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Future Group shares rise up to 10% after Delhi HC lifts Status Quo order on RIL deal
Share of Future Group firm Future Retail gained 9.84% to Rs 80.40 on BSE. The stock has gained after 4 days of consecutive fall
BusinessToday.In | February 9, 2021 | Updated 11:28 IST
Future Lifestyle share gained 9.35% to Rs 90.60 on BSE
Future Group stocks rallied in early trade today after the Delhi High Court stayed the implementation of a single-judge order to Future Retail Ltd (FRL) and various statutory authorities to maintain status quo regarding the Rs 24,713 crore deal with Reliance Retail.
While share of Future Consumer rose 8.86% at Rs 8.60, Future Lifestyle share gained 9.35% to Rs 90.60 on BSE. Future Consumer share is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The stock has lost 61.61% in one year and gained 0.82% since the beginning of this year.
The equity benchmarks further extended gains and hit record high levels in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, jumped 426.29 points or 0.83% to 51,775.06. The Nifty 50 index spurted 124.70 points or 0.82% to 15,240.50.
The Sensex hit a record high of 51,835.86 and the Nifty hit a record high of 15,257.10 in mid-afternoon trade. Both the indices have gained over 11% in seven straight sessions.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.37%. The S&P BSE Small-Cap index gained 0.33%.
The market breadth was negative. On the BSE, 1419 shares rose and 1482 shares fell. A total of 174 shares were unchanged.
Domestic benchmarks reversed intraday gains and ended near the flat line after a volatile session on Tuesday. As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 19.69 points or 0.04% to 51,329.08. The Nifty 50 index lost 6.50 points or 0.04% to 15,109.30.
The Sensex hit a record high of 51,835.86 and the Nifty hit a record high of 15,257.10 in mid-afternoon trade. Investors booked profits after both the indices surged about 11% in the past six consecutive sessions.
Mahindra & Mahindra (down 3.04%), ITC (down 1.76%), Bajaj Finance (down 1.59%), TCS (down 1.10%) and Hindustan Unilever (down 0.93%) offset gains in Asian Paints (up 3.70%), Larsen & Toubro (up 0.83%), ICICI Bank (up 0.66%), HDFC Bank (up 0.45%) and HDFC (up 0.33%).