The markets are slipping further in afternoon trade. The Sensex is now down over 800 points, and the Nifty has slipped below 25,600. The fall came after news reports suggested that the US may strike Tehran this weekend, which rattled investor sentiment across the globe.
Here are the top movers and shakers at this hour –
ONGC
Oil and Natural Gas Corporation (ONGC)’s share price surged up to 3% to a high of Rs 272 on the National Stock Exchange in Thursday’s trade. The rate of Brent crude oil closed above $70 a barrel in the international market as geopolitical tensions intensified. Iranian forces conducted military drills in the Strait of Hormuz, the US deployed a second aircraft carrier to the region, while negotiators from Washington and Tehran are set to meet again in two weeks to work toward finalising a deal.
M&M
Mahindra & Mahindra’s stock price moved 2.6%% lower to the day’s low of Rs 3,437.50 on the National Stock Exchange. In the last one month, the stock has dropped shareholders’ value by 6%. It has dipped 7.56% in the past three months and has risen 2.57% over the last six months. M&M’s stock price has raised investors’ worth by almost 25% over the previous 12 months.
Trent
The share price of Trent dropped by over 3% to an intraday low of Rs 4,053. The stock was among the major losers in the Nifty 50. Technically, Trent trades above 20- and 50 DMA (Daily Moving Average), indicating that there is some underlying support. Nonetheless, Tata Group Company stock trades below the 5, 100, and 200 DMAs.
RBL Bank
The stock price of RBL Bank rose as much as 2.87% to touch the day’s high of Rs 335.5. The stock has been on an uptrend for the past three straight sessions, giving a return of 6.43%. On the technical front, RBL Bank has been trading above all major moving averages, which include the 5-day, 20-day, 50-day, 100-day, and 200-day averages.
Godfrey Philips
The share price of Godfrey Philips increased to 6.35% to hit an intra-day high of Rs 2,635 per equity share. This is the second session when the cigarette stocks went up in smoke. The surge came after reports suggested that companies like ITC are looking to increase the cigarette prices in the range of 20-40% to mitigate the impact of the steep excise duty tax hike.