Sensex reclaims 26,000, Nifty hits 7,900; IT shares firm up
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After a lower opening, markets have gained momentum led by buying in the technology stocks as rekindled hopes of an interest rate hike by the US Federal Reserve in the month of December is likely to result in strengthening of dollar.
From the IT space, Infosys, TCS, Wipro, Mindtree, Intellect Design Arena and Mastek have gained between 2-12%.
At 11:24 AM, the Sensex is up 187 points at 26,030 and the Nifty has gained 54 points to trade at 7,897.
Other prominent gainers include GAIL, M&M, Dr Reddy’s Lab, Hero Motocorp up 2-8%.
Gas distribution companies such as GAIL (India), Gujarat Gas Company, Indraprastha Gas (IGL) and Petronet LNG have rallied by up to 18% on the bourses on back of heavy volumes.
In past one-week, GAIL (India) has rallied 23% to Rs 346 from Rs 282 on November 13, after Mahanagar Gas Ltd (MGL) has filed draft papers with the capital markets regulator Securities Exchange Board of India (Sebi) to raise funds through a public offer. GAIL and British Gas Asia each hold 49.75% in MGL.
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The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
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The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
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Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
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India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
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The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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