Sensex up 455 points on F&O expiry, firming global trend
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The benchmark BSE Sensex recovered over 455 points to cross 26,000 level in early trade, while NSE Nifty crossed the 7,900 mark on short covering by participants on expiry of derivatives contracts and strong global cues.
The 30-share barometer spurted by 455.73 points, or 1.77%, to 26,170.39. On Wednesday, it had lost 317.72 points.
Besides, value-buying in realty, healthcare, auto, metal, banking, PSUs capital goods and oil and gas stocks positively impacted trading sentiment.
The NSE Nifty regained the 7,900-mark by surging 138.95 points, or 1.78%, to 7,930.80 in early trade.
Brokers said short covering by participants, with Thusday being the last trading session of August contracts in the derivatives space supported the market.
A firming trend at other Asian bourses also boosted the bounce back on Sensex. Asian markets gained strength following overnight gains in the US markets after hints that the US Federal Reserve will not raise interest rates next month.
At 1004 hours, BSE Sensex was trading at 26,015.56, up 300.90 points or 1.17% from previous day's close.
The 50-share Nifty was up 7,883.70, up 91.85 points or 1.18% from Wednesday's close.
Among other Asian markets, Shanghai composite Index up 1.12%, Hong Kong's Hang Seng firmed up 2.45%, while Japan's Nikkei higher by 1.89% in early trade.
The US Dow Jones Industrial Average ended 3.95% higher in Wednesday's trade.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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