Sensex erases initial gains, still up 173 points
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After a strong opening, BSE benchmark Sensex trimmed initial gains but was still trading higher by 173 points in late morning trade, helped by fresh buying in IT, teck, auto, power and telecom sectors amid positive global cues.
However, sustained selling was seen in consumer durables, capital goods, metal and FMCG stocks.
The 30-share Sensex, resumed higher at 26,508.94 and hovered in a range of 26,621.40 and 26,326.89 before quoting 26,477.76 at 1100 hours, still showing a rise of 173.13 points or 0.66% from its last close.
The NSE 50-share Nifty was also trading up by 40.60 points or 0.50% to 8,149.05 at 1100 hours.
Major gainers were, Asian Paint 4.71%, TCS 3.91%, Maruti 2.70%, Infosys 2.41%, Tata Motors 2.02% and Bharti Airtel 2.00%.
However, Lupin fell by 1.91% followed by Dr Reddy 1.52%, ITC 1.14%, Axis Bank 0.94% and GAIL 0.92%.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 2353.82 crore on Wednesday, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher tracking overnight gains in US markets.
US stocks registered modest gains yesterday, as energy shares climbed on the back of rising crude oil prices.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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