This FMCG stock surges 10% as market rebounds - Check Details

Shares of GRM Overseas surged over 10 per cent as equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday. The gain in share price also comes after the company informed exchanges about global expansion.  

The counter opened at Rs 215, with a gain of 5.13 per cent. It surged further to touch the high of Rs 224.95 - a gain of 10 per cent from the previous close of Rs 2024.30.

As part of the expansion, the company has announced a strategic partnership with Solariz Invest in Morocco. According to the agreement, Solariz Invest will act as the exclusive distributor of GRM Overseas products in Morocco. 

Meanwhile, equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday tracking a significant rally in the US and Asian markets along with buying in blue-chips Tata Consultancy Services and Reliance Industries.

Rebounding from Thursday's decline, the 30-share BSE Sensex jumped 1,098.02 points to 79,984.24 in early trade. The NSE Nifty surged 270.35 points to 24,387.35.

All the 30 Sensex firms were trading in the positive territory. Tata Motors, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Power Grid, NTPC, Tata Consultancy Services and Reliance Industries were the biggest gainers.

In Asian markets, Tokyo, Seoul, Shanghai and Hong Kong were trading sharply higher.
The US markets ended significantly higher on Thursday.

"The sharp rebound in the US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower-than-expected indicating that the labour market is not loosening as many sceptics feared," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,626.73 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.14 per cent to USD 79.27 a barrel.

The BSE benchmark declined 581.79 points or 0.73 per cent to settle at 78,886.22 in a volatile trade on Thursday. During the day, it tumbled 669.07 points or 0.84 per cent to 78,798.94.

After a day's breather, the NSE Nifty retreated to settle lower by 180.50 points or 0.74 per cent to 24,117. During the day, it tanked 217.8 points or 0.89 per cent to 24,079.70.