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Sensex gains 350 pts; Hero Moto cracks 7%, Ruchi Soya zooms 16%

CLOSING BELL: Shares of Hero MotoCorp cracked over 6 per cent after reports suggested that the Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

CLOSING BELL

Voltility gripped the benchmark indices on Tuesday as investors stayed divided between 'buy on dips' and 'sell on rally' strategies. The frontline S&P gyrated in a narrow range of around 361 points while the Nifty50 travelled within a band of 100 points.

By close, the 30-pack index was parked at 57,944, up 350 points or 0.6 per cent, while the broader 50-share index ended at 17,325, up 103 points or 0.6 per cent. 

Adani Ports, Eicher Motors, Divis Labs, Bharti Airtel, JSW Steel, HDFC, SBI Life, Ultratech Cement, Cipla, and Shree Cement were the top gainers in the large-cap space, up between 2 per cent and 4.6 per cent.

On the downside, Hero MotoCorp, ONGC, Coal India, Indian Oil Corporation, PowerGrid, ITC, and Maruti Suzuki dropped the most, falling between 1 per cent and 6.6 per cent.

Individually, shares of Hero MotoCorp cracked over 6 per cent after reports suggested that the Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses and over Rs 100- crore cash transactions for a farmhouse in Chhattarpur, Delhi. READ MORE

The broader MidCap and SmallCap indices, too, rose in-tandem with their large-cap peers, advancing 0.6 per each.

Adani Power was the biggest MidCap winner as the shares closed over 14 per cent higher. In 6 days, the stock of the Adani Group company has jumped nearly 441 per cent as against a half a per cent rise in the index during the period. READ MORE

Ruchi Soya was another top gainer, settling 16 per cent up, after the company clarified that the SMSes pertaining to investments in its follow-on public offering (FPO) have not been issued by the company or its promoters. READ MORE

On the contrary, JSW Energy, Emami, IDBI Capital, Future Consumer, and Future Supply Chain Solutions were the worst hit. 

Sectorally, the Media index dipped over 1 per cent, followed by the PSU Bank index, down 0.7 per cent. The Pharma index added 1.5 per cent, and the Nifty Financial Services gained 1 per cent.

Global markets
European stocks advanced on Tuesday ahead of another round of Ukraine-Russia talks. The pan-European Stoxx 600 climbed 1.2 per cent by mid-morning, with autos jumping 3 per cent to lead gains as all sectors and major bourses traded in positive territory.

On Wall Street, the S&P500 and Dow Jones Futures were up 0.3 per cent each, and Nasdaq Composite Futures climbed 0.5 per cent.

Meanwhile, Japan's Nikkei and Hong Kong's Hang Seng advanced 1 per cent each, South Korea's Kospi 0.4 per cent, and Australia's ASX200 0.7 per cent. China's CSI300, on the flipside, dipped 0.35 per cent.

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