Market reaches record high, Sensex breaches 44,000, the top movers today.

Market reaches record high, Sensex breaches 44,000, the top movers today

• The 30-share BSE index was trading 301 points higher, and the broader NSE Nifty gained 0.64% on Tuesday at 10:07 am.
• Here’s a list of the top losers and gainers in the Nifty pack.
• These are the top stocks that are buzzing in trade today.

Indian equity indices opened at record highs on Tuesday, playing catch-up with overseas gains after a long weekend. News that US drugmaker Moderna’s coronavirus vaccine was 94.5% effective in preventing infection is adding to the gains on Dalal Street.

The 30-share BSE index was trading 301 points higher, and the broader NSE Nifty gained 0.64% on Tuesday at 10:07 am.

Tata Steel tops over 6%

The shares of Tata Steel rallied over 6% hitting the 52-week high of ₹523. This came after the company in a separate statement informed stock-exchanges that it has plans with respect to its operations in Europe. The company has initiated discussions with Sweden-based SSAB on the potential sale of the Tata Steel Netherland business, including Ijmuiden steelworks.

Tata Steel said it has also initiated the process to separate Tata Steel Netherlands and Tata Steel UK and will pursue separate strategic paths for the Netherlands and the UK businesses in the future.

BPCL plunges over 4%

The shares of BPCL plunged over 4% even though it completed its first phase of the privatization process on Monday with several suitors submitting Expressions of Interest (EoI) for the state-run oil major. However, Reliance Industries as well as supermajors Saudi Aramco, BP, and Total did not make a bid for BPCL.

Reliance Industries opened 4% higher

The shares of Mukesh Ambani owned Reliance Industries’ opened 4% higher after its retail arm has picked up a 96% stake in online furniture retailer Urban Ladder for over ₹182 crores. The company said this acquisition would help Reliance Retail in bolstering its presence in the fast-growing e-commerce segment and widening the bouquet of consumer products provided by it as it looks to compete with e-commerce majors like Amazon and Flipkart.

HDFC Asset Management Company gains over 2%

The shares of HDFC Asset Management Company gained over 2% after its board of directors has approved the appointment of Navneet Munot as its next managing director and chief executive officer, succeeding Milind Barve. Munot was the chief investment officer of SBI Funds Management.

NBCC India trades 2% higher

The shares of state-owned construction firm NBCC opened 2% higher after the company said it had bagged business orders worth ₹1,165.52 crores last month.

Larsen & Toubro gain over 2%

The shares of Larsen & Toubro gained over 2% after the engineering and construction giant Larsen & Toubro emerged as the lowest bidder for a ₹3,200 crore project to build a road bridge over the Brahmaputra river, according to an NHIDCL official. It will be one of the longest road bridges over a river in the country and on completion will connect two eastern states - Assam and Meghalaya.

Source: BusinessInsider