Nifty holds 8,800 amid rangebound trade
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Markets continued to trade higher in noon trades on Wednesday amid a rally in Asian stocks after the Bank of Japan at its meeting today decided to keep its deposit rate unchanged.
At 12:35pm, the S&P BSE Sensex was up 138 points at 28,661 and the Nifty50 was trading points higher at 8,818. In the broader markets, BSE Midcap and Smallcap indices gained 0.4%-0.7% each. Market breadth was positive with 1549 gainers and 872 losers on the BSE.
Foreign institutional investors turned net sellers after they sold equity shares worth Rs 1,147 crore on Tuesday, as per provisional stock exchange data.
The Bank of Japan at its policy meet today maintained the 0.1% negative interest rate on deposits from banks and financials institutions. Japan's central bank also said it would purchases of long-term government bonds with an incremental 80 trillion yen per year.
Asian markets recovered from their intra-day lows post the announcement from the Bank of Japan. The benchmark Nikkei emerging as the top gainer up nearly 2%. Hang Seng was up 0.6% while Shanghai Composite was trading with marginal gains.
Gains were led by index heavweights with Infosys up nearly 1% while ITC and HDFC rose over 0.4% each.
Tata Motors was up 1.1%. Tata Motors-owned British brand Jaguar on Wednesday launched the all-new XF luxury saloon with prices starting at Rs 49.5 lakh (ex-showroom, Delhi).
Other gainers include, HDFC Bank, Bajaj Auto, Axis Bank and Asian Paints among others.
ICICI Bank was marginally down after the initial public offering of its insurance arm, ICICI Prudential Life Insurance Corporation received a lukewarm response from investors. The Rs 6,000-crore initial public offering (IPO) ICICI Prudential Life Insurance Company was subscribed just around 52% till Tuesday, a day ahead of its close.
Among others, Indoco Remedies has gained 4% after the pharmaceutical company announced it has acquired the manufacturing facility of Micro Labs located at Baddi.
TeamLease Services was trading higher by 5% after the company announced that it will acquire Nichepro Technologies for an enterprise value of up to Rs 29.5 crore.
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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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