Sensex closes 245 points higher as IT stocks rally
.jpg)
Mumbai: Both the benchmark S&P BSE Sensex and CNX Nifty continued to rally for the second consecutive session on Friday led by gains in IT stocks after global rival Accenture Plc raised its revenue forecast, while Reliance Industries Ltd (RIL) rose on bets it will roll out its telecom services in the next few months.
The 30-share Sensex closed 0.9%, or 245.27 points, higher at 27,371.84, while the National Stock Exchange’s broader barometer 50-share Nifty rose 0.81%, or 65.90 points, to end at 8,225.20 points.
Among gainers, ICICI Bank Ltd rose 2.95% to Rs.355.40, and Hindalco Industries Ltd, added 2.64% to Rs.157.65. Reliance Industries rose 2.26% to Rs.900.15.
Among losers, Bajaj Auto Ltd slipped 1.58% to Rs.2,466.30, Bharti Airtel Ltd shed 1.54% to Rs.342.85, while Hindustan Unilever Ltd fell 1.49% to Rs.754.65.
Among the S&P BSE sectoral indices, the IT index were top gainer, up 1.95%, while the FMCG index lost the most 0.92%.
Punj Lloyd Ltd rose 7.05% to Rs.37.95, after the company said in a notice to BSE that the Foreign Investment Promotion Board (FIPB) approved the company’s proposal for manufacturing equipment systems and associated assemblies for the defence sector.
Crompton Greaves Ltd rose 1.06% to Rs.180.45 after the Reserve Bank of India (RBI) allowed foreign institutional investors to invest up to 100% of the paid-up capital in the company.
Tyre stocks rose on the back of higher volumes. JK Tyre and Industries Ltd gained 9.60% to Rs.153, Apollo Tyres Ltd rose 2.51% to Rs.222.45 and Ceat Ltd advanced 0.75% to Rs.883.50.
Among IT shares, Oracle Financial Services Software Ltd climbed 2.77% to Rs.3,330.05, Tata Consultancy Services Ltd (TCS) 2.03% to Rs.2,508.95, Wipro Ltd 2.33% to Rs.550.45, Mindtree Ltd 2.33% to Rs.1,214, Infosys Ltd 1.81% to Rs.2,001.90 and HCL Technologies Ltd climbed 2.18% to Rs.1,586.80.
SpiceJet Ltd rose 19.70% to Rs.15.80 after news reports said that former promoter Ajay Singh and two blue-chip investors will be pumping in about Rs.1,200 crore to rescue the financially strapped airline.
Housing Development Fiance Corp. Ltd (HDFC) rose 1.55% to Rs.1,115.05 while HDFC Bank Ltd rose 0.72% to Rs.940.80 after news reports said that the bank is seeking approval from FIPB to raise Rs.10,000 crore through sale of shares.
Atul Auto Ltd rose 0.36% to Rs.605 after the Lok Sabha passed the Motor Vehicles Amendment Bill, 2014, on Thursday, paving the way for regularisation of e-rickshaws, banned by the high court in Delhi on safety grounds.
Since the beginning of this year, the Sensex has gained 29.2%, while foreign institutional investors have bought $16.58 billion from local equity markets and $26.01 billion from the debt market.
Investors will be watching the progress of Parliament’s winter session that ends on 23 December and the results of the five-phase elections of Jharkhand and Jammu and Kashmir Assembly to be announced the same day for further cues on the markets.
Other Latest News
.webp)
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.
.webp)
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.
.webp)
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.
.webp)
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.
.webp)
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'.
.webp)
.webp)
.webp)
.webp)
.webp)
