Nifty hovers around 8,050; metal shares gain
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Benchmark indices are off day’s high and are trading in a narrow range with positive bias after investors booked profits at higher levels.
The positive trend is led by select buying among IT, Power and Metal segments. However, the upside is capped due to mild selling among banks, capital goods and consumer durables sectors.
At 14:35 pm, the 30-share Sensex was up 68 points at 26,627 and the 50-share Nifty was up 15 points at 8,066.
The broader markets are however outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3-0.4%. Market breadth was positive with 1,437 gainers and 1,010 losers on the BSE.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 272.67 crore yesterday as per provisional data released by the stock exchanges.
In the currency front, the rupee recovered by 19 paise to 65.40 against the dollar on fresh selling of the American currency by exporters and banks.
On the macro-economic front, the latest data showed that the index of eight core industries comprising nearly 38% of the weight of items included in the index of industrial production (IIP) rose 3.2% in September 2015 over September 2014.
Other Latest News
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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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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