Bharti Global To Buy Stake BT Group
Bharti Global agrees to buy about 24.5% stake in BT Group from Altice UK
Alert: BT Group is a UK-based telecommunications holding company
Source: Bloomberg
Suzlon Energy Hits Upper Circuit In Fourth Consecutive Session
Shares of Suzlon Energy hit its upper circuit limit in the fourth consecutive session today to hit its highest level since Jan 18, 2010.
The stock started its rally after its board approved the acquisition of 22,80,000 equity shares representing 76% of the equity share capital of Renom Energy Services Private Limited.
Jubilant FoodWorks Hits One-Year High As Analysts Remain Upbeat After Q1 Profit Doubles
Shares of Jubilant FoodWorks Ltd. hit a one-year high on Monday after its profit doubled in the first quarter of fiscal 2025. The company’s net profit stood at Rs 58 crore in the quarter ended June 2024, as against Rs 29 crore in the year-ago period.
Shares of the company rose as much as 3.81% to Rs 621.70 apiece, the highest level in a year. It pared gains to trade 1.92% higher at Rs 611.70 apiece as of 10:00 a.m. This compares to a 0.63 decline in the NSE Nifty 50 Index.
The stock has risen 8.26% on a year-to-date basis. Total traded volume so far in the day stood at 1.17 times its 30-day average. The relative strength index was at 62.21.
Out of 32 analysts tracking the company, 16 maintain a ‘buy’ rating, eight recommend a ‘hold,’ and eight suggest a ‘sell,’ according to Bloomberg data. The average 12-month consensus price target implies an downside of 4.8%.
Sun TV Shares Decline As First Quarter Profit, Revenue Dip
Sun TV Network Ltd.’s shares declined over 9% on Monday after it’s first quarter revenue and profit dipped missing expectations, as income from advertisement and subscription services fell.
Shares of Sun TV fell as much as 9.34% before paring loss to trade 8.13% lower at Rs 842.35 apiece at 9:35 a.m., compared to a 0.3% decline in the Nifty 50.
The stock has risen 52% in the last 12 months and 18% year-to-date. Total traded volume so far in the day stood at 7.8 times its 30-day average. The relative strength index was at 50.
Nine out of 17 analysts tracking Sun TV have a ‘buy’ rating on the stock, three recommend a ‘hold’ and five suggest a ‘sell’, according to Bloomberg data. The average 12-month analysts’ consensus price target implies a potential downside of 0.5%.
Sun TV Shares Decline As First Quarter Profit, Revenue Dip
Trent Rises To Fresh High
Shares of Trent Ltd. rose as much as 2.53% to Rs 6,434.00, the highest level since its listing on June 7, 2004. It was trading 1.13% higher at Rs 6,346.20 as of 11:24 a.m., as compared to 0.40% advance in the NSE Nifty 50 index.
Shipping Corp Of India Jumps Over 12% After Net Profit Rises
Shares of Shipping Corporation of India rose to the highest level in over two weeks after its net profit rose during April–June.
Shares of Shipping Corp of India rose as much as 12.18% to Rs 288.75, the highest level since Aug 1. It pared gains to trade 9.07% higher to Rs 280.75 as of 11:02 a.m, as compared to 0.07% advance in the NSE Nifty 50 index.
The scrip gained 168.28% in 12 months, and 72.19% on year to date basis. Total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 51.67.
Inox Wind To NDTV Profit
Company setting up new manufacturing capacities at annual cost of Rs 4 cr for 10 years
Plans to unlocking value via buying own cranes
Investments in cranes to give 30% capital return
Offshore wind energy is a great move by govt to talk about
Does not see any merit in offshore wind energy
Cost of offshore wind 2.5 times than onshore
Allegations Putting Hindenburg’s Credibility At Stake, Says MK Ventures Founder
Allegations on SEBI Chair and Her Spouse are putting Hindenburg, a US based short-seller’s credibility at stake, said Madhusudhan Kela, founder, MK Ventures.
There’s no substance in allegations, according to Kela. Use any kind of opportunities to buy into India story.
It seems like attack on the country. Kela doesn’t expect similar kind of effect as it was seen last time.
