DTI News

February 22, 2024
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Sensex and Nifty hit record highs as BJP secures dominant wins, Gujarat Alkalies & Chemicals shines, Zee Entertainment dips

Mumbai: Domestic stock markets surged on Monday, marking substantial gains and hitting record highs, buoyed by the Bharatiya Janata Party’s (BJP) decisive electoral triumphs in Madhya Pradesh, Rajasthan, and Chhattisgarh. The S&P BSE Sensex witnessed a remarkable rise of 1.72%, or 1,163.39 points, reaching 68,644.58 around 2 pm. Simultaneously, the NSE Nifty 50 experienced a surge of 1.79%, or 362.95 points, reaching 20,630.85.

Gujarat Alkalies & Chemicals Registers Noteworthy Trading Performance

Gujarat Alkalies & Chemicals exhibited a notable trading performance on the final trading day. Opening at Rs 724.3 and closing at Rs 718.3, the stock reached a high of Rs 733 and a low of Rs 720.95. With a market capitalization of Rs 5,306.19 crore, the 52-week high and low for the stock stand at Rs 810.2 and Rs 556.05, respectively. On the BSE, a total of 9,265 shares were traded.

Zee Entertainment Faces 3.5% Drop Amidst Increased Volumes

Zee Entertainment Enterprises Ltd saw a 3.5% decline in its shares, accompanied by higher volumes. Sprucegrove, as per BSE filing, sold a 2.3% stake in the firm between February and November. Initially holding a 7.3% stake, Sprucegrove currently retains a 4.99% stake post the sell-off.

Market Expert’s Perspective on BJP’s Victory and Future Trends

Manish Chowdhury, Head of Research at StoxBox, commented on the market trends, stating, “With the results of state elections giving a big victory to BJP in three states and some in-roads in Telangana as well, markets have been on a strong footing today.” Chowdhury expressed confidence that markets could reach close to the 22,000 levels before the 2024 general elections, attributing it to BJP’s pro-reformist image and the economy’s resilient performance during the challenging COVID period.

Citi’s View on Nuvama Wealth Management

Citi provided insights on Nuvama Wealth Management, initiating a buy call with a target of Rs 4,110 per share. The report highlighted the company’s strategic position in the growing formalization of managed wealth in India, the impact of its capital markets business, and its strong product pipeline with multiple distributor tie-ups. The report also acknowledged potential risks, including earnings volatility in capital markets and rising competitive pressures in mid-market wealth.

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