HDFC Group shares keep markets rangebound; Infosys, TCS up 0.5%
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Benchmark share indices which had ended at three-month closing highs witnessed profit taking in select financials capping further upside even as IT shares continued to trade firm. Further, rising concerns over weak monsoon in July also weighed on sentiment.
At 1:30PM, the 30-share Sensex was up 24 points at 28,470 and 50-share Nifty was up 5 points at 8,613.
Meanwhile, bargain hunting was seen in the broader market with fundamentally sound stocks witnessing buying interest.The BSE Mid-cap index was up 0.4% and the Small-cap index was up 0.7%.
The Indian rupee was trading marginally higher against the Us dollar amid sales by exporters on the back of rising foreign capital inflows.
Meanwhile, foreign institutional investors were net buyers in domestic equities to the tune of Rs 746 crore.
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Abu Dhabi Investment Authority (ADIA) and investment management company KKR have made investments in Reliance Retail Ventures Limited (RRVL) warehousing assets, in a transaction valued at Rs 12,864 crore ($1.5 billion), according to a report in The Economic Times (ET).
This investment is separate from the infrastructure investment trust (InvIT) established by RRVL last year, which was intended to accommodate approximately half of its retail warehousing assets.
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The Reserve Bank of India's decision to lift curbs on Bajaj Finance's two products, earlier than expected, sent the stock on a tear. Bajaj Finance stock soared 7.5 per cent to Rs 7,400 in Friday's intraday trade as against 0.6 per cent rise in the benchmark S&P BSE Sensex. This was the stock's biggest single-day rally in three years.
Bajaj Finance stock had hit a record high of Rs 8,190 on October 6, 2023.
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In a significant development, the Reserve Bank of India (RBI) has announced that 97.76% of the Rs 2,000 currency notes in circulation have returned to the banking system. Only Rs 7,961 crore worth of the withdrawn notes are still with the public.
According to the RBI's statement, the total value of Rs 2,000 banknotes in circulation has declined from Rs 3.56 lakh crore on 19 May 2023 to just Rs 7,961 crore as of 30 April 2024.
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Nationalist Congress Party (Sharadchandra Pawar) chief Sharad Pawar on Thursday criticised Prime Minister Narendra Modi, saying his speeches were not based on facts and reality.
Talking to reporters here, Pawar also alleged that PM Modi doesn't talk about the basic issues that people face and diverts their attention.
"I have never seen a prime minister earlier whose speeches were not based on facts and reality. He is satisfied with targeting me and Uddhav Thackeray," Pawar said.
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Donald Trump returned briefly to the campaign trail Wednesday and called the judge presiding over his hush money trial crooked a day after he was held in contempt of court and threatened with jail time for violating a gag order.
Trump's remarks at events in the battleground states of Wisconsin and Michigan were being closely watched after he received a $9,000 fine for making public statements about people connected to the criminal case.
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