Shipping Corporation , Hitachi Energy and Supreme Petrochem rally amid weak market sentiments!

Shipping Corporation of India rallied18.01 per cent in today’s session after the announcement of demerger

After a positive opening, Benchmark indices experienced selling pressure at higher levels. BSE Sensex closed at 55102.68 down 367 points or 0.7 per cent. Nifty50 closed below 16500 which was a strong support level at 16498.05 down 108 points or 0.7 per cent.  

The broader market also displayed weakness after initial gains, BSE Midcap closed at 23166.23 with loss while BSE Smallcap at 26724.09 in green. In sectoral indices, metal stocks rallied 4.6 per cent Power, Utilities and Oil & Gas continued to gain while Auto and Banking were a drag. 

  Shipping Corporation, Hitachi Energy and Supreme Petrochem witnessed positive action in today’s session.  

Shipping Corporation of India rallied 18.01 per cent in today’s session after the announcement of a demerger between Shipping Corporation of India Limited and Shipping Corporation of India Land and Assets Limited and their respective Shareholders and Creditors. Before the announcement the stock was trading flat at 107, however, it witnessed a steep surge in the afternoon session following the demerger news. 

In today’s session, the stock logged an intraday high and low of Rs 126.60 and Rs 106.50 and closed at Rs 125.50.  

  Hitachi Energy India continued its winning streak on the fourth straight session gaining 12.32 per cent in today’s session and taking the week’s gain to 24.82 per cent. The demerged entity of ABB India Ltd logged its 52-week high in today’s session at Rs 4040 and closed at Rs 3840.  

  Supreme Petrochem jumped 10.15 per cent in today’s session. Supreme Petrochem led the rally in chemical stocks with Chemplast Sanmar, IG Petrochemicals and Manali Petrochemicals being the other gainers on the bourses. Today, the stock logged an intraday high and low of Rs 746.30 and Rs 672.65, respectively and closed at Rs 730.80.