Sensex up 62 pts in early trade on positive macroeconomic data
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MUMBAI: The Bombay Stock Exchange benchmark Sensex rallied 176.26 points in late morning trade amid sustained bouts of buying from funds and investors led by the key telecom, FMCG, IT, technology and oil & gas sectors.
Firm gross domestic product data after market hours on Tuesday triggered the buying spree, while positive manufacturing purchasing managers' indexes despite its slowest pace somewhat supported the sentiment.
The Sensex resumed higher at 26,684.46 and hovered in a range of 26,857.25 and 26,671.86, it was quoting at 26,844.22 at 11.10am, showing a gain of 176.26 points or 0.66 per cent from its last close.
The National Stock Exchange 50-share Nifty was also rose by 50.25 points or 0.62 per cent to quote at 8,210.35.
Major gainers were, Adani Ports 3.69 per cent, Asian Paints 2.86 per cent, Bharti Airtl 2.37 per cent, TCS 2.21 per cent, M&M 1.65 per cent, and ITC 1.61 per cent.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 114.52 crore on Tuesday, as per provisional data released by the stock exchanges.
Overseas, Asian stocks were trading mixed. United States stocks also closed mixed on Tuesday as investors eyed economic reports for indications on the timing of the next rate hike.
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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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