Zee Demands ₹750 Crore from Sony for Calling Off $10 Billion Merger
Opening bell:Benchmark indices open marginally higher; auto stocks are seen in top gear on Monday
On Monday, the domestic equities were predicted to see a cheerful start tracking the gains in other Asian indices post a stiff US market close on Friday, which boosted investors' sentiment. Indian indices opened marginally higher with Nifty starting the August F&O series above 17,200 level.
Sensex was up 81.70 points or 0.14% at the 57,651.95 level at the open, and the Nifty was up 29.70 points or 0.17% at 17,188 mark. M&M, Cipla, Hindalco Industries, Tata Steel and Power Grid Corp comprised of major gainers on the Nifty. On the flip side, the losers were Sun Pharma, Britannia Industries, TCS, Tech Mahindra and HUL. From the Sensex pack, the top stocks were M&M, Maruti Suzuki, Power grid Corporation, UltraTech Cement and Reliance Industries.
Meanwhile, the broader markets also traded buoyantly. Nifty Midcap 100 and Nifty Smallcap 100 advanced higher up to 0.5%. On the sectoral front, auto and media indices were on the forefront gaining 2.53% and 1.36%, respectively. M&M, Ashok Leyland and Tata Motors were the top three stocks pulling the index up.
ITC, Varun Beverages, UPL, Zomato, Max Financial Services, Escorts Kubota, Kansai Nerolac Paints, Castrol India and The Ramco Cements are among some companies that will report their June quarter results (Q1FY23). Hence, these stocks will be on investors’ radar. Among the other stocks which will be in focus today owing to the announcements made until the markets open on Monday were YES Bank, which announced raising equity capital worth USD 1.1 billion (Rs 8,900 crore) through funds affiliated to global private equity investors Carlyle and Advent International. HDFC announced that it will acquire its venture capital subsidiary HVCL by buying out the State Bank of India's 19.5% stake in the company.
Meanwhile, the proposed merger of Zee Entertainment Enterprises (Zee) and Culver Max Entertainment (formerly Sony Pictures Networks India) has been approved by the Bombay Stock Exchange and National Stock Exchange. Hence, keep an eye on these stocks for today’s trading session.
Other than the above-mentioned stocks, the shares of Sun Pharma Industries, Bank of Baroda, Indian Oil Corporation, Cipla, NTPC, DLF, Emami and IDFC First Bank are likely to be eyed as the companies have reported their Q1FY23 results over the weekend.
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Tanushree Jaiswal
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