Sensex climbs over 1,100 points; HDFC Twins shares rise after merger announcement

Business

Aside from the HDFC twins, other big winners in the 30-share package include Bajaj Finance, Kotak Mahindra Bank, Tech Mahindra, Titan, Larsen & Toubro

Aside from the HDFC twins, other big winners in the 30-share package include Bajaj Finance, Kotak Mahindra Bank, Tech Mahindra, Titan, Larsen & Toubro

The Sensex started the week strongly, rising more than 1,100 points in early trade Monday, fueled by significant gains by index majors HDFC Bank and HDFC amid mixed trends in Asian markets.

In morning trade, the 30-piece Sensex rose 1,143.78 points to 60,420.47 points, while the broader Nifty 50 also saw bullish trends as it climbed more than 302.20 points to 17,972.65 points.

HDFC shares rose 8.37% to £2,656.10, while HDFC Bank shares rose almost 8% to £1,623.65.

In a significant development, HDFC Ltd. to merge with HDFC Bank.

After the merger, HDFC Ltd. will become subsidiaries/partners. pursuant to a regulatory application to subsidiaries/partners of HDFC Bank.

Under the Sensex pack, 24 stocks were in the green while 6 scrips were in the red.

Aside from the HDFC twins, other big winners in the 30-share package include Bajaj Finance, Kotak Mahindra Bank, Tech Mahindra, Titan, Larsen & Toubro.

On the other hand, Infosys, M&M, Maruti, ITC, UltraTech Cement were laggards.

Meanwhile, Asian markets saw mixed trends, with Japan’s benchmark Nikkei 225 slightly down, while Hong Kong’s main Hang Seng and South Korea’s Kospi indices were in positive territory.

Aside from the RBI policy announcement scheduled for April 8, developments related to the Russia-Ukraine war, the crude oil movement, foreign capital flows, as well as manufacturing and services PMI data are expected to influence investor sentiment.

US markets closed with gains on Friday.

On Friday, the first trading day of 2022-2023, the Sensex rose 708.18 points, or a 1.21% gain, to close at 59,276.69 points. The Nifty was also up 205.70 points, or 1.18%, to end the day at 17,670.45 points.

Last week, the Sensex was up 1,914.49 points, or 3.33%, while the Nifty was up 517.45 points, or 3.01%.

Meanwhile, international oil benchmark Brent rose 0.15% to $104.55 a barrel.

Foreign portfolio investors pumped just over £1,909 billion into shares on Friday.

Leave a Reply

Your email address will not be published. Required fields are marked *