Sensex up over 100 points; banking, FMCG stocks lead surge
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MUMBAI: Stock markets opened higher on Friday with the benchmark BSE Sensex advancing by 113 points in early trade on continued buying by investors in banking and FMCG stocks.
The 50-share Nifty of National Stock Exchange also regained 9,100 level by rising 32.80 points to 9,119.10 with 30 of index constituents making advances.
Recovery in the rupee against the dollar supported the positive sentiment in stock markets, brokers said.
After opening higher at 29,350.60 points, the Sensex rose further to 29,445.67 points in early trade, showing gains of 113.51 points or 0.39 per cent over last close.
The gauge had gained 164.48 points to settle at 29,332.16 points in the previous session.
Banking, infrastructure, metals, power, realty and FMCG stocks were trading in the positive zone.
Among major gainers, SBI, ICICI Bank and Axis Bank rose up to 2.2 per cent. ITC, Asian Paint and Wipro alsop advanced up to 1.5 per cent.
Bharti Airtel which took a beating in the last two sessions, was also trading higher by 1 per cent after reports that the teleocm giant has entered into a pact to buy Tikona Networks' 4G spectrum.
Brokers said increased buying by investors and funds amid a firming trend in Asian bourses as investors await a delayed vote on US healthcare reform, which is seen as a proxy for the success of Donald Trump's pro-growth agenda, influenced the sentiment.
Hong Kong's Hang Seng was up 0.31 per cent and Shanghai Composite gained 0.03 per cent in early trade today. Japan's Nikkei rose 0.99 per cent.
The US Dow Jones Industrial Average, however, ended 0.02 per cent lower on Thursday.
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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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