The benchmark indices bounced back in positive terrain in afternoon trade, tracking firm global cues. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 74.95 points or 0.14% at 52,012.39. The Nifty 50 index gained 13.35 points or 0.09% at 15,596.15.
Housing Development Finance Corporation (HDFC) (up 1.18%), Bajaj Finance (up 1.78%) and State Bank of India (SBI) (up 1.74%) boosted the indices.
The broader market traded lower. The S&P BSE Mid-Cap index lost 0.11%. The S&P BSE Small-Cap index fell 0.28%.
Sellers outnumbered buyers. On the BSE, 1,211 shares rose and 1,812 shares fell. A total of 133 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,412.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 179.78 crore in the Indian equity market on 31 May 2021, provisional data showed.
Read more about Magma Fincorp Q4 net loss widens to Rs 648 cr; board appoints Adar Poonawalla as chairman on Business Standard. On a consolidated basis, Magma Fincorp reported net loss of Rs 647.72 crore in Q4 FY21, higher than net loss of Rs 35.51 crore in Q4 FY20.
Adar Poonawalla takes charge as Magma Fincorp Chairman equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Synopsis
The lender has also appointed Abhay Bhutada as its managing director and Vijay Deshwal as chief executive officer. Deshwal, currently a business head at ICICI Bank, will assume charge at Magma from the first week of July. He will also be the Group CEO of Poonawalla Group’s financial services business.
Agencies
Magma on Monday also reported widening of net losses to Rs 626 crore in the March quarter compared with Rs 35 crore loss in the year ago period on account of aggressive provisioning to cover stressed assets.
Magma Fincorp has appointed Adar Poonawalla as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it.