Sensex, Nifty Slide Dragged by Financial Stocks; Juniper Hotels Up 10%


by Sandip Das on 28 February 2024,  5 min read


The Indian stock market was trading in the red dragged by financial stocks. At 12:34 PM, Sensex was down 466 points at 72,628.41 while Nifty shed 163 points and was trading at 22,035.35.

Around 443 stocks advanced and in 1990 stocks declined while 56 stocks remained unchanged.

Among the sectors, selling was witnessed in the PSU Bank index which was down over 2 percent. This was followed by Realty, Auto, and Media sectors. Some buying was witnessed in the IT space.

Top Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
TCS 4135.1 0.75
SBI Life Insurance 1552.15 0.61
HDFC Life Insurance 585 0.58
Infosys 1670.1 0.39
Hindustan Unilever 2412.9 0.32
Top Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
Apollo Hospitals 6398 -3.36
Bajaj Auto 8197.1 -3.15
Power Grid 285.8 -2.29
Coal India 432 -2.13
Maruti Suzuki 11263.85 -2.06
Stocks in Action
Vodafone Idea: Down 13.56%

Despite the board of directors of the cash-strapped telecom operator deciding to raise funds amounting to Rs 45,000 crore, Vodafone Idea shares still dropped over 13 percent on February 28. The company announced its plan to raise Rs 20,000 crore through a combination of equity or equity-linked instruments, with the remaining amount being raised through debt. Additionally, promoters will also participate in the proposed fund-raising.

Also read: Bharat Highways InvIT IPO: Check Out Price Band, Issue Size & More

Vodafone Idea announced that it will convene a meeting of its shareholders on April 2. After obtaining their approval, the company anticipates completing the equity fund-raise in the upcoming quarter.

Juniper Hotels: Up 10%

After making a tepid debut on February 28, Juniper Hotels witnessed a 10 percent jump in its share price. The stock opened at Rs 365 on the NSE and Rs 361.2 on the BSE, surpassing the IPO price of Rs 360. The issue was subscribed 2.08 times during the period from February 21 to February 23.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment.

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