Market chat: Sensex rises ahead of ICICI Bank, ITC earnings
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Indian stocks climbed for the first time this week, with the benchmark gauge set for its biggest monthly advance since May, as investors awaited quarterly results of some of the nation’s biggest companies including ICICI Bank Ltd and ITC Ltd.
Dr Reddy’s Laboratories Ltd, the third-biggest drugmaker by market value, rallied to a record after its profit beat estimates. NTPC Ltd, the top power producer, surged the most since May last year. ITC, the largest cigarette company, fell for a fifth day, set for the longest losing streak since August. ICICI Bank, the biggest private lender, climbed before earnings reports.
The S&P BSE Sensex added 0.3% to 26,916.67 at 10:44 am in Mumbai. The gauge has risen almost 3% in October, rebounding after its biggest quarterly drop in about four years. Foreigners poured $907 million into local stocks this month, after pulling out $2.6 billion in the September quarter, amid signals the Fed will delay raising borrowing costs until 2016. Those gains may evaporate if inflows reverse after the US central bank closes an unprecedented era of near-zero rates in December.
For more updates, join our experts at the daily live chat from 12pm to 1pm as they gauge the markets today. For live Sensex updates, click here.
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Shares of YES Bank climbed as much as 8.98 per cent to hit an intraday high of Rs 28.50 apiece on Monday, after the private lender announced a strong set of March quarter results (Q4FY24).
YES Bank’s profit jumped over 123 per cent to Rs 452 crore in Q4FY24, as opposed to Rs 202.43 crore reported in Q4FY23.
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The Congress on Monday attacked the BJP over the alleged sex scandal involving the grandson of JD(S) supremo H D Deve Gowda, with party leader Priyanka Gandhi Vadra asking whether Prime Minister Narendra Modi will remain silent on the matter.
The opposition party also asked why the BJP went ahead with its alliance with the JD(S) when a BJP leader had written to the party's Karnataka unit president, exposing the presence of a pen drive full of "sleaze videos of Prajwal Revanna".
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China is gearing up to launch a robotic spacecraft on a mission to bring back samples from the dark side of the moon. This mission is prelude to three challenging missions aimed at achieving a Chinese crewed landing and establishing a base on the lunar South pole. And it will also be the world's first attempt at collecting samples from the other side of the moon.
Since the inaugural Chang’s mission in 2007, named after the legendary Chinese moon goddess, China has made substantial strides in its lunar exploration efforts, narrowing the technological divide with the United States and Russia.
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The Japanese yen hit its weakest levels since April 1990 on Monday, in trading thinned by a holiday in Japan and attempts by traders to test key levels and stop-loss orders in a nervous, illiquid market.
The dollar rose as far as 160.245 yen in a sudden move after the yen traded in a narrow 158.05-158.15 range in early deals.
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Veteran politician, BJP MP and former Union Minister V Sreenivasa Prasad died on Monday, family sources said.
The 76-year-old Lok Sabha member from Chamarajnagar was ailing for some time and being treated at a private hospital, where he passed away early today.
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