The week that was: Magma’s best ever, Neuland’s best in 4 years
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Shares of ITC fell 7 per cent in its weakest weekly performance in recent months as investors were left disappointed by the December quarter earnings.
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Money managers suggested that the strong gains in the market have a long runway ahead, despite signs during the week of some fatigue, due to strong earnings.
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MUMBAI: In the week gone by, benchmark equity indices added to their stellar gains of the previous week as the post-Budget rally on Dalal Street continued. Nifty50 and Sensex added nearly 2 per cent last week.
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MUMBAI: Benchmark equity indices ended at their record closing highs today helped by positive cues from other Asian markets and gains in index heavyweights like Reliance Industries and Bharti Airtel.
The Nifty50 index ended 67 points, or 0.4 per cent, higher at 15,173.3, while Sensex climbed 222 points, or 0.4 per cent, to 51,531.5.
The gains, however, were more prominent in the smallcap space as the Nifty Smallcap index surged nearly 2 per cent on increased confidence in the domestic economic recovery.
The breadth of the market was positive as advancing stocks on the National Stock Exchange outnumbered the declining scrips. The gains, however, came on the back of lower participation as cash market volume on the NSE fell 15 per cent.
This NBFC stock rallied 45% in 3 sessions; 568% in 9 months
On Wednesday, Magma Fincorp shares gained as much as 10 per cent to hit 52-week high of Rs 84.95 on Bombay Stock Exchange
Chitranjan Kumar | February 10, 2021 | Updated 20:53 IST
Magma Fincorp shares surged 45% in 3 sessions
Magma Fincorp shares hit upper circuit of 10 per cent in intra-day trade on Wednesday, hitting fresh 52-week high of Rs 84.95 on Bombay Stock Exchange. Magma Fincorp s stock price has gained 45.55 per cent over the last three sessions following December quarter results. The Mumbai-based non-banking financial company (NBFC) saw its shares rise 568 per cent over the last 9 months from its 52-week low of Rs 12.70, touched on May 28, 2020.