The BSE benchmark ended 271.50 points or 0.38 percent higher at 71,657.71 on Wednesday. The Nifty advanced 73.85 points or 0.34 percent to 21,618.70.
Share Market News: Shares of Paramount Communications Ltd (Paramount Cables) surged around 5 percent on Thursday i.e. January 11 to hit the upper circuit. The counter opened slightly higher at Rs 90.60 than the previous close of Rs 90.53 and went on to hit an intraday high of Rs 95.04 on the BSE. This is a surge of around 5 percent against the previous close.
The stock of Paramount Communications – with a market cap of Rs 2,657.69 crore, has outperformed the sector by 3.76 percent. It has gained after three days of consecutive falls. In technical terms, the stock is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The 52-week high of the stock is Rs 100.99 and the 52-week low of the counter is Rs 28. The counter has given a whopping return of around 515 in the last two years. So far this year, the counter has given a positive return of 148 percent.
Meanwhile, benchmark equity indices climbed in early trade amid a rally in global markets and buying in Reliance Industries. The 30-share BSE Sensex jumped 341.76 points to 71,999.47 in early trade. The Nifty climbed 107.8 points to 21,726.50.
Among the Sensex firms, Axis Bank, Bajaj Finserv, Bajaj Finance, Reliance Industries, IndusInd Bank and NTPC were the major gainers.
Infosys, Nestle, Wipro and HDFC Bank were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains. The US markets ended in positive territory on Wednesday. “The Q3 results season starting today with the results of TCS and Infosys will provide indications of the Nifty earnings for FY24,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global oil benchmark Brent crude climbed 0.39 percent to USD 77.11 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,721.35 crore on Wednesday, according to exchange data. The BSE benchmark ended 271.50 points or 0.38 percent higher at 71,657.71 on Wednesday. The Nifty advanced 73.85 points or 0.34 percent to 21,618.70.
Disclaimer: The article is for informational purposes only and not investment advice.