Sensex pares early gains, still 27 points above red line
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A bout of volatility kicked in the equity markets on Wednesday as the benchmark Sensex slipped into the red after opening higher, but is still trading higher by 20 points amid higher Asian cues.
This came on the back of buying in power, realty, technology and healthcare sectors while financials, banking, capital goods, metal and consumer durables stocks lost ground.
The BSE Sensex opened sharply higher at 24,643.13 before quoting at 24,515.72 at 1158 hours, still up 29.77 points or 0.12%.
The 50-share Nifty was trading only slightly above the red line at 7,443.25 up only 7.10 points or 0.10% higher from its previous day's close.
Major gainers included NTPC (up 2.72%), Sun Pharma (1.49%) and Maruti (1.26%).
However, BHEL fell 2.68% followed by Coal India (1.25%), Larsen (1.24%), HUL (1.23%) and Lupin (1.11%).
All eyes are on the US Fed which is widely expected to keep interest rates unchanged at its two-day policy meet later in the day.
Foreign portfolio investors (FPIs) are in sell-off mode as they net sold shares worth Rs 91.15 crore on Monday, as per provisional data.
Other Asian markets were mostly higher after the Wall Street rallied overnight on a bounce in oil prices and positive earnings, shrugging off the recent global rout -- at least for now. But China shares struggled as the Shanghai Composite index tumbled 2.82%.
US stocks ended sharply higher on Tuesday after energy stocks soared amid a rebound in oil prices.
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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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