Sensex reclaims 26,000, Nifty hits 7,900; IT shares firm up
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After a lower opening, markets have gained momentum led by buying in the technology stocks as rekindled hopes of an interest rate hike by the US Federal Reserve in the month of December is likely to result in strengthening of dollar.
From the IT space, Infosys, TCS, Wipro, Mindtree, Intellect Design Arena and Mastek have gained between 2-12%.
At 11:24 AM, the Sensex is up 187 points at 26,030 and the Nifty has gained 54 points to trade at 7,897.
Other prominent gainers include GAIL, M&M, Dr Reddy’s Lab, Hero Motocorp up 2-8%.
Gas distribution companies such as GAIL (India), Gujarat Gas Company, Indraprastha Gas (IGL) and Petronet LNG have rallied by up to 18% on the bourses on back of heavy volumes.
In past one-week, GAIL (India) has rallied 23% to Rs 346 from Rs 282 on November 13, after Mahanagar Gas Ltd (MGL) has filed draft papers with the capital markets regulator Securities Exchange Board of India (Sebi) to raise funds through a public offer. GAIL and British Gas Asia each hold 49.75% in MGL.
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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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