Sensex rises over 100 points after sharp fall in crude prices; OMC stocks rally
.jpg)
The BSE Sensex recovered over 107 points to 36,431.17 in early trade on Tuesday on fresh buying by investors after a sharp drop on global crude oil prices and a strengthening rupee.
The 30-share index, which had lost 224.64 points in the previous two sessions, rebounded 107.40 points, or 0.30%, to 36,431.17 with stocks of oil & gas, FMCG, infrastructure, PSU, banking, consumer durables and auto sectors rising by up to 1.69%.
Similarly, the broader NSE Nifty was trading 40.20 points, or 0.37%, higher at 10,977.05.
Major gainers that supported the recovery were Tata Motors, Sun Pharma, Adani Ports, Yes Bank, Tata Steel, ICICI Bank, Vedanta Ltd., M&M, ONGC, RIL, Maruti Suzuki, Bajaj auto and Infosys.
Shares of State-run oil marketing companies such as HPCL, BPCL and IOC were back in demand and rose by up to 3.34%, supported by a sharp fall in crude prices.
Shares of FMCG major Hindustan Unilever advanced 1.48% to ₹1,779.95 in early trade after the company yesterday posted a 19.17% increase in standalone net profit at ₹1,529 crore for the first quarter ended June 30.
Traders said besides encouraging earnings posted by some bluechip companies, a mixed trend at other Asian markets as investors tracked overnight gains on Wall Street, influenced trading sentiments here.
Investors were also awaiting U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony for hints on the pace of interest rate hikes, the added.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of ₹625.68 crore, while domestic institutional investors (DIIs) offloaded shares worth a net of ₹70.30 crore on July 16, provisional data showed.
Elsewhere in Asia, Japan’s Nikkei rose 0.77%, while Singapore Index was up 0.29% in early trade today. However, Hong Kong’s Hang Seng was down 0.92% and Shanghai Composite Index fell 1.01%.
The US Dow Jones Industrial Average ended 0.18% higher in July 16th trade.
Other Latest News
.webp)
Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
.webp)
Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
.webp)
Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
.webp)
Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
.webp)
National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
.webp)
.webp)
.webp)
.webp)
.webp)
