Nifty hovers around 8,750; Tata group shares gain
.jpg)
Markets have rebounded in trades today and are trading marginally positive supported by buying among blue chips mostly the Tata group shares.
By 9:40 am, the S&P BSE Sensex was 77 points higher at 28,371 and the Nifty50 rose 26 points to trade at 8,749. Among broader markets, BSE Midcap and Smallcap indices are up over 0.5% each.
“Consecutive narrow ranged formations on the weekly scale augur well for consolidation within the ongoing uptrend. On the daily scale nifty has been progressing well within the channel pattern with no signs of termination. The ongoing bullish trending sequence could deteriorate in case of a breach below 8,640. While a sustained move above 8,900 during the week could attract momentum & push nifty towards the upper end of the pattern. Trading longs should be maintained with a stop at 8,630,” said Sacchitanand Uttekar, Equity Technical Analyst from Motilal Oswal.
On Monday, benchmark indices ended over 1% lower, amid weak global cues, with rate-sensitive sectors especially financials leading the decline. Investors' focus across the globe has shifted to American politics ahead of the first US presidential debate.
In overseas stock markets, Asian stocks were mixed amid the first US presidential debate between Democrat Hillary Clinton and Republican Donald Trump. US stocks extended losses yesterday as worries about Germany's Deutsche Bank weighed on the financial sector and as investors awaited the US presidential debate.
Crude futures slipped in Asian trade on Tuesday as investors took profits after prices climbed more than 3% in the previous session.
Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 206.40 crore yesterday as per provisional data released by the stock exchanges.
India has become the centre of the world's oil demand growth and the country's economic growth will affect global commodities, Citigroup Inc said in a research note.
Among key stocks, Power Grid, Tata Steel, Tata Motors, TCS and Adani Ports are up 0.8%-1%. On the losing side, Bharti Airtel, ICICI Bank, HDFC, GAIL and L&T are down between 0.2%-1%.
IRB Infrastructure was trading higher by 3% to Rs 265 on the BSE in early morning trade after the company announced that it has received letter of award from the National Highways Authority of India (NHAI) for Rs 2100 crore highway project in Rajasthan and Gujarat.
Other Latest News
.webp)
Auto major Tata Motors on Friday reported a consolidated net profit of Rs 17,407.18 crore for the quarter ending March 31 (Q4) in the financial year 2023-24 (FY24). This was a staggering 222 per cent growth in profit compared to Rs 5,407.79 crore reported during the same period last year. Sequentially, profit grew 49 per cent from Rs 11,666.07 crore in Q3.
The company's revenue from operations was Rs 1.19 trillion, a 13.5 per cent increase year-on-year (Y-o-Y) from Rs 1.05 trillion. Sequentially, revenue rose 8.6 per cent from Rs 1.10 trillion.
.webp)
IT major Wipro has appointed Vinay Firake as the chief executive officer (CEO) of the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective immediately. Vinay will be based in Dubai and report to chief executive Srini Pallia. He will also join the Wipro executive board.
Wipro has undergone significant C-level restructuring this year. On April 6, Wipro appointed Srini Pallia as the CEO and managing director, succeeding Thierry Delaporte.
.webp)
Congress national general secretary Priyanka Gandhi Vadra on Friday alleged the ruling BJP seeks votes in the name of God instead of talking about how it will control inflation or provide employment to people.
Addressing a number of 'nukkad sabhas' in support of Congress candidate from Amethi Lok Sabha seat Kishori Lal Sharma, Priyanka Gandhi said while Prime Minister Narendra Modi claims on TV that his government did in 10 years the work that was not done in the last 70 years, the situation on the ground level is different.
.webp)
The Supreme Court will pass an order today on Delhi Chief Minister Arvind Kejriwal's interim bail in the money laundering case registered against him by the Enforcement Directorate (ED) in connection with the Delhi excise policy case.
A bench headed by Justice Sanjiv Khanna on Wednesday told Enforcement Directorate counsel Additional Solicitor General SV Raju that it may pass the order on interim relief to Kejriwal on Friday.
.webp)
Andhra Pradesh Chief Electoral Officer (CEO) Mukesh Kumar Meena on Thursday took stock of the arrangements made for the simultaneous Lok Sabha and Assembly elections 72 hours prior to the polling day in the state on May 13.
The CEO called on the officials from across departments to ensure the elections are held in a "peaceful, fair, and exemplary" manner.
.webp)
.webp)
.webp)
.webp)
.webp)
