Sensex surges 800 points to break 5-day losing streak. Here's why
Stock market today: Tech Mahindra, Nestle, Maruti, HDFC Bank, Nestle, and Axis Bank were the top losers.
Benchmark indices Nifty50 and Sensex opened higher today owing to gains in IT and energy stocks. The BSE Sensex was trading 624 points, or 0.78%, higher at 80,664.07. Nifty50 was up 222 points, or 0.91%, trading at 24,626.05. From the Sensex pack, Bharti Airtel, Kotak Bank, Tata Steel, TCS, SBI, and Infosys were the top gainers. Tech Mahindra, Nestle, Maruti, HDFC Bank, Nestle, and Axis Bank were the top losers today.
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In individual stocks, Tech Mahindra fell over 4% even though the information technology firm beat its estimates for June-quarter revenue and the company said it expects a "better fiscal year 2025, compared with the previous one."
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AU Small Finance Bank shares surged 1.4% today as the company reported a rise in net profit in the June quarter and announced plans to apply to the Reserve Bank of India (RBI) for a Universal Bank license.
Cyient Ltd shares plunged 9% after the firm posted drop in June-quarter profit on delays in project execution.
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V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The unique feature of the ongoing bull market in India is its ability to climb all walls of worry. The market dismissed all concerns relating to elections, the Budget and the correction in the mother market US. The buy on dips strategy which has played out well in this rally continues to hold good.”