REC Ltd surged 8.5% to Rs 550.50, hitting a 52-week high, following a 33% YoY rise in net profit to Rs 4,079 crore for the quarter ending March. Total income reached Rs 12,706.66 crore, with revenue from operations growing by nearly 24% YoY to Rs 12,677.18 crore.
Fed Chair Jerome Powell s remarks over the unlikelihood of more rate hikes eased concerns across global markets, there by lifting sentiment for stocks.
According to the equity advisory firm, apart from a few exceptions the Nifty indices have often demonstrated an upward trajectory around elections. Despite the difficulties and volatility during the previous 30 years, Nifty has provided a CAGR return of 13% when examining market returns.
With the 2024 general election underway and incumbent Prime Minister Narendra Modi vying for a historic third term, an analysis by FidelFolio suggests that the current general election and its outcome will likely not have a major long-term impact on the equity markets.
Nifty, Sensex jumped nearly 1 percent from day s lows to trade firmly in the green. Traders are advised to consider buying opportunities during any downward movements in the market, said analysts.