Shares of Cellecor Gadgets gained over 2 per cent on Tuesday even as equity benchmark were flat in a highly volatile trade tracking sluggish global market trends and fresh foreign fund outflows. The counter opened at Rs 300 and surged arond 2.7 per cent to hit the day’s high of Rs 304.60. The counter had closed at Res 296.55 on the NSE in the previous session.
In a related development, the company has announced its annual reward trip for top-performing distributors, retailers, and sales representatives. This year, 500 elite members of Cellecor’s network will embark on an exclusive international trip.
This year’s international event will feature a high-profile AWARD Ceremony celebrating the exceptional sales achievements of the FY2023-24. This recognition is integral to Cellecor’s strategy of inspiring continued excellence and fostering a motivated network.
Furthermore, Cellecor will unveil the launch schedule for its highly anticipated premium brand, ‘Evoke,’ and showcase its full product range for the first time. This announcement not only generates excitement but also strategically positions Cellecor at the industry’s forefront, highlighting its innovative edge and future direction.
The 30-share BSE Sensex climbed 46.5 points to 81,402.34 in early trade. The NSE Nifty went up by 13.15 points to 24,849.25.However, later both the benchmark indices turned flat. Among the Sensex firms, PowerGrid Corp, NTPC, Tata Motors, Asian Paints, Titan, Bajaj Finserv and Hindustan Unilever were the major gainers.
UltraTech Cement, Sun Pharmaceuticals, Mahindra and Mahindra, Tata Consultancy Services, Adani Ports and Special Economic Zone and Nestle India were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower. The US markets eked out modest gains and closed higher on Monday.
“Sustained capital flows into mutual funds and the retail investor enthusiasm will keep the market resilient. The elevated valuations continue to be a concern, particularly in the broader market. A healthy trend in the market now is that high quality stocks with good earnings visibility are gaining strength on buying by institutions.
“At high valuations unexpected triggers can cause market corrections. Therefore, investors have to be a bit cautious chasing stocks now,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
The Federal Open Market Committee (FOMC) meeting on Wednesday and the commentary from the US Federal Reserve chief Jerome Powell will be keenly watched by market participants for clues of interest rate cuts.
Global oil benchmark Brent crude declined 0.41 per cent to USD 79.45 a barrel.
