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.
IOC Q2 Results: Indian Oil Corporation’s second quarter results reported a 98.6% drop in net profit due to falling refinery and marketing margins.
Indian Bank's Q2 net profit up 36% to ₹2,707 crore, driven by increased interest income and improved asset quality.
Cyient acquires 27.3% stake in Azimuth AI, a fabless custom ASIC company specializing in intelligent energy solutions.
Emcure Pharmaceuticals launches Emcutix Biopharmaceuticals, led by industry veteran G. Sathya Narayanan, focusing on innovative dermatology solutions.
Nara Lokesh discusses investment opportunities with Tesla CFO for renewable energy in Andhra Pradesh, aiming for 72GW by 2029.
Ambuja Cements Limited, part of Adani Group, reports 42% drop in net profit, focuses on growth and efficiency.
Tata CLiQ Luxury partners with Bvlgari to launch first digital boutique in India, offering iconic jewellery, watches, and accessories.
Waaree Energies IPO debuts with a 70% premium, reflecting strong demand and market valuation of ₹67,866.35 crore.
Equity markets rise on ICICI Bank boost, Asian trends, and domestic buying; BSE Sensex and NSE Nifty climb.
B.S. Nesara, chairman, Concorde, said that many factors are considered while making a decision on buying property, including the location or the micro market, proximity to schools, workplace, social infrastructure, availability of potable water, and public mobility options like the metro.
Rupee trades range-bound, appreciates slightly against USD, impacted by foreign fund outflows and strong dollar.