Indian benchmark indices continued their strong run from yesterday and opened on a positive note today. BSE Sensex opened 0.20% up at 30,248.17 points and hit a fresh lifetime high of 30,346.79 points while the broader NSE Nifty50 opened 0.41% up at 9,448.60 points and rallied to its new lifetime high of 9,450.65 points. At 9:33 am, BSE Sensex was trading at 30,316.39 points while Nifty50 was trading at 9,432.95 points. Here’s a look at the top stocks in action.
Here are the top stocks pulling Sensex up:
Mahindra & Mahindra
The stock of Mahindra & Mahindra was up 1.54% at Rs 1,397.95 on the BSE. After Indian Meteorological Department revised its forecast of a normal monsoon this year, the tractor business of Mahindra & Mahindra is expected to do well and that’s what driving its stock prices.
The stock of ITC was up 1.28% at Rs 277.40 on the BSE. ITC’s stock prices are on the rise today as the FMCG business is expected to do well, especially in the rural markets after yesterday’s revised forecast of a normal monsoon.
The stock of HDFC Bank was up 0.52% at Rs 1,559.05 on the BSE. The stock had been under pressure since hitting a life-time high of Rs 1,572.30 on 27 April on the back of robust results of fiscal fourth quarter 2016-17.
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Here are the top stocks pulling Sensex down:
The stock of Housing Development Finance Corporation Ltd was down 0.37% at Rs 1,567.05. The stock had gained 3.25% in yesterday’s trade but was on a downward spiral since last 6 trading sessions before yesterday and had declined 3.77% during that time period. Earlier, HDFC had reported a 21.58 per cent year-on-year drop in standalone net profit at Rs 2,044.20 crore for March quarter. Standalone net profit for Q4FY17 rose 20.16% on-quarter from Rs 1,701.21 crore. Consolidated net profit for Q4 declined 11.01% on-year to Rs 3,079.33 crore.
The stock of Hindustan Unilever was down 0.75% at Rs 988.40. In yesterday’s trading session, Hindustan Unilever was up 4.65% after global brokerage firm Jefferies upgraded shares of its parent company Unilever PLC. Unilever PLC holds over 65 per cent equity in the FMCG major Hindustan Unilever.
The stock of Bharti Airtel was down 1.72% at Rs 366.30. In yesterday’s trading session, Airtel shares were up 8% on the back of better than expected subscriber additions in the fiscal fourth quarter even as the largest telecom company in India came out with weak as expected numbers for the fourth fiscal quarter where its net profit plunged 71.7% and revenue fell 8.8% on-year basis.