Sensex, Nifty up over 1% on strong global cues
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After ending flat on Friday, the two domestic equity markets opened strong on Monday, tracking a positive trend in the global markets.
BSE Sensex opened over 300 points up and soon climbed 440.89 points higher to 27,567.79 or 1.63% higher while NSE Nifty was up 1.49% or 124.20 points up at 8,447.40 from Friday's close.
Both markets were tracking the trend in the global markets which turned positive on strong US jobs data.
Asian markets hit their four-week high as strong US jobs data lessened immediate concerns about the health of the world's largest economy, a Reuters report said.
MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.9% to a one-month top. Australia added 1.8% and Shanghai 1%. Japan's Nikkei climbed 3.5%, its biggest daily gain in three months, following a clear win by the government in upper house elections, it added.
The US economy added 2,87,000 jobs in June well above the median forecasts and a low-base in May.
On the BSE, the top gainers included ICICI Bank at 3.46% up, Bank of India 3.24%, HDFC Bank 1.60%, Tata Motors 2.59%, ITC 1.69%, ONGC 1.23%.
L&T Infotech's over Rs 1,200 crore IPO will be opening on the domestic bourses on Monday. The price band of the issue has been fixed at Rs 705-710 per share.
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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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