Indian Share Market Rebounds: Finally Closed In Green After A 4-Day Slide.

 

Indian stock market closed in green after a consecutive 4 days losing streak on last Friday leading by Bajaj Finance HDFC Bank, Maruti Suzuki, M&M.

 At the opening, market started lower than previous day's closing point. At about 12.45 pm nifty 50 rose and entered in green crossing that point. At the end of the day it finally closed 151 points higher. 

 Banking stocks and Financial Services stocks increased most, the biggest losers were Media stocks. 

Top Gainers:

Bajaj Finance  :----------    3.28%

M&M :---------------------   2.86%

Maruti Suzuki :---------    2.47%

HDFC Bank :-------------   2.45%

JSW Steel:----------------  2.37%

Top Losers:

Bajaj Auto :---------------  2.40%

HCL Tech :----------------  1.32%

Nestle :---------------------1.01%

Divi's Labs:---------------  1.00%

TCS :----------------------   0.93%

Stocks News:

Jio Financial published its quarterly result recording a 6% q-o-q growth and net profit was Rs. 311 crore. Positive for the counter. 

 

HDFC AMC fared well in the Jan-March quarter achieving a net profit of Rs.541 crore. The company announced a dividend of Rs.70 per share. Positive for the counter. 

 

Hindustan Zinc published its quarterly result, its profit dipped by 21% in this quarter. Negative. 

 

Indus Tower made a deal with NTPC Green for renewable power projects to develop jointly. 

 

Canara Bank has announced a stock split at 1:5 ratio and fixed its record date on 15th May. 

What Is Stock Split ?  

Stock split is the policy or action of a company to divide and increase the total number of shares of the existing share holders in a certain ratio decided by the company's board meeting. The additional shares are distributed to the share holders on the basis of the shares they held previously. Companies split shares to enhance the liquidity in the market keeping the total value unchanged to be affordable to the maximum number of investors. 

 

Take an example, if a share has a face value of Rs.10 is splitting at a ratio of 1:5, it means that the face value of Rs.10 will be divided into five equal shares with a face value of Rs.2.Investors will receive 5 shares for every 1 share they hold. The total value of 5 shares will be same of Rs.10(5×2).

News Update:

* RBI maintained its repo rate unchanged at 6.50% for the consecutive 7th time at a stretch. 

 

* In March, 2024 the total number of premiums of LIC increased by 15.6% on y-o-y basis. 

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