BSE Sensex Closes 114 Points Higher; ITC Surprises with 7% Surge
FMCG and cigarettes major ITC moved 7 percent and closed Rs 189 after the company announced that it has resumed supplying of cigarettes as the government has eased lockdowns. ITC management has tried to diversify in other segments but the company still generates major part of its profit from cigarettes business. ITC currently holds 77 percent market share in cigarettes segment in India. Automobile major Bajaj Auto jumped 3 percent as the company announced better-than-expected results.
Indian government has allowed domestic flights to operate with new guidelines. InterGlobe Aviation and SpiceJet have confirmed that the flights on domestic routes will start from May 25. Stock price of both companies jumped as the confirmation about their domestic flight schedule was posted to the exchanges.
Banking stocks were trading low today and NIFTY Bank index closed 0.5 percent lower today. Indian markets have firmed up in the recent trading sessions. The markets are getting support from lower levels and India VIX volatility index has dropped by nearly 8 points as stability in stock prices has improved trading.
European markets opened low on Thursday and Indian markets declined slightly during the last hour of the trading session. TopNews will review performance of trading calls from market analysts Ashwani Gujral and Sudarshan Sukhani.