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Share Market News: Shares of Paramount Communications Limited hit the upper circuit as the market rebounded on Monday i.e. January 29, 2024. The counter surged 5 per cent as soon as the trading session started and hit the upper circuit of Rs 115.57 on the BSE.
The scrip has been gaining for the last two days and has risen 8.28 in the period. It has outperformed the sector by 2.79 per cent.
Shares of Paramount Communications, which has a market cap of Rs 3,186 crore, are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. It is just 2.81 per cent away from the 52-week high of Rs 116.7. The 52-week low of the stock is Rs 28.
Meanwhile, benchmark equity indices rebounded in early trade on Monday in-tandem with a rally in Asian markets along with buying in blue chip firms HDFC Bank and Reliance Industries.
The 30-share BSE Sensex jumped 503.47 points to 71,204.14 points in the early trade. Nifty climbed 178.55 points to 21,531.15 points. Among the Sensex firms, Sun Pharma, Axis Bank, Kotak Mahindra Bank, Power Grid, Larsen and Toubro, NTPC, ICICI Bank, HDFC Bank and Reliance Industries were the major gainers.
JSW Steel, Infosys, ITC and Mahindra And Mahindra were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory. The US markets had ended on a mixed note on Friday. Global oil benchmark Brent crude climbed 0.51 per cent to USD 83.98 a barrel. Markets were closed on Friday on account of Republic Day.
On Thursday, Sensex declined 359.64 points or 0.51 per cent to settle at 70,700.67 points while Nifty fell 101.35 points or 0.47 per cent to 21,352.60 points. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,144.06 crore on Thursday, according to exchange data.
Disclaimer: The article is for informational purposes only and not investment advice.
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