News for Finolex Cables Limited (FINCABLES.NS)

The NSE Nifty index was trading 177.46 points up at 23835.8

NSE/BSE top gainers, losers today: Shares of Titan, Eicher Motors, Bharti Airtel, Bajaj Auto and Hero Motocorp traded among top gainers of Nifty 50 constituents. Major laggards among the Sensex pack, included Polycab, Havells and Finolex Cables along with KEI Industries.

Adani Enterprises’ subsidiary, Kutch Copper, has incorporated a 50:50 joint venture company -- Praneetha Ecocables Ltd -- with Praneetha Ventures.

Stocks of Polycab India, KEI Industries, Havells, Finolex Cables drop as Adani Group enters cables segment. UltraTech Cement also impacted.

Cables & Wires Stocks Update: UltraTech shares down 6%. Analysts predict mild negative reaction foraying entry into C&W space, as the investors have traditionally viewed the company as a pure-play cement firm.

In the Nifty 50 index, 25 stocks ended in the green, while 25 stocks closed in the red in today's trade.

The Indian market closed flat on Tuesday, ahead of the Christmas holiday, with gains in FMCG and auto stocks being offset by losses in metal and power stocks. Analysts predict range-bound movement due to economic concerns, Q3 results, and the upcoming Union budget, amidst mixed global market performances.

Stock market holiday: On Friday, the 30-share BSE Sensex pack fell 67 points or 0.09 per cent to settle at 78,473, while the broader NSE Nifty index moved 26 points or 0.11 per cent down to close at 23,728.

As many as 15 stocks hit their 52-week lows today. BSE 500 stocks such as Prince Pipes and Fittings Ltd and Tata Technologies Ltd hit their respective one-year low levels. That said, 250 stocks touched their one-year high levels today.

Tejas Shah of JM Financial & BlinkX indicated that support for the Nifty was expected at 23,500 and the 23,300-350 range. On the upside, the immediate resistance zone was projected to be between 23,600-625 levels, with the next resistance zone anticipated at 23,750-800 levels.

The 30-share BSE Sensex pack soared more than 500 points to hit a day high of 76,968, while the broader NSE Nifty index moved 155 points up to hit an all-time peak of 23,420.

The NSE Nifty 50 index ended 0.89% higher at 22,821 points and the S&P BSE Sensex rose 0.93% to 75,074, adding to their gains of more than 3% on Wednesday.

The Nifty Realty index closed 0.85 per cent up at 1032.35.

The Nifty Auto index closed 0.06 per cent down at 23877.15.

The Nifty Bank index closed 0.63 per cent up at 49281.8.

The massive surge was supported by gains in banks and financials. The 30-share BSE Sensex pack soared 599 points to hit a record high of 76,010, while the broader NSE Nifty index moved over 151 points higher to trade at a fresh lifetime peak of 23,108.

The Nifty Realty index closed 0.66 per cent down at 1023.65.

The Nifty Bank index closed 0.42 per cent up at 48971.65.

The Nifty Auto index closed 0.18 per cent up at 23891.45.