Sensex rises 83 pts; energy, metal stocks climb
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Market benchmark BSE Sensex rose 83 points on Wednesday, led by gains in energy, metal and power stocks as global crude oil prices eased and rupee recovered against the dollar.
After a rangebound session, the 30-share index ended 82.79 points, or 0.23 per cent, higher at 36,563.88. The index hit an intra-day high of 36,712.99 and a low of 36,465.92.
Similarly, the broader NSE Nifty settled 23.05 points, or 0.21 per cent, up at 10,840.65.
Top gainers in the Sensex pack included Tata Steel, Vedanta, SBI, Tech Mahindra, Bajaj Finance, Asian Paints, M&M, NTPC and PowerGrid, rising up to 3.95%.
On the other hand, ONGC, Yes Bank, Bharti Airtel, HDFC Bank, Sun Pharma and Maruti fell up to 2.08%.
After plunging over 2% in the past two sessions, equities took a breather as oil prices cooled after Saudi Arabia’s Energy Minister said that more than half of the country’s daily crude oil production, that was knocked out by the drone attack, has been recovered.
He also assured that production capacity at its targeted plants would be fully restored by the end of the month.
Consequently, Brent crude futures fell 0.95% to 63.94 per barrel (intra-day).
Tracking the movement in oil prices, the rupee appreciated 52 paise (intra-day) to trade at 71.26 per U.S. dollar.
Further boosting global market mood, U.S. President Donald Trump said a trade agreement between the U.S. and China was likely to happen either before or immediately after the American elections.
Market participants were also awaiting cues from the policy meeting of the Federal Reserve, traders said.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi ended on a mixed note.
Stock exchanges in Europe were trading in the green in their respective early sessions.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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