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Indian equity benchmarks halted a three-session decline and closed higher, despite uncertainty around stalled US-Iran talks. The Nifty ended 0.8% higher to close above the 24,000 mark. The Sensex also gained 0.8%, rising over 600 points to settle at 77,303.
Indian equity benchmarks ended higher, snapping a three-session losing streak. The Nifty closed about 0.8% higher for the day, with Sun Pharma emerging as the top gainer on the index, up nearly 7%.
Broader markets outperformed the benchmarks. The Nifty Midcap 150 rose nearly 1.5%, ending a two-day decline, led by gains in M&M Financial Services and NTPC Green. The Nifty Smallcap 250 climbed over 1.75%, also snapping a two-day losing streak, with Cohan Lifesciences up 20%.
All sectoral indices closed in the green. Nifty Pharma led with gains of over 2.5%, followed by Nifty Realty, which rose nearly 2.5%, led by Anant Raj. Nifty IT, Auto and Bank indices ended a three-day losing streak, while FMCG, Metal, Oil and Gas, PSU Bank and Financial Services snapped two-day declines.
International benchmark Brent crude futures for June delivery rose 2.4% to $107.88 per barrel. US West Texas Intermediate futures for June delivery also gained 2.2% to $96.48.
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Mangalore Refinery and Petrochemicals will form a JV with ONGC and ONGC Petro Additions for petrochem marketing and trading.
The proposed Joint Venture Company will integrate the Petrochemicals Marketing of Group Companies and bring synergy in their Marketing operations. The Joint Venture Company will reduce cos: and increase revenue through improved pricing mechanism, logistics and grade optimisation and production of speciality grades. Creation of the Joint Venture Company will also open an opportunity for undertaking third party sales considering import dependency of the Nation in certain petrochemicals.
In a major development in the Indian non-banking financial company (NBFC) space, One Mobikwik has received Reserve Bank of India approval for its NBFC application, the company confirmed in an exchange filing. This is a major milestone for the fintech company, as it means the entity can now operate as an NBFC. Mobikwik confirms that the license will now enable the company to launch a new lending division - MobiKwik Financial Services.
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Suzlon Energy
Ola Electric
HFCL
SkyHop Aviation has received an air operator certificate from the DGCA, according to a press release. In the first phase, the airline plans to connect five islands in Lakshadweep with each other and with the mainland.
The company said operations will begin with a 19-seater aircraft. It is also evaluating opportunities in other parts of the country.
Varun Beverages is expected to report 12% year-on-year growth in Q1 revenue to Rs 6,238 crore, supported by international markets. EBITDA is seen rising 6% to Rs 1,342 crore, while net profit is expected to remain broadly unchanged at Rs 726 crore.
Margin is estimated at 21.51% versus 22.70% a year earlier, pointing to pressure from input costs, pricing and a softer domestic business. The key monitor for the quarter is whether overseas growth can offset weaker demand trends in India and support earnings.
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Religare Enterprises said the IRDAI has appointed Ajay Kumar Shah as managing director and chief executive officer of Care Health Insurance, its insurance arm, according to an exchange filing.
Indian equity benchmarks moved higher in early trade. The Sensex rose as much as 497 points, or 0.64%, to 77,155, while the Nifty gained up to 0.6% to 24,049.
The rupee moved between gains and losses in early trade against the US dollar. The local currency was little changed at 94.12 after a volatile opening.
Indian equity benchmarks traded mixed in pre-open deals. The Nifty rose to trade near 24,000, while the Sensex was up more than 50 points.
The government extended the tenure of Indian Bank Executive Director Ashutosh Choudhury by three years.
Indian equity benchmarks closed lower for a third consecutive session on Friday, led by losses in information technology and pharma stocks. The Nifty 50 ended at 23,898, down 1.14%, while the Sensex fell nearly 1,000 points, or 1.3%, to 76,664.21.
The benchmarks also posted their first weekly loss in three weeks. Sentiment remained under pressure amid uncertainty around the US-Iran ceasefire and weak earnings and guidance from IT companies.
IndusInd Bank said its chief compliance officer Sachