Trident India Shares Rise 12%; Trading Volume Surges
Shares of the company rose 12% with trading volume 15 times its daily average for this time of day. The stock was the best performer among its peers.
Sensex, Nifty Slide In Opening Trade
Indian equity benchmarks opened lower on Monday in line with most of their in Asian peers amid concern that a surge in global coronavirus cases could crimp the economic recovery.
The S&P BSE Sensex slipped nearly 0.2% to 48,100 as some investors took advantage of record-high index levels to book profits. The NSE Nifty 50 Index too fell 0.3%. Both indexes closed at new peaks yesterday.
“This is a buy-on-dips market. We are retaining value in our portfolio and also booking profits where there is excessive exuberance,” said Kranthi Bathini, a strategist at Mumbai-based WealthMills Securities Ltd told Bloomberg. “We are starting the year with a lot of optimism over the vaccine.”
- All but four of 19 sector indexes compiled by BSE Ltd. fell, led by a gauge of metal companies
- ONGC Ltd. and Tata Motors Ltd. contributed the most to the Sensex fall, sliding over 2%, while TCS Ltd. had the largest gain, rising 1.5%
- 35 of 50 shares on Nifty fell, while 15 rose.
Also Read: 10 Trading Forecasts For 2021
A Volatile Day Ahead?
Indian equities scaled new highs again on Monday as foreign inflows continued unabated. The S&P BSE Sensex gained for the ninth straight session to end above 48,000, while the NSE Nifty 50 closed above 14,100.
But futures are pointing to a gap-down start for India’s benchmark indices. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.74% to 14,072 as of 8:05 a.m. on Tuesday.
No stocks are in the F&O ban for today’s session. The street will keep an eye on HDFC and Bajaj Finance as they release their quarterly business updates, and on National Fertilisers.
Asian markets are declining this morning as investors chose to book profits amid a rise in coronavirus cases globally. Benchmark indices across the Asia-Pacific are declining, with Hong Kong and Australia leading the underperformance.
Futures on the Dow Jones are trading with gains of 50 points. The index fell 1.2% on Tuesday.
West Texas Intermediate crude recovered from the day’s low to rise 0.2% to $47.71 per barrel, while gold fell 0.3% to $1,937.6/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.