D-Street Newsmakers: Titan, ONGC and Nestle India among stocks that hogged limelight today
On expected lines, Indian markets are showing signs of consolidation to support the current stretched valuations.
In a lacklustre trade, equity benchmarks after a muted start remained rangebound. Nifty at the close ended weak by a minor 3.3 points at 24,320.55. Among the sectors, FMCG and Energy were the top performers while PSU Banks and Metal were the major laggards.
Vinod Nair, Head of Research, Geojit Financial Services on today's market performance said the market is turning to a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits.
Here are the stocks that gained focus today:
Titan:
Titan shares ended over 3 per cent lower at Rs 3,153.7 as JP Morgan downgraded the stock after the company’s Q1 business update.
Bank of Baroda:
Shares of the PSB ended with a cut of over 4 per cent at Rs 262.45 as the lender’s board approved to raise additional capital of up to Rs 7,500 crore via debt instruments.
Marico:
Marico shares ended higher by 4 per cent at Rs 639 as the company’s consolidated revenue during the June quarter registered high single-digit growth.
ONGC:
ONGC shares ended nearly 4 per cent higher at Rs 299.25 after hitting fresh 52-week high amid spurt in volume in the counter.
Nestle India:
After the company announced an interim dividend of Rs 2.75 per share for FY25, shares of the FMCG player ended over 1 per cent higher at Rs 2603.30.
IRFC:
Shares of the railways entity ended over 7 per cent higher at Rs 202.1 after notching a fresh 52-week high amid an overall bullish trend in rail stocks.
Shalby:
Shares of the healthcare entity ended over 4 per cent lower at Rs 296.8 as the company's Q1FY25 consolidated net profit slipped 20 per cent on-year.