Sensex, Nifty subdued as investor eyes RBI decision on repo rate; Hero MotoCorp shines after July sales
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Indian stock markets continued the record breaking rally on Thursday and opened at new highs as the market participants await the RBI’s decision on the benchmark repo rates later today. The Reserve Bank of India is all set to conclude its third bi-monthly monetary policy meeting today and investors widely anticipated a rate cut after the June inflation fell to record low of five years. NSE Nifty opened 22 points higher at 10,136.3 points and BSE Sensex advanced almost 66 points to open above 32,600 points level. In the wee minutes of trading markets fell as investor worries weigh on the upcoming RBI’s decision. The broader Nifty 50 slipped in red, down 0.03% at 10,111.85 points while the 30-share barometer traded up 0.11% at 32,610.25 points.
Shares of Hindustan Copper went tumbled over 7% to the day’s low of Rs 65.25 after the government on Wednesday announced to sell 3.7 crore equity shares in Hindustan Copper at a floor price of Rs 64.75 apiece through a two-day offer-for-sale (OFS) beginning today, with an option to issue a similar number of shares in case of over subscription.
Shares of automakers traded higher after the rise in July sales. The largest two-wheeler maker Hero MotoCorp went up 1.37% to Rs 3,772.5 after reporting a 17.13% increase in sales at 6,23,269 units in July. Maruti Suzuki India shares traded down 0.08% at Rs 7,853. However, the most valuable automaker posted a 22.4% increase in domestic sales at 1,54,001 units as against 1,25,778 in July 2016.
Other automobile stocks traded mixed with Tata Motors (down 0.2%), Mahindra & Mahindra (down 0.21%), Ashok Leyland (down 0.99%), TVS Motor Company (down 1.44%), Eicher Motors (up 0.33%).
The rupee today edged down by 5 paise to 64.12 against the dollar today as the latter found buying traction among importers ahead of RBI policy decision.
The Dow Jones Industrial Average racked up a fifth straight record high on Tuesday and neared the 22,000 mark, powered by Goldman Sachs, JPMorgan Chase and other banks. Apple rose 0.89% as Wall Street awaited the largest publicly listed company’s quarterly report after the bell, with the iPhone maker expected by analysts to post a 6% rise in revenue.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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