Sensex surges over 100 points in early trade amid firm trend in overseas markets
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The market benchmark BSE Sensex surged over 100 points to 24,907.31 in early trade on Monday on widespread gains as investors widened their bets amid a firming trend in other Asian markets.
However, caution prevailed in view of muted factory output data, which was released on Friday and inflation data, slated for later in the day.
At 0946 hours, the 30-share index, which gained 94.65 points on Friday, was trading up 189.32 points slightly lower than its morning level or 0.77% to 24,907.31 on the stock exchange. In the early morning trade, the Sensex added 232.32 points or 0.94% to 24,950.31 with banking, realty and auto sector indices leading the rally.
On similar lines, at 0947 hours, the NSE Nifty was trading up 54.55 points slightly lower than its morning level or 0.73% to 7,564.75. In the early morning trade, the index had climbed 68.95 points or 0.92% to 7,579.15 on the stock exchange.
Brokers said a flurry of buying by investors in blue-chips supported by sustained foreign fund inflows and a firming trend in other Asian markets, tracking weekend gains at the US markets, mainly influenced the sentiment.
Meanwhile, the industrial production declined for the third month in a row, contracting by 1.5% in January due to a poor performance of manufacturing sector and lower offtake of capital goods.
Among other Asian markets, Hong Kong's Hang Seng was trading higher by 1.35%, while Nikkei surged by 2.08% in early trade. Shanghai's Composite Index was quoting 2.79% higher.
The US Dow Jones Industrial Average ended 1.28% higher on Friday.
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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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