Nifty hovers around 7,500; defensives gain
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Markets have come off morning highs as weakness in counters like ICICI Bank, Bharti Airtel and M&M weighed on the indices. At 1130 hrs, the Sensex was up 80 points at 25,143 and the Nifty was up 22 points to trade at 7,514.
In the broader markets, the smallcap index surged 0.6% and the midcap index was up 0.4%, both outperforming the Sensex which was up 0.3%.
Metal and Realty indices down 0.7% ad 0.6% respectively were the only indices in red. Also, Auto and FMCG indices were flat with a negative bias.
Meanwhile, Health Care index surged over 2% along with onsumer Durables, Teck and IT indices up 1-2%.
Bharti Airtel, BHEl, Hindalco down 2% each were the top losers among Sensex-30.
Mahindra & Mahindra, Coal India, Sesa Sterlite, ICICI Bank, GAIL and Maruti Suzuki down 0.8-1.5% were the other prominent names in red.
Defensive names from IT and pharma counters lead the gainers list. Sun Pharma, TCS, Wipro, Dr Reddys Lab and Infosys added 1-4%.
Sun Pharma rallied after their recently acquired Ranbaxy Laboratories received the US Food and Drug Administration (US FDA)'s approval to sell a generic version of Novartis's hypertension medicine, Diovan.
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The Supreme Court on Friday told the Delhi government that it would consider listing its plea challenging the central government's law establishing pre-eminence of the lieutenant governor over the elected dispensation in controlling services in the national capital.
A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra was urged by senior advocate Abhishek Singhvi, appearing for the AAP government, that the whole administration has come to a standstill and the matter needed to be heard.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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