Sensex trades 50 points higher; Sun Pharma, TCS gain
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Mumbai: The 30-share bellwether BSE Sensex gained 55 points on Thursday ahead of Wholesale Price Index (WPI)-based inflation data.
At 09.19am, the Sensex was trading up 0.21%, or 55.14 points, at 25,974.09 points, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty was trading up 0.05%, or 3.75 points, at 7,743.30 points.
The government will issue WPI-based inflation data for July after 12 noon on Thursday. Bloomberg estimates wholesale inflation will be 5.1% for July as compared with 5.43% in June.
The gainers included Sun Pharmaceuticals Industries Ltd, which was trading up 0.96% at Rs.807.95 and Tata Consultancy Services Ltd (TCS), which rose 0.85% to Rs.2,516.
Tata Steel Ltd lost 1.27% to Rs.527.90. Tata Steel’s first-quarter profit fell 70% because of a write-down in the value of its stake in a coking coal project in Mozambique even as India’s largest steel maker’s European operations remained a drag on the company’s performance. Net profit, including those of its units, dropped to Rs.337.33 crore in the three months ended 30 June from Rs.1,139.01 crore in the year-earlier period, Tata Steel said on Wednesday.
Oil and Natural Gas Corp. Ltd (ONGC) fell 1.53% to Rs.395.65. ONGC posted a 19% jump in first-quarter profit, but fell short of expectations, hurt by higher exploration-related write-offs and an increased subsidy payment.
The BSE FMCG index was the top sectoral gainer, up 0.72%.
Hindalco Industries Ltd and Cipla Ltd will report their earnings on Thursday.
Housing Development Finance Corp. Ltd (HDFC) was trading down 1.25% at Rs.1,126.65, Bharat Heavy Electricals Ltd (Bhel) was down 0.55% to Rs.207.85 and Cipla Ltd fell 0.67% to Rs.436.35.
Asian shares pushed higher. Japan’s Topix rose 0.5%, while the Australian market added 0.7%. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3%.
US stocks ended higher on Wednesday as surging biotech shares helped investors shrug off disappointing retail sales data. The Dow Jones Industrial Average rose 91.13 points, or 0.55%, to close at 16,651.67. The S&P 500 was up 12.97 points, or 0.67%, to close at 1,946.72. The Nasdaq Composite added 44.88 points, or 1.02%, to end at 4,434.13.
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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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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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