Paramount Communications Shares Hit Upper Circuit For Third Consecutive Day

Share Market News: Shares of Paramount Communications hit the upper circuit on Friday. This is the third consecutive day when the stock has hit the upper circuit. The small-cap company opened at Rs 81 against the previous close of Rs 78.84. The stock gained further to hit the day’s upper price band of 5 per cent at Rs 82.78.
As many as 14.77 lakh shares of the company changed hands before trading the counter was halted.
Paramount Communications shares are gaining for the last three sessions, and given a return of 16 per cent. The scrip is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The surge in share price comes even as benchmark equity indices declined in early trade on Friday amid profit-taking after a record rally in the last few trading sessions and selling in blue-chips HDFC Bank and ICICI Bank. The 30-share BSE Sensex plunged 504.27 points to 79,545.40. The NSE Nifty slipped 105.30 points to 24,196.85.
Among the 30 Sensex companies, HDFC Bank, Mahindra & Mahindra, Titan, Tata Steel, ICICI Bank, IndusInd Bank, Power Grid, and Kotak Mahindra Bank were the major laggards. Sun Pharmaceuticals, JSW Steel, Larsen & Toubro, Hindustan Unilever, Reliance Industries, Infosys and Tech Mahindra were among the gainers.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 2,575.85 crore, according to exchange data. “FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected on Friday.
“If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)