Source: Madhusudhan Kela, founder, MK Ventures in an interview to NDTV Profit
Goldman Sachs On CE infosystems
Maintain Buy with a target price Rs 2,900, which implied upside of 31%
IoT business saw a slow start to FY25
This was due to pre election deferral of fleet business to Q2-Q4
Historically, one of the four quarters is soft
Expect softness to even out as demand deferrals would filter in the course of FY25
Catalysts include pickup in the IoT led business, Hyndai/Kia deal win and EV led N CASE adoption
AGS Transact Technologies’s Payment Platform To Issue Common Mobility Cards
AGS Transact Technologies Ltd.’s digital payment platform ‘Ongo’ to issue instant National Common Mobility Cards
Ongo to issue NCMC to provide better commuting experience at Chennai Metro Rail Corp.
Source: Exchange filing
Inox Wind Soars Over 9% After Profit Rises On Orderbook Uptick
Shares of Inox Wind Ltd. surged over 8% Monday after the heavy electrical equipment company swung to profit in the first quarter of fiscal 2025.
Inox Wind’s stock rose as much as 9.02% during the day to Rs 189.9 apiece on the NSE. It was trading 6.07% higher at Rs 184.8 apiece, compared to a 0.33% decline in the benchmark Nifty 50 as of 10:40 a.m.
It has risen 267% in the last 12 months and 48% on a year-to-date basis. The total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 64.
Five out of the six analysts tracking the company have a ‘buy’ rating on the stock, and another one suggest a ‘sell’, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.1%.
Inox Wind Soars After Return To Profit In June Quarter
Balkrishna Industries Falls To Over Two Month Low Despite Positive Earnings
Shares of Balkrishna Industries Ltd. touched the lowest level since May 18, 2024 as the management guided for muted outlook, and higher raw material and raw material costs. It was trading 6.84% lower at Rs 2,849.75 as of 09:46 a.m.
Balkrishna Industries Q1 Result: Profit Up Nearly 48%, Board Declares Rs 4 Dividend
Bharat Dynamics Falls Nearly 15% As Net Profit Falls Missing Estimates
Shares of Bharat Dynamics Ltd. declined nearly 15% and hit the lowest level in three months after its standalone net profit declined 83% on the year to Rs 7 crore during April–June, against Bloomberg estimates of Rs 104 crore.
Bharat Dynamics Tumbles Nearly 15% After Q1 Profit Miss
All Adani Group Stocks Fall
Nifty, Sensex Open Lower As RIL, ICICI Bank Drag: Opening Bell
Benchmarks opened lower on Monday tracking losses in Reliance Industries Ltd., ICICI Bank Ltd.
As of 09:16 a.m., the NSE Nifty 50 was 86.50 points or 0.35% lower at 24,281.00, and the BSE Sensex was 275.09 points or 0.35% down at 79,430.82.
“From a technical standpoint, the 50-day moving average, referred to as institutional support, suggests a potential pullback. However, confirmation of this requires follow-through in price action, potentially categorizing the recent sell-off as a shakeout event,” said Avdhut Bagkar, technical and derivatives analyst, StoxBox.
ICICI Bank Ltd., Reliance Industries Ltd., Adani Ports and Special Economic Zone Ltd., Adani Enterprises Ltd., and State Bank of India weighed on the benchmark index.
HDFC Bank Ltd., Grasim Industries Ltd., Infosys Ltd., Oil and Natural Gas Corp Ltd., and Asian Paints Ltd. added to the benchmark index.
All sectors were trading lower on NSE, with the NSE Nifty Metal declining the most.
Broader markets were trading on a mixed note, however, outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.22% lower, while BSE Smallcap was 0.07% higher.
On BSE, 17 sectors declined, and three advanced out of 20. The BSE Utilities declined the most, and the BSE Realty rose the most.
Market breadth was skewed in favour of buyers. Around 1,749 stocks declined, 1,424 stocks advanced, while 142 stocks remained unchanged on BSE.
Nifty, Sensex Lower At Pre-Open
At pre-open, the NSE Nifty 50 was 0.195 or 47.45 points lower at 24,320.04, and the BSE Sensex was 0.47% or 375.79 points lower at 79,330.12.
Yield On The 10-Year Bond Opens
The yield on the 10-year bond opened flat at 6.88%.
It closed at 6.88% on Friday.
Source: Bloomberg
Rupee Opens Flat Against US Dollar
Rupee opened flat at 83.95 against the US dollar.
It closed at 83.96 on Friday.
Source: Bloomberg
MSCI Rejig: HDFC Bank’s FII Holding’s Expected Shareholding Data In Focus
Nuvama expects $1.18 billion inflow from inclusion from six new stocks;
HDFC Bank Ltd.’s shareholding data is in spotlight. FII’s share in the bank will be closely monitored as its favourable numbers will make potential for the private lender’s stock’s weight increase by 10-15%, Nuvama said.
