Markets rebound in early trade on buying in ICICI bank, firm trends in Asian peers
The Hindu
Equity markets rise on ICICI Bank boost, Asian trends, and domestic buying; BSE Sensex and NSE Nifty climb.
Equity markets rebounded in early trade on Monday (October 28, 2024), driven by buying in the stock of blue-chip ICICI Bank, firm trends in Asian peers and continuous buying by domestic institutional investors.
The Bombay Stock Exchange (BSE) Sensex jumped 462.45 points to 79,864.74 in early trade. The National Stock Exchange (NSE) Nifty climbed 112.1 points to 24,292.90.
From the 30 Sensex pack, ICICI Bank climbed nearly 3% after the private sector lender posted a 14.5% growth in standalone profit to ₹11,746 crore for the second quarter ended September-2024.
State Bank of India, IndusInd Bank, Infosys, HCL Technologies, Asian Paints and Hindustan Unilever were the other big gainers from the pack.
JSW Steel, Larsen & Toubro, Power Grid and ITC were among the laggards. In Asian markets, Seoul, Tokyo and Shanghai were trading higher, while Hong Kong quoted lower.
The U.S. markets ended on a mixed note on Friday (October 25, 2024).
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,036.75 crore on Friday (October 25, 2024), while Domestic Institutional Investors (DIIs) bought shares worth ₹4,159.29 crore, according to exchange data.
Air India has signed an agreement with Bengaluru Airport City Limited (BACL), a subsidiary of Bangalore International Airport Limited (BIAL), to develop a built-to-suit facility for the AME program that will feature modern classrooms, well-equipped laboratories for practical training and a team of qualified trainers.
Zepto raises $350 million in largest domestic fundraise in India, backed by leading financial institutions and notable individuals.
Adani Enterprises Ltd stock dips on NSE and BSE after Kenyan project cancellations and U.S. court allegations.
HSBC Flash India PMI shows uptick in private sector activity, with rising cost pressures and increased prices for customers.
Rupee rises slightly against US dollar amid geopolitical pressures, foreign outflows, and domestic equities; Brent oil surges.
Sensex and Nifty rebound in early trade driven by value buying, bank stock rally, and positive global cues.
The pandemic-induced downturn marked a turning point for cab drivers in Bengaluru. According to Tanveer Pasha, president, Ola and Uber Drivers’ Association, the number of active cabs in the city has dropped from over 1 lakh before the pandemic to just around 30,000 today.
Amazon will likely face an EU investigation next year into whether it favours its own brand products, said sources.
White House addresses bribery charges against Indian billionaire Adani, expresses confidence in U.S.-India relationship.
NTPC Green Energy IPO oversubscribed by 93% on day 2, raising ₹3,960 crore for renewable energy projects.
Chief Economic Advisor advises India Inc to focus on productivity, R&D, and quality over reliance on weak currency for exports.