Sensex, Nifty subdued as investor eyes RBI decision on repo rate; Hero MotoCorp shines after July sales
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Indian stock markets continued the record breaking rally on Thursday and opened at new highs as the market participants await the RBI’s decision on the benchmark repo rates later today. The Reserve Bank of India is all set to conclude its third bi-monthly monetary policy meeting today and investors widely anticipated a rate cut after the June inflation fell to record low of five years. NSE Nifty opened 22 points higher at 10,136.3 points and BSE Sensex advanced almost 66 points to open above 32,600 points level. In the wee minutes of trading markets fell as investor worries weigh on the upcoming RBI’s decision. The broader Nifty 50 slipped in red, down 0.03% at 10,111.85 points while the 30-share barometer traded up 0.11% at 32,610.25 points.
Shares of Hindustan Copper went tumbled over 7% to the day’s low of Rs 65.25 after the government on Wednesday announced to sell 3.7 crore equity shares in Hindustan Copper at a floor price of Rs 64.75 apiece through a two-day offer-for-sale (OFS) beginning today, with an option to issue a similar number of shares in case of over subscription.
Shares of automakers traded higher after the rise in July sales. The largest two-wheeler maker Hero MotoCorp went up 1.37% to Rs 3,772.5 after reporting a 17.13% increase in sales at 6,23,269 units in July. Maruti Suzuki India shares traded down 0.08% at Rs 7,853. However, the most valuable automaker posted a 22.4% increase in domestic sales at 1,54,001 units as against 1,25,778 in July 2016.
Other automobile stocks traded mixed with Tata Motors (down 0.2%), Mahindra & Mahindra (down 0.21%), Ashok Leyland (down 0.99%), TVS Motor Company (down 1.44%), Eicher Motors (up 0.33%).
The rupee today edged down by 5 paise to 64.12 against the dollar today as the latter found buying traction among importers ahead of RBI policy decision.
The Dow Jones Industrial Average racked up a fifth straight record high on Tuesday and neared the 22,000 mark, powered by Goldman Sachs, JPMorgan Chase and other banks. Apple rose 0.89% as Wall Street awaited the largest publicly listed company’s quarterly report after the bell, with the iPhone maker expected by analysts to post a 6% rise in revenue.
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The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
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A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
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The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
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The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
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India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
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