Sensex soars 400 points to regain 23,000-mark in early trade
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The market benchmark BSE Sensex zoomed over 400 points to rise above 23,000-mark in early trade on Monday following widespread gains as investors widened their bets amid a firming trend in other Asian markets. However, caution prevailed in view of muted macroeconomic data.
The 30-share index, which gained 34.29 points in the previous session, added 404.23 points or 1.75% to 23,390.358 with all the sectoral indices led by metal, realty and oil and gas leading the gains. At 1037 hours, the Sensex was trading up 455.30 points or 1.98% to 23,441.42 intraday on the stock exchange.
The NSE Nifty reclaimed the 7,100-mark by climbing 130.55 points, or 1.87%, at 7,111.50.
Brokers said a flurry of buying by investors in blue-chips available at attractive levels amid a firming trend in other Asian markets, tracking weakened gains at the US markets, mainly influenced the sentiment.
Meanwhile, industrial production declined for the second month in a row, registering negative growth of 1.3% in December, while retail inflation in January rises marginally to 5.69% from 5.61% in December.
Among other Asian markets, Hong Kong's Hang Seng was trading higher by 2.62%, while Nikkei surged by 5.12% in early trade as investors shrugged off a contraction in Japan's economy during the final quarter of 2015. Shanghai's Composite Index, however, was down 1.57 points.
The US Dow Jones Industrial Average ended 2% higher on Friday.
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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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