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Stock Market Update: TCS, IRB Infra, Tata Motors To Ring In Profits, Droneacharya Aerial Innovations Touches 52-Week High
The stock market zoomed on Monday with both Nifty and Sensex closing with gains. Experts feel that the market may continue to see a period of ups and downs
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Stock Market saw a boom on Monday. Experts say it may remain volatile today
Monday proved to see an auspicious opening for the stock market. The Sensex jumped 1.41 per cent with 846 points to close at 60,747 while Nifty jumped 1.35 per cent with a gain of 241 points to close at 18,101. Experts say that the possibility of US Central Bank increasing the interest rates seems remote at the moment and hence, foreign investors are not withdrawing money in a rush. This helped the market recover from the fall, but it will remain volatile for a while.
TCS, IRB Infra Smiled On Investors
The leading IT company Tata Consultancy Services released its third quarter results and the net profit of the company has increased by 11 per cent to Rs 10,846 crore. This made an impact on its stocks as well. Monday saw TCS stock closing at Ra 3,309 with a jump of 3.03 per cent.
IRB Infa, one of India’s key infrastructure players, too released its report on Monday. The company has recorded a 32% increase in the Toll Collection in the month of December 2022 on year-on-year basis, across all projects under them. This strengthened its position in the market and the stocks closed at Rs 303.80 with a jump of 0.43 per cent.
Tata Motors Zooms Ahead
Tata Motors has some good news as well. The company has recorded an increased sale by 15 per cent for Jaguar Land Rover on annual basis. It closed at Rs 388.95 with a gain of 1.82 per cent. Its 52-week high level is Rs 528.50. Similarly, Star Health and Allied Insurance also reported a 13 per cent growth in gross direct premium for the nine months of FY23. It has increased from Rs 7,774 crore to Rs 8,752 crore. Star Health is currently available at Rs.587.80 and gained 0.35 per cent yesterday. This stock has given 6.40% return in last 6 months.
Infosys Ltd. too registered a good gain on Monday, closing at Rs 1485.50 with a gain of 2.55 per cent.
According to the Momentum Indicator Moving Average Convergence Divergence (MACD), the shares of Bank of India, BHEL, L&T Finance Holding, Larsen and Toubro Limited and Reliance can register a boom in today's business.
These Stocks Are Sounding Upper Circuit
Keep an eye on the shares of Union Bank of India, Droneacharya Aerial Innovations Ltd and IDBI Bank today. Union Bank had closed with a slight gain on Monday. This public sector bank has given a return of 122.30% in the last six months. Trading at Rs 81.25, the stock is moving towards its 52-week high of Rs 96.40.
Dronacharya Aerial Innovations Limited is having upper circuit since last few days. It has given a return of 33.34% to its investors in the last 5 days. Available at Rs 200.75, this stock has reached its 52-week high with a gain of 10 per cent. The stock, which made its market debut on 23 December 23 2022, has been in an upward momentum and has rallied about 70% since its listing.
On the other hand, there is news that the disinvestment of public sector IDBI Bank will be completed in the next financial year (FY 2023-24). This will affect its stock position.
Experts shared their views on the market. Prashanth Tapse, Research Analyst and Senior VP (Research), Mehta Equities Ltd said, "Markets may dip in early trades Tuesday owing to sluggish US market close in overnight trades, while other Asian peers are exhibiting a mixed trend. But there is a bright chance that the benchmark Nifty will again attempt to climb higher as the momentum from Monday’s rally is likely to seep into today’s trading session. Investors continue to cheer hopes that the Federal Reserve might dial back its aggressive monetary tightening. On the technical front, Nifty is likely to enjoy waves of bullish momentum with upside targets seen at 18473 mark."