Indian equity indices reached a record high in early trading on Thursday due to increased hopes of a US Fed rate pause. However, profit booking led to a decline later in the day. Nonetheless, the indices extended their winning streak for the 10th straight day.
The Sensex closed above 67,500, while the Nifty settled above the 20,100 mark. Among the gainers in the Sensex pack were M&M, Tech Mahindra, and Tata Steel, while ITC and Asian Paints witnessed the most significant drops.
In stock-specific action, Sugar stocks gained over 11% as there is a projected 14% decrease in sugar output in Maharashtra in the 2023-24 crop year. Dwarikesh Sugar, Dhampur Sugar, and Balrampur Chini led the rally.
Shares of Suven Pharmaceuticals closed 2% higher after the Union Cabinet approved a Rs 9,589 crore foreign direct investment proposal by a Cyprus-based firm in the company.
Shares of the state-owned firm NBCC (India) rallied 8% following the signing of MoUs with the Ministry of Steel, Rashtriya Ispat Nigam, and National Land Monetization Corporation. The company also received orders worth Rs 180 crore.
On the IPO front, Yatra Online’s Rs 775 crore issue is set to open for subscription on Friday.
Additionally, Signature Global, a realty player, has fixed the price band for its upcoming IPO at Rs 366-385 per share.
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