equity shares and new business ventures.
