Sensex opens on higher note, rallies nearly 200 points; Nifty up by 10,000
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The sensex on Monday opened on higher note tracking stronger Asian cues. Global Markets were stable over a fact that North Korea did not indulge in any new event that might escalate the geopolitical tensions.
The 30-share BSE Sensex was up 177.41 points at 31,864.93 and the 50-share NSE Nifty rose 52.60 points to 9,987.40.
The BSE Midcap and Smallcap indices gained 0.7%.
Larsen & Toubro was among the biggest gainer with arise of 3% after a 4% increase in the previous session.
Prominent gainers were L&T, M&M, Dr Reddy's, Coal India, HDFC Bank, Reliance Industries, HDFC Ltd, Tata Motors, Axis Bank, Hind Unilever, Adani Ports, Sun Pharma and Maruti Suzuki, rising by up to 1.34%.
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Quant Money Managers has got the banking regulator's approval to acquire an aggregate holding of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank within May 12, 2025.
The stake can be acquired through various schemes of Quant Mutual Fund, a subsidiary of the investment management firm. As of May 10, Quant Money held 4.68 per cent of RBL Bank's equity share capital.
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Food tech major Zomato on Monday said its subsidiary Zomato Payment Pvt Ltd (ZPPL) has decided to voluntarily surrender the certificate of authorisation it obtained from the Reserve Bank to operate as an online payment aggregator.
"At Zomato, we do not see ourselves having a significant competitive advantage against the incumbents in the payments space and hence we don't foresee a business in payments space as commercially viable for us, at this stage.
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Senior BJP leader and former Bihar Deputy Chief Minister Sushil Kumar Modi passed away at the age of 72 on Monday, said the Bihar unit of BJP.
Modi had in April this year revealed that he was suffering from cancer and that he would not contest the 2024 Lok Sabha elections due to his poor health.
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In an exclusive interview with a leading media channel on Monday, Union Home Minister Amit Shah cautioned against linking recent stock market fluctuations with the 2024 Lok Sabha elections. Shah, a key figure in India's political landscape, urged investors to consider purchasing stocks before June 4, the pivotal date for the Lok Sabha election results. Expressing optimism, Shah forecasted a surge in the domestic stock market in the forthcoming period.
"I can't anticipate stock market moves. But normally whenever a stable government is formed at Centre, the market sees a rally. I see 400-plus seat wins for the Bharatiya Janata Party [BJP], a stable Modi government coming, and thus market rising," Shah told NDTV.
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Auto major Tata Motors on Friday reported a consolidated net profit of Rs 17,407.18 crore for the quarter ending March 31 (Q4) in the financial year 2023-24 (FY24). This was a staggering 222 per cent growth in profit compared to Rs 5,407.79 crore reported during the same period last year. Sequentially, profit grew 49 per cent from Rs 11,666.07 crore in Q3.
The company's revenue from operations was Rs 1.19 trillion, a 13.5 per cent increase year-on-year (Y-o-Y) from Rs 1.05 trillion. Sequentially, revenue rose 8.6 per cent from Rs 1.10 trillion.
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