Nifty holds 8,150 mark; Coal India, Sun Pharma top gainers
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Benchmark indices are trading firm amid choppy trades aided by metal, capital goods and defensive sectors like pharma and FMCG. However, the upside is capped due to selling pressure among financials and index heavyweight shares like ITC and RIL.
At 13:08 PM, the 30-share Sensex was up 139 points at 26,949 and the 50-share Nifty gained 40 points at 8,171.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.5-0.6%. The market breadth is positive. Out of 2,510 stocks traded on the BSE, there were 1,439 advancing stocks as against 956 declines.
Meanwhile, foreign portfolio investors bought shares worth a net Rs 511.90 crore on yesterday as per provisional data released by the stock exchanges.
On the economy front, OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna today, 5 June 2015. The OPEC meeting is being closely watched for clues about the organization's next moves.
The rupee snapped its three-day losing streak against the American currency, recovering by six paise to 63.94 per dollar on fresh selling of dollars by banks and exporters in view of good foreign capital inflows.
BSE Metal index has surged over 2% followed by counters like FMCG, Healthcare, Capital Goods, Consumer Durables and Power, all gaining by over 1% each. However, sectors like IT, Realty, Capital Goods and Banks are trading in negative zone.
Coal India is the top Sensex gainer, up over 4% after production of the company in May rose by about 13% as against the corresponding period previous year.
Shares of healthcare companies have gained in today’s trade with drug maker Sun Pharma soaring over 3% on the BSE after the shareholders gave a nod to the merger of Sun Pharma Global with company.
Other notable gainers include GAIL, NTPC, Wipro, HUL, M&M and L&T.
TCS is down around 1% on turning ex-dividend today for final dividend of Rs 24 per share for the year ended 31 March 2015.
Among other losers, Tata Motors, HDFC, Axis Bank, ICICI Bank and HDFC Bank have slipped between 0.3-2%.
Other Latest News
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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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