At 10.06 am, the benchmark Sensex and Nifty were 0.5-0.6 per cent higher at 70,759 points and 21,368 points, respectively. Among the widely-tracked Nifty 50 stocks, 38 advanced and the rest 12 declined.
Share Market News: Shares of Man Infraconstruction jumped over 1.8 per cent on Wednesday as the company informed the exchanges that its board has considered and approved the allotment of 3.50 crore warrants on a preferential basis. The 52-week high of shares of Man Infra with a market cap of around Rs 8,190 crore is Rs 230.95 while the 52-week low level is Rs 66.25. Man Infra shares have given investors returns of 7 per cent in the last 1 month, 82 per cent in the last 6 months and 192 per cent in the last 1 year. The shares of Man Infra were at a low of Rs 11 on April 3, 2020, during the Corona crisis, from which till now investors have got a bumper return of 1900 per cent.
Meanwhile, Indian stocks were in the green Wednesday morning, after a bloodbath during the previous session — Sensex fell over 1,000 points — due to a host of reasons including high valuations, foreign portfolio investors lately pulling out funds from India, and a mild profit booking.
Yesterday’s slump wiped off lakhs of crores from investors’ kitty.
At 10.06 am, the benchmark Sensex and Nifty were 0.5-0.6 per cent higher at 70,759 points and 21,368 points, respectively. Among the widely-tracked Nifty 50 stocks, 38 advanced and the rest 12 declined.
“The trigger for the correction came mainly from the sustained selling by FIIs who have sold equity worth Rs 27830 crores during the last 5 days,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, commenting on yesterday’s sharp slump.
“Some news and rumours also contributed to the selling in the market. There is news that SEBI is tightening the ultimate beneficiary norms for FPIs starting February 1st. This might have triggered some FPI selling.” Vijayakumar advised investors to wait for the market to stabilise. “Safety now is in fairly priced large caps.”