Stock Market Today: The Nifty was above 17200 when Indian indices began trading on March 31.
The Nifty increased 161.70 points or 0.95% to 17,242.40, and the Sensex increased 584.79 points or 1.01% to 58,544.88. 1532 shares increased in price, 439 shares decreased, and 148 shares were steady.
The biggest index gainers are Reliance, HCL Tech, ICICI Bank, and Tech Mahindra, up 2% to 2.7 %. The top losers, excluding Asian Paints, are Sun Pharma, ITC, Britannia, and Divi’s Lab, which are all down 0.1 to 0.5 percent.
Reliance Industries buys 70% of Sintex Industries’ equity share capital
In accordance with the NCLT’s authorised resolution plan, Reliance Industries bought 70% of Sintex Industries’ equity share capital. RIL and ACRE will jointly oversee and manage Sintex Industries (Assets Care & Reconstruction Enterprise). Reliance Industries has received from Sintex equity shares worth Rs 600 crore and optional fully convertible debentures worth Rs 900 crore. The addition of Sintex to Reliance’s portfolio of textile companies will help.
Stock Market Today: Good news for the equity markets
Chief Investment Strategist at Geojit Financial Services, Dr. V. K. Vijayakumar said there are indications that the global equity markets, led by the U.S., its mother market, are emerging from their fears of a banking contagion. The absence of additional bank failures or significant systemic stress is good news for the equities markets. Because the Nifty valuations are now acceptable, FIIs have started buying in the past two days. Since the market is oversold, a tactical rally and short-covering may occur in the near future. A persistent rally, however, is improbable since FIIs will once more turn sellers at higher levels. Market activity will be heavily influenced by data and news in the coming days.
Regulators from all across the world have acted firmly, which has increased confidence that the economy won’t be destroyed by the current problems facing banks. Traders have also started making significant bets that the Federal Reserve will soon need to lower interest rates. After a year of constant rate increases, such reductions would be welcome.
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