Shares of Suzlon Energy Ltd snapped their five-session winning run amid weak sentiment in the broader market in early trade today. The stock gained 13.26% since the November 9 close of Rs 37.32 on BSE. The stock has been rallying amid news that it could enter AMFI's midcap category in the January rejig. Another trigger behind the rally last week was the news that Suzlon Energy was likely to be included in the MSCI Global Standard Index during its upcoming rejig on November 15. The renewable energy scrip was included in the index last week.
Suzlon Energy shares surged 298 per cent to Rs 42.27 on Friday from Rs 10.61 level at the end of December 2022. The Suzlon Energy stock has recently been added to MSCI Global Standard index.
Suzlon Energy share price: The stock jumped 4.61 per cent to hit a one-year high of Rs 44. At this price, the multibagger scrip has gained around 410 per cent in the last six months. Bourses BSE and NSE have put the securities of Suzlon under the long-term ASM (Additional Surveillance Measure) framework.
Suzlon Energy now needs to sustain over Rs 40-level to embark on a fresh upside. The immediate support comes in at Rs 32. A breakout of Rs 42 could trigger upside in the direction of Rs 50.