Markets open flat: Sensex up, Nifty crosses 15,300 on monthly F&O expiry day
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The markets opened flat on Thursday on monthly F&O expiry day. At 09:16 AM, the Sensex was up 11.78 points or 0.02 percent at 51,029.30, and the Nifty was up 4.20 points or 0.03 percent at 15,305.70.
Mohit Nigam, Head-PMS, Hems Securities said, the results of strategic sale-bound BPCL were declared later yesterday, declaring a high final dividend of Rs 58 in addition to the Rs 25 dividend in the FY21, mainly on back of the sale of 62.5 percent stake in NRL to consortium of Oil India Ltd. and Engineers India Ltd. The oil is trading at the range of $66 per barrel on back of shrinking crude inventories signalling the strong demand pick up after the pandemic linked lockdowns. Factors like these are benefitting the economy and the markets which may make the market see the all-time highs in the coming days. The support at 15,100 needs to watched closely for the newer highs in the Nifty50.
Data compiled from corporate database AceEquity suggests one-third of 98 BSE Midcap constituents need to rally at least 50 per cent to reclaim their record high levels.
A range-bound trade ended flat on Tuesday as indecision weighed on investors minds. Tracking solid global cues, the domestic equity indices opened gap-up with the frontline S&P BSE Sensex and NSE s Nifty50 indices extending their gains to surge as high as 50,961 and 15,294 levels, respectively in the intra-day deals. However, profit-booking at higher levels and selling in financial counters put a lid on gains. That said, expectations that the government is preparing a stimulus package for sectors worst affected by the deadly coronavirus wave, aiming to support an economy struggling with a slew of localized lockdowns, supported indices. According to a Bloomberg report, the finance ministry is working on proposals to bolster the tourism, aviation and hospitality industries, along with small and medium-sized companies. The discussions are at an early stage and no timeline for an announcement has been decided.
Amara Raja Batteries tumbled 5.18% to Rs 743.15 amid heavy volumes.
On the BSE, 41.07 lakh shares were traded in the counter so far compared with an average trading volume of 70,212 shares in the past three months.
On the NSE, 2.93 crore shares of the company were traded so far as against an average trading volume of 9.98 lakh shares recorded in the past three months.
According to media reports, Clarios was to sell 1.71 crore shares (approximately 10% stake) of Amara Raja Batteries for an aggregate of $174 million. The floor price was reportedly fixed at Rs 746 per share.
Clarios ARBL Holding LP held 4.09 crore shares or 24% stake in the company as on 31 March 2021.