Opening Bell: Sensex, Nifty open higher led by banks, IT stocks
Indian stocks opened higher on Thursday, tracking gains in Asian peers following the US Federal Reserve kept interest rates in ultra-low rates, although the dollar dropped to a two-year reduced. Profits from the national indices were directed by index heavyweights Bharti Airtel, HDFC twins, Infosys and TCS. In 9:18 am, the Sensex was trading 212 points greater at 38,283 whereas the Nifty increased 71 factors to 11,274. Broader markets were in-line with all the benchmarks with Nifty Midcap and Nifty Smallcap indices up about half per cent. One of businesses, Nifty It jumped the mostup 1.2 percentage while Nifty Bank and Nifty Fin Services climbed around 0.8 percentage each. Nifty automobile nd Nifty Metal were up approximately 0.5 percent.
India goes bid submission deadline for stake in Bharat Petroleum to September 30
India’s finance ministry said Wednesday it had extended the deadline for submission of bids for the sale of its stake in petroleum refiner Bharat Petroleum Corp Ltd into Sept. 30, permitting more time for interested parties. It had been extended “in view of additional requests against the interested bidders as well as also the prevailing position arising from COVID-19,” the ministry said in a declaration, indicating the second such expansion since May. The government’s move to sell its 52.98 percent stake in Bharat Petroleum, the nation’s second-biggest petroleum refiner, could allow it to bridge its own widening fiscal gap.
InterGlobe Aviation articles Rs two,844 cr Q1 reduction
InterGlobe Aviation on Wednesday reported a net loss of Rs two,844.3 crore for the three months ended June because of disruptions caused by the coronavirus pandemic, and the airline has pitched for elimination of cap fares. The parent of the nation’s biggest airline IndiGo needed a net gain of Rs ,203.1 crore at the year-ago period. At this first quarter of the present fiscal year, the airline’s overall income dropped 88 percentage to Rs ,143.8 crore. At the year-ago periodthe same happened at Rs 9,786.9 crore, IndiGo stated in a release. Revenue from operations fell 91.9 per cent to Rs 766.7 crore in the quarter under review compared to the identical period one year ago.
US Fed sees dark economic outlook as virus ignites economy
Federal Reserve Chair Jerome Powell cautioned Wednesday that the viral outbreak is endangering the small economic recovery that followed a meltdown in spending and hiring this spring. Because of this, he stated, the Fed intends to maintain interest rates trapped near zero nicely to the future. That faltering market, driven by a resurgence of the virus, has increased the need for Congress to keep on supplying significant financial help, Powell explained. Members of the home and Senate are still negotiating a new bundle but are nowhere close to agreement. Senate Republicans and the White House are proposing a plan which would provide less aid for jobless Americans than they’re currently getting. More here
EARNINGS: Bharti Airtel Q1 loss widens to Rs 15,933 crore
Telecom operator Bharti Airtel on Wednesday reported considerable widening of reductions to Rs 15,933 crore for June quarter, largely due to provisioning for statutory dues. The reduction for the corresponding period last year stood at Rs two,866 crore. The earnings for Q1 FY21 arrived in at Rs 23,939 crore, up 15.4 percent from year-ago period. The combined net loss before exceptional items for the quarter stood at Rs 436 crore, an Airtel statement said, adding consolidated net loss after exceptional items stands at Rs 15,933 crore. More here
To start, here is fast catchup of what happened from the markets Wednesday
Indian stocks ended lower on Wednesday as investors booked profits in index heavyweight Reliance Industries following an eight-day rally, although the IT business added to the losses. The Sensex ended 422 points reduced at 38,071 whereas the Nifty dropped 98 points to repay at 11,203. Reliance hauled the Nifty energy indicator nearly 1.6 percent, together with refiner HPCL and BPCL also falling 2% and 1.5 percent, respectively. M&M, HCL Tech and Hero Moto were another leading winners around the Nifty50 indicator, down more than 2 per cent each.
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