Sensex holds above 32,600 in a dull trade, Airtel hits new 52-week high; Axis Bank, Bajaj Auto, Wipro Q2 earnings ahead
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Sensex and Nifty opened flat on Tuesday after making new lifetime highs yesterday. The 30 share barometer Sensex shuttled in the range of 32,659.32 - 32,585.85 points in the early morning trade in a muted activity.
Sensex and Nifty opened flat on Tuesday after making new lifetime highs yesterday. BSE Sensex gained 20.77 points or 0.06% to open at 32,654.41 points while NSE Nifty lost 3.2 points or 0.03% to start at 10,227.65 points. The 30 share barometer Sensex shuttled in the range of 32,659.32 – 32,585.85 points in the early morning trade. The market participants are keenly awaiting a positive blow from the second quarter earnings season which will steer the sentiments in coming days. The stock of Airtel surged for the third day in a row, hit a fresh 52-week high, rising as much as 1.8% to Rs 461.5 on NSE.
Shares of Bharti Airtel, Axis Bank, Bajaj Auto, Reliance Industries, Asian Paints, and Maruti Suzuki were the top gainers on the benchmark Sensex, advanced up to 1.3% while Mahindra & Mahindra, Tata Motors, Dr Reddy’s and Infosys fell. Shares of blue-chip companies such as Axis Bank, Bajaj Auto, Wipro will be in focus ahead of their second-quarter earnings for the financial year 2018. Other Q2 results which are to be announced today include ACC, AB Money, Atul Ltd, Bajaj Holdings, Blue Dart, Crisil, ICICI Lombard, Nucleus Software, Prakash Industries, RS Software, Som Distilleries, Tata Sponge.
All three major US stock index rose to record closing highs on Monday, with the Dow Jones Industrial Average less than 50 points below 23,000, ahead of a long list of earnings this week and as financial shares recovered from last week’s losses, Reuters reported. The Dow Jones Industrial Average rose 85.24 points, or 0.37% to close at 22,956.96, the S&P 500 gained 4.47 points or 0.18% to 2,557.64 and the Nasdaq Composite added 18.20 points or 0.28% to 6,624.01.
The domestic stock markets would be closed on Thursday and Friday for Diwali. Indian equity markets will open on Thursday for an hour for Muhurat trading session on the auspicious occasion of Diwali.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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