MSCI Rejig: Nuvama Expects $1.18 Billion Inflows Into India From Six New Stocks
Brokerages On Siemens
Motilal Oswal on Siemens
Maintains Buy, Revised target price to Rs 7,800 from Rs 8,600 earlier
Q3FY24 result weaker than estimates on Revenue/EBITDA/PAT
Performance impacted due to slower-than-expected execution
Weak margins in mobility and digital industries weighed in
Cut estimates to factor in lower execution and margins
Expect revenue/EBITDA/PAT CAGR of 15%/24%/25% over FY23-26
Nuvama On Siemens
Retains Buy, Revised target price of Rs 8,000 (vs Rs 7,700)
Missed street’s Q3FY24 EBITDA/PAT estimate by 10/9%
Missed estimates on slower-than-expected execution
Order inflow growth provides strong revenue visibility over next 2-3 years
Expect large-size order inflows over next 18–24 months
Godrej Properties Acquires Land In Khalapur, Maharashtra
Godrej Properties Ltd. acquired 90 acres of land in Khalapur, Maharashtra.
Land offers development potential of 1.7 million square feet of residential plotted development.
Source: Exchange filing
Dr. Reddy’s Labs Gets Inspection Report For Facility In Visakhapatanam
Dr. Reddy’s Laboratories Ltd. received establishment inspection Report from US Food and Drug Administration for manufacturing facilities at Visakhapatanam.
US FDA report classifies Visakhapatanam facilities as ‘Voluntary Action Indicated’.
Source: Exchange filing
Emkay Research Initiates Coverage On Adani Green Energy
Emkay Research initiates coverage on “Adani Green Energy” at Rs 2550 target, which implied 43% upside
Expect firm’s RE capacity to see 30% CAGR during FY24-30
Improving capacity utilization factor to drive power sales CAGR of 35% during FY24-30
Concentrated development in high-yield assets to help with capex-opex efficiency, boosting cost leadership
Expect Ebitda/ Adj. net profit CAGR of 38%/61% during FY24-30
Expect net debt to Ebitda ratio to fall from 7.4x to 3.6x
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Voltas Q1 Earnings Highlights (Consolidated, YoY)
Net profit at Rs 335 crore vs Rs 129 crore
Revenue rose 46.5% at Rs 4,921 crore vs Rs 3,360 crore
Ebitda at Rs 424 crore vs Rs 185 crore
Margin at 8.6% vs 5.5%
Money Market Update
The Indian rupee closed flat against the greenback after opening stronger on Friday, amid a weak US dollar index. The currency ended flat at 83.96 after opening at 83.94 against the US dollar.
Siemens Q3 Results: Profit Up 27% To Rs 578 Crore
F&O Cues
Nifty August futures up by 1.11% at a premium of 34 points.
Nifty August futures open interest down by 5.14%.
Nifty Bank August futures up by 0.75% to 50,574 at a premium of 90 points.
Nifty Bank August futures open interest down by 5%.
Nifty Options Aug. 14 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 23,000.
Bank Nifty Options Aug. 14 Expiry: Maximum Call Open Interest at 60,000 and Maximum Put open interest at 50,000.
Securities in ban period: Aditya Birla Capital Ltd., Aditya Birla Fashion and Retail Ltd., Bandhan Bank Ltd., Biocon Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Granules India Ltd., Hindustan Copper Ltd., India Cements Ltd., IndiaMart Intermesh Ltd., LIC Housing Finance Ltd., Manappuram, Punjab National Bank, RBL Bank Ltd., Steel Authority of India Ltd.
SEBI Urges Pension Funds To Support Municipal Bonds, REITs And InvITs
Bulk Deal
Tinna Rubber and Infrastructure Ltd.: Bhupinder Sekhri & Sons sold 1.03 lakh shares (0.6%) at Rs 1,760.32 apiece, and Samsung India Smid Focus Securities Master Investment Trust (Equity) bought 0.87 lakh shares (0.51%) at Rs 1,760 apiece.
Hatsun Agro Product Ltd.: VVV And Sons Edible Oils sold 13.37 lakh shares (0.6%) at Rs 1,227.27 apiece.
Paramount Communications Ltd.: Silvertoss Shoppers bought 23.02 lakh shares (0.75%) at Rs 80.5 apiece, and Nexpact sold 23 lakh shares (0.75%) at Rs 80.5 apiece.
Kopran Ltd.: Ganesh Kumar bought 3.15 lakh shares (0.65%) at Rs 261.89 apiece.
Updater Services: India Business Excellence Fund Lia sold 4.3 lakh shares (0.64%) at Rs 326.57 apiece.
DCW: Albula Investment Fund bought 24.64 lakh shares (0.83%) at Rs 71.35 apiece, and LTS Investment Fund Ltd. sold 24.64 lakh shares (0.83%) at Rs 71.35 apiece.
Jubilant Foodworks Q1 Result: Profit Doubles, Revenue Up 44.8%
IPO Offering
Saraswati Saree Depot: The company will offer its shares for bidding on Monday. The price band is set from Rs 152 to Rs 160 per share. The Rs 160.01-crore IPO is a combination of a fresh issue of Rs 104 crore and the rest of the offer for sale.
Stocks To Watch
Mahindra and Mahindra Ltd.: The company denied media reports of a $3-billion joint venture with China’s Shaanxi Automobile.
ONGC Ltd.: The company received government nod to invest an additional Rs 10,502 crore in ONGC Petro additions via equity. The government approved an allocation of 50% of the company’s annual gas production from new or intervention wells for OPaL’s feedstock support. The nod was received to invest a total of Rs 18,365 crore.
Atul Ltd.: The US FDA inspected the unit’s Ambernath facility in Maharashtra and concluded with zero observations.
Anup Engineering Ltd.: The company received two orders worth Rs 100 crore.
ONGC Secures Government Approval For Rs 10,501 Crore Equity Infusion In Petro Arm
Earnings In Focus
Vodafone Idea Ltd., Hindustan Copper Ltd., Olectra Greentech Ltd., Senco Gold Ltd., Indian Railway Finance Corp., SJVN Ltd., Natco Pharma Ltd., National Aluminum Co., AIA Engineering Ltd., AMI Organics Ltd., Balrampur Chini Mills Ltd., Campus Activewear Ltd., Cera Sanitaryware Ltd., DCX Systems Ltd., Dollar Industries Ltd., Happiest Minds Technologies Ltd., Housing and Urban Development Corp., Ingersoll Rand Inc., ITI Ltd., Juniper Hotels Ltd., Kaveri Seed Co., LA Opala Ltd., MM Forgings Ltd., NMDC Ltd., NRB Bearings Ltd., Orchid Pharma Ltd., Rate Gain Travel Technologies Ltd., Rashtriya Chemicals and Fertilizer Ltd., RattanIndia Enterprises Ltd., Subros Ltd., Sunteck Realty Ltd., and Usha Martin Ltd.
Earnings Post Market Hours
Bajaj Consumer Q1 FY25 (Consolidated, YoY)
Revenue down 9% at Rs 246 crore versus Rs 270 crore (Bloomberg estimate: Rs 260 crore).
Ebitda down 23.5% at Rs 36.6 crore versus Rs 47.8 crore (Bloomberg estimate: Rs 36 crore).
Margin at 14.9% versus 17.7% (Bloomberg estimate: 13.3%).
Net profit down 19.7% at Rs 37.12 crore versus Rs 46.2 crore (Bloomberg estimate: Rs 44 crore).
Jubilant Foodworks Q1 FY25 (Consolidated, YoY)
Revenue up 44.8% at Rs 1,933 crore versus Rs 1,335 crore (Bloomberg estimate: Rs 1,608 crore).
Ebitda up 38.8% at Rs 383 crore versus Rs 276 crore (Bloomberg estimate: Rs 330 crore).
Margin at 19.8% versus 20.7% (Bloomberg estimate: 20.5%).
Net profit at Rs 58 crore versus Rs 29 crore (Bloomberg estimate: Rs 65 crore).
Inox Wind Q1 FY25 (Consolidated, YoY)
Revenue up 83.1% at Rs 639 crore versus Rs 349 crore.
Ebitda at Rs 136 crore versus Rs 32 crore.
Margin at 21.3% versus 9.2%.
Net profit at Rs 50 crore versus loss of Rs 65 crore.
CESC Q1 FY25 (Consolidated, YoY)
Revenue up 12.8% at Rs 4,863 crore versus Rs 4,310 crore (Bloomberg estimate: Rs 4,716 crore).
Ebitda down 48.7% at Rs 371 crore versus Rs 724 crore (Bloomberg estimate: Rs 978 crore).
Ebitda margin at 7.6% versus 16.8% (Bloomberg estimate: 20.7%).
Net profit up 5.4% at Rs 388 crore versus Rs 368 crore (Bloomberg estimate: Rs 378 crore).
Sun TV Q1 FY25 (Consolidated, YoY)
Revenue down 3% at Rs 1,312 crore versus Rs 1,349 crore (Bloomberg estimate: Rs 1,521 crore).
Ebitda down 10% at Rs 718 crore versus Rs 798 crore (Bloomberg estimate: Rs 184 crore).
Ebitda margin at 54.7% versus 59.2% (Bloomberg estimate: 53.5%).
Net profit down 5% at Rs 560 crore versus Rs 592 crore (Bloomberg estimate: Rs 675 crore).
Kirloskar Ferrous Q1 FY25 (Consolidated, YoY)
Revenue up 3.46% at Rs 1,554 crore versus Rs 1,502 crore.
Ebitda down 9.66% at Rs 187 crore versus Rs 207 crore.
Ebitda margin down 174 bps at 12.03% vs 13.78%.
Net profit down 24.73% at Rs 70 crore versus Rs 93 crore.
Suven Pharma Q1 FY25 (Consolidated, YoY)
Revenue down 33.6% at Rs 231 crore versus Rs 348 crore.
Ebitda down 52.3% at Rs 79.9 crore versus Rs 168 crore.
Margin at 34.6% versus 48.3%.
Net profit down 49.6% at Rs 60.8 crore versus Rs 121 crore.
Star Cement Q1 FY25 (Consolidated, YoY)
Revenue down 1% at Rs 751 crore versus Rs 760 crore.
Ebitda down 9% at Rs 117 crore versus Rs 129 crore.
Ebitda margin at 15.6% versus 16.9%.
Net profit down 67% at Rs 31 crore versus Rs 93 crore.
Aarti Industries Q1 FY25 (Consolidated, YoY)
Revenue up 31.2% at Rs 1,855 crore versus Rs 1,414 crore (Bloomberg estimate: Rs 1,831 crore).
Ebitda up 51.7% at Rs 305 crore versus Rs 201 crore (Bloomberg estimate: Rs 307 crore).
Margin at 16.4% versus 14.2% (Bloomberg estimate: 16.8%).
Net profit at Rs 145 crore versus Rs 71 crore (Bloomberg estimate: Rs 148 crore).
Metro Brands Q1 FY25 (Consolidated, YoY)
Revenue down 1.2% at Rs 576 crore versus Rs 583 crore.
Ebitda down 3.7% at Rs 180 crore versus Rs 187 crore.
Margin at 31.2% versus 32%.
Net profit down 2.1% at Rs 92 crore versus Rs 94 crore.
GIC Q1 FY25 (Consolidated)
Net premium income up 16% YoY at Rs 10,098 crore versus Rs 8,696 crore.
Net profit up 43% YoY at Rs 1,401 crore versus Rs 978 crore.
Solvency ratio at 336% versus 288% YoY.
Gross NPA at 1.89% versus 1.93% QoQ.
Balkrishna Industries (Cons, YoY)
Revenue up 25.7% at Rs 2,714 crore versus Rs 2,159 crore.
Ebitda up 32.5% at Rs 664 crore versus Rs 501 crore.
Margin at 24.4% versus 23.2%.
Net profit up 47.6% at Rs 490 crore versus Rs 332 crore.
CE Info Systems Q1 FY25 (Cons, QoQ)
Revenue down 5.6% at Rs 101 crore versus Rs 107 crore.
Ebitda up 7.5% at Rs 43 crore versus Rs 40 crore (Bloomberg estimate: Rs 46 crore).
Margin at 42.6% versus 37.4% (Bloomberg estimate: Rs 40.1%).
Net profit down 5.3% at Rs 36 crore versus Rs 38 crore (Bloomberg estimate: Rs 40 crore).
Midhani Q1 FY25 (Consolidated, YoY)
Revenue down 13% at Rs 163 crore versus Rs 188 crore.
Ebitda down 45% at Rs 23 crore versus Rs 42 crore.
Ebitda margin at 14.1% versus 22.3%.
Net profit down 74% at Rs 5 crore versus Rs 19 crore.
Hindware Home Q1 FY25 (Consolidated, YoY)
Revenue down 4% at Rs 600 crore versus Rs 623 crore.
Ebitda down 31% at Rs 43 crore versus Rs 62 crore.
Ebitda margin at 7.2% versus 9.9%.
Net loss at Rs 3 crore versus profit of Rs 3 crore.
Shipping Corp Q1 FY25 (Consolidated, YoY)
Revenue up 26.2% at Rs 1,514 crore versus Rs 1,200 crore.
Ebitda up 40.6% at Rs 509 crore versus Rs 362 crore.
Margin at 33.6% versus 30.2%.
Net profit up 69.2% at Rs 291 crore versus Rs 172 crore.
Jupiter Lifeline Q1 FY25 (Consolidated, YoY)
Revenue up 18.1% at Rs 287 crore versus Rs 243 crore.
Ebitda up 20.7% at Rs 64 crore versus Rs 53 crore.
Margin at 22.3% versus 21.8%.
Net profit down 16.7% at Rs 45 crore versus Rs 54 crore.
Honasa Consumer Q1 FY25 (Consolidated, YoY)
Revenue up 19.3% at Rs 554 crore versus Rs 464 crore (Bloomberg estimate: Rs 562 crore).
Ebitda up 57.7% at Rs 46.1 crore versus Rs 29.2 crore (Bloomberg estimate: Rs 43 crore).
Margin at 8.3% versus 6.3% (Bloomberg estimate: 7.7%).
Net profit up 62.7% at Rs 40.2 crore versus Rs 24.7 crore (Bloomberg estimate: Rs 35 crore).
Siemens Q3 FY25 (Consolidated, YoY)
Revenue up 7% at Rs 5,204 crore versus Rs 4,873 crore.
Ebitda up 22% at Rs 692 crore versus Rs 566 crore.
Ebitda margin at 13.3% versus 11.6%.
Net profit up 27% at Rs 578 crore versus Rs 456 crore.
Bharat Dynamics Q1 FY25 (Standalone, YoY)
Revenue down 36% at Rs 191 crore versus Rs 298 crore (Bloomberg estimate: Rs 634 crore).
Ebitda loss at Rs 52 crore versus Ebitda loss of Rs 32 crore (Bloomberg estimate: Rs 80 crore).
Net profit down 83% at Rs 7 crore versus Rs 42 crore (Bloomberg estimate: Rs 104 crore).
CESC Q1 Result: Profit Rises 5.4%, Meets Estimates
GIFT Nifty Trades Above 24,300
Markets in Asia-Pacific region rose on Monday as traders await key data points from US to assess the health of the world’s largest economy. Market participants also await India’s CPI data due to be published later on Monday.
The Nikkei 225 was 193.85 points, or 0.56% higher at 35,025.00, and the S&P ASX 200 was up 47.70 points, or 0.61% at 7,825.40 as of 06:47 a.m.
On Friday, stocks on Wall Street ended higher, bouncing back from Monday’s steep sell off as US Federal Reserve official expressed confidence in inflation slow down. The S&P 500 and Dow Jones Industrial Average ended 0.47% and 0.13% higher, respectively. The Nasdaq Composite ended 0.51% higher.
The October contract of brent crude on Intercontinental Exchange was trading 0.13% lower at $79.56 as of 06:52 a.m. The spot Gold was trading 0.10% lower at $2,428.86 as of 06:53 a.m.
The GIFT Nifty was trading 0.13%, or 2.46 points lower at 24,351.50 as of 06:54 a.m.
India’s benchmark equity indices closed higher on Friday but logged a second consecutive weekly loss, weighed by various global and Indian macro cues, including the yen carry trade, US recession fears, and the RBI governor’s hawkish commentary during policy.
The NSE Nifty 50 ended 1.03%, or 247.65 points, higher at 24,364.65, and the S&P BSE Sensex closed up 1.04%, or 819.69 points at 79,705.91. Intraday, Nifty rose 1.3% and Sensex gained 1.4%.
Overseas investors turned net buyers after five straight days of net selling equities. FPIs mopped up equities worth Rs 406.7 crore, while domestic investors acquired equities worth Rs 3,979.6 crore, the NSE data showed.
The Indian rupee closed flat at 83.96 against the greenback after opening stronger amid a weak US dollar index.
India’s Forex Reserves At Record High of $675 Billion. Read more on Markets by NDTV Profit.Allegations on SEBI Chair and Her Spouse are putting Hindenburg, a US based short-seller’s credibility at stake, said Madhusudhan Kela, founder, MK Ventures. Read MoreMarkets, Buzzing Stocks, Notifications
NDTV Profit
