Mon, Feb 19, 2024 4:34 PM
Dr Reddy's share price jumps 2%; what's driving the rally?
A Flip by Avya Verma
📌The top gainers in the Nifty index included Mahindra & Mahindra (up 2.89%), Titan Company (up 2.10%), Tech Mahindra (up 1.84%), Infosys (up 1.49%), and Nestle India (up 1.45%). 📌Conversely, the top losers were Trent (down 3.18%), Coal India (down 2.60%), Asian Paints (down 2.58%), Tata Steel (down 2.24%), and Shriram Finance (down 2.03%).
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Shares of 📌Amara Raja Energy and 📌Exide Industries have been on a consistent downward trajectory over the past five months. Their recent financial results for the September quarter have failed to boost investor sentiment. At current levels, Amara Raja Energy's stock is trading at a 27% decline from its recent peak of ₹1,775. Exide Industries' shares are down 30% from their high of ₹620.
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The INR is likely to see further depreciation against the USD in the near term owing to Donald Trump’s presidential win. This has fueled an expectation that the dollar index will remain high, currency experts said. The rupee remains volatile, evident from the dip in India's forex reserves in the last four weeks. Per RBI’s data, forex reserves dipped $3.463 bn during the week ending October 25.
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