Nifty, Sensex up, Grasim Industries sets rights issue price at Rs 1,812 per equity share
The markets commenced on a positive trajectory on Friday morning. The NSE Nifty was up by 0.36 per cent or 77.05 points to 21,735.65, while the BSE Sensex was up by 0.37 per cent or 259.24 points to 72,107.32 at 10 am
Avdhut Bagkar, Technical and Derivatives Analyst, StoxBox, said, “The US market ended mostly lower overnight, while the 10-year Treasury yield edged closer to 4 per cent as strong labour market data raised fresh uncertainty about the pace of potential rate cuts this year. The Asian markets were mixed on Frida, after selling pressure weakened US stocks and bonds as robust signals from the labour market weighed on expectations for interest rate cuts.
The Indian market may struggle for direction at the open on Friday, tracking mixed cues from global markets, as bond yields rose on doubts about how soon the Federal Reserve could start cutting interest rates.
On stock specific news, Aditya Birla Group’s flagship Grasim Industries set the price for the rights issue, approved in October, at Rs 1,812 per rights equity share, as the cement maker plans to raise funds not exceeding Rs 4,000 crore to fund the ongoing capital expenditure plan and repay existing borrowings.
The benchmark index rebounded strongly in the previous trading session. It witnessed a gap-up of 80 points and continued to trend in that direction for the remaining part of the trading session, to close in the upper quartile of the trading range after 2 consecutive days of selling. The index is anticipated to attract bullish strength provided the immediate pivotal support near 21540 remains intact on a closing basis going forward.”
Major gainers on the NSE at 9:30 am include, SBI Life (1.98 per cent); NTPC (1.70 per cent); Wipro (1.67 per cent); LTI Mindtree (1.49 per cent); Bajaj Auto (1.34 per cent). Major losers include, Nestle India (-1.76 per cent); Sun Pharma (-1.44 per cent); Britannia (-0.60 per cent); Cipla (-0.59 per cent); IndusInd (-0.42 per cent)