Share Market News: Balu Forge Shares Hit All-time High | Check Details Here

Share Market News: Shares of Balu Forge hit an all-time high of Rs 379.85 on Friday. The counter gained 6.95 per cent from the previous close of Rs 355.15 on the BSE. The scrip opened in green at Rs 359.35 and gained further to hit the new high. Last seen, the counter held firmly in green at Rs 368.25.
The shares of the company has given a multibagger return of 129 per cent in one year and 396 per cent in two years. The counter has gained over 48 per cent so far this year. 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.
In Asian markets, Seoul quoted higher, while Tokyo, Shanghai and Hong Kong traded lower.
(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.)