Sensex erases initial gains, still up 173 points
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After a strong opening, BSE benchmark Sensex trimmed initial gains but was still trading higher by 173 points in late morning trade, helped by fresh buying in IT, teck, auto, power and telecom sectors amid positive global cues.
However, sustained selling was seen in consumer durables, capital goods, metal and FMCG stocks.
The 30-share Sensex, resumed higher at 26,508.94 and hovered in a range of 26,621.40 and 26,326.89 before quoting 26,477.76 at 1100 hours, still showing a rise of 173.13 points or 0.66% from its last close.
The NSE 50-share Nifty was also trading up by 40.60 points or 0.50% to 8,149.05 at 1100 hours.
Major gainers were, Asian Paint 4.71%, TCS 3.91%, Maruti 2.70%, Infosys 2.41%, Tata Motors 2.02% and Bharti Airtel 2.00%.
However, Lupin fell by 1.91% followed by Dr Reddy 1.52%, ITC 1.14%, Axis Bank 0.94% and GAIL 0.92%.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 2353.82 crore on Wednesday, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher tracking overnight gains in US markets.
US stocks registered modest gains yesterday, as energy shares climbed on the back of rising crude oil prices.
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This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
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India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
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