Sensex, Nifty surges 1% as India's CAD narrows
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Markets are trading higher in line with their global peers following a modest recovery in global crude oil prices. Further, the contraction in CAD in the September quarter bolstered the sentiments at the D-Street.
At 12:50 pm, the S&P BSE Sensex has climbed 244 261 points to trade at 25,835 after hitting an intra-day high of 25,863 and the NIfty50 has surged 72 points to quote at 7,858 after touching an intra-day high of 7,865.
Traders will remain cautious in a truncated week. The stock exchanges will be closed for trading on Friday on account of Christmas Day. Further, the winter session of the parliament ends today.
India's current account deficit (CAD) narrowed to $8.2 billion (1.6% of gross domestic product) in the September 2015 quarter from $10.9 billion (2.2% of GDP) in the year-ago quarter.
Other Latest News
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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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