Nifty holds 8,800 amid rangebound trade
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Markets continued to trade higher in noon trades on Wednesday amid a rally in Asian stocks after the Bank of Japan at its meeting today decided to keep its deposit rate unchanged.
At 12:35pm, the S&P BSE Sensex was up 138 points at 28,661 and the Nifty50 was trading points higher at 8,818. In the broader markets, BSE Midcap and Smallcap indices gained 0.4%-0.7% each. Market breadth was positive with 1549 gainers and 872 losers on the BSE.
Foreign institutional investors turned net sellers after they sold equity shares worth Rs 1,147 crore on Tuesday, as per provisional stock exchange data.
The Bank of Japan at its policy meet today maintained the 0.1% negative interest rate on deposits from banks and financials institutions. Japan's central bank also said it would purchases of long-term government bonds with an incremental 80 trillion yen per year.
Asian markets recovered from their intra-day lows post the announcement from the Bank of Japan. The benchmark Nikkei emerging as the top gainer up nearly 2%. Hang Seng was up 0.6% while Shanghai Composite was trading with marginal gains.
Gains were led by index heavweights with Infosys up nearly 1% while ITC and HDFC rose over 0.4% each.
Tata Motors was up 1.1%. Tata Motors-owned British brand Jaguar on Wednesday launched the all-new XF luxury saloon with prices starting at Rs 49.5 lakh (ex-showroom, Delhi).
Other gainers include, HDFC Bank, Bajaj Auto, Axis Bank and Asian Paints among others.
ICICI Bank was marginally down after the initial public offering of its insurance arm, ICICI Prudential Life Insurance Corporation received a lukewarm response from investors. The Rs 6,000-crore initial public offering (IPO) ICICI Prudential Life Insurance Company was subscribed just around 52% till Tuesday, a day ahead of its close.
Among others, Indoco Remedies has gained 4% after the pharmaceutical company announced it has acquired the manufacturing facility of Micro Labs located at Baddi.
TeamLease Services was trading higher by 5% after the company announced that it will acquire Nichepro Technologies for an enterprise value of up to Rs 29.5 crore.
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During Apple’s quarterly earnings call on May 2, Apple's CEO Tim Cook pointed out generative artificial intelligence as the company’s next frontier. According to a report by 9To5Mac, while talking about Apple’s annual Worldwide Developers Conference (WWDC), which is scheduled for June 10, the Apple CEO said that he is excited to reveal what the company has been working on.
Tim Cook did not point out the AI features that the company is working on for its ecosystem.
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Former Delhi deputy chief minister Manish Sisodia approached the high court on Thursday seeking bail in the corruption and money-laundering cases lodged by the CBI and the ED respectively in relation to the alleged excise policy scam.
The bail pleas are scheduled for hearing before Justice Swarana Kanta Sharma on Friday.
Sisodia approached the high court after a trial court refused to grant him bail in the matter on April 30.
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Six Adani Group firms have come under the Securities and Exchange Board of India (Sebi) lens and have received show-cause notices for alleged breaches in related party transactions and non-compliance with listing regulations, said the companies in their regulatory filings to the stock exchanges.
Among these, Adani Enterprises, the flagship of Gautam Adani's business empire, disclosed the receipt of two show-cause notices during the quarter ending on March 31.
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Abu Dhabi Investment Authority (ADIA) and investment management company KKR have made investments in Reliance Retail Ventures Limited (RRVL) warehousing assets, in a transaction valued at Rs 12,864 crore ($1.5 billion), according to a report in The Economic Times (ET).
This investment is separate from the infrastructure investment trust (InvIT) established by RRVL last year, which was intended to accommodate approximately half of its retail warehousing assets.
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The Reserve Bank of India's decision to lift curbs on Bajaj Finance's two products, earlier than expected, sent the stock on a tear. Bajaj Finance stock soared 7.5 per cent to Rs 7,400 in Friday's intraday trade as against 0.6 per cent rise in the benchmark S&P BSE Sensex. This was the stock's biggest single-day rally in three years.
Bajaj Finance stock had hit a record high of Rs 8,190 on October 6, 2023.
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