Paramount Communications Shares Hit 52-week High Even as Sensex, Nifty Nosedive | Check Details Here

The 30-share BSE Sensex tanked 561.05 points to 70,939.71. The Nifty plunged 165.6 points to 21,406.35.

Written by: India.com News Desk Edited by: Victor Dasgupta

Published: January 18, 2024, 1:30 PM IST

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Stock Market

Share Market News: Benchmark equity indices Sensex and Nifty tanked in early trade on Thursday, falling for the third day running, as investors continued to book profits after the recent record-breaking rally. Also, fresh foreign fund outflows dampened the mood.

Amidst the fall in the stock market in the last two days, shares of Paramount Cables have given a return of 10 per cent to the investors from the level of Rs 92.45 and its shares have reached the level of Rs 101.30. The shares of Paramount Cables were trading at the level of Rs 101.30 with a gain of Rs 4.18 or five per cent. This is also the 52-week high of the stock.

The 52-week low of shares of Paramount Cables, with a market cap of about Rs 2,830 crore, is Rs 28. The shares of Paramount Cables, which have given returns of 23 per cent to the investors from the low of Rs 82 in the last 1 month and 186 per cent from the low of Rs 35 in the last 6 months, have made the investors rich by giving multibagger returns in the short and long term.

The 30-share BSE Sensex tanked 561.05 points to 70,939.71. The Nifty plunged 165.6 points to 21,406.35.

The heavy fall in the markets comes on the back of a recent record-breaking rally. The BSE benchmark hit an all-time high of 73,427.59 on Tuesday, and the Nifty also reached its lifetime peak of 22,124.15 the same day.

Among the Sensex firms, Power Grid, Asian Paints, Wipro, HDFC Bank, HCL Technologies, IndusInd Bank, NTPC, and JSW Steel were the major laggards. Axis Bank, Bharti Airtel, UltraTech Cement, Tata Motors and Reliance Industries were the gainers. In Asian markets, Shanghai quoted lower while Seoul, Tokyo, and Hong Kong were trading in the positive territory.
The US markets ended lower on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,578.13 crore on Wednesday, according to exchange data.

Disclaimer: The article is for informational purposes only and not investment advice.