The stock market today witnessed a flurry of activity, with various companies experiencing significant movements in their share prices. Godrej Consumer Products saw a surge of up to 8% in its stock price, reaching a 52-week high on the National Stock Exchange. On the other hand, Lupin, a leading pharmaceutical company, faced a sharp decline of more than 6% following the release of its Q4 earnings report.
Hindustan Unilever emerged as the top gainer in the Nifty 50, rising by 5.2% to an intraday high. JP Morgan maintained an overweight rating on Godrej Consumer Products, highlighting the company’s strong performance in the Indian market and overseas.
In terms of market outlook, Nifty traded sideways with a somewhat bearish sentiment, as indicated by consecutive red candles. Analysts suggest that the index may slide further if it stays below 22500, with a potential downside towards 22300.
Meanwhile, voting for the third phase of the Lok Sabha elections began today, covering 12 states and Union territories with a total of 93 constituencies participating. Additionally, the NSE added several stocks to the F&O ban list, including Aditya Birla Fashion, Balrampur Chini Mills, and Vodafone Idea.
Overall, the stock market today saw a mix of gains and losses, with investors closely monitoring company performances, market trends, and geopolitical developments to make informed decisions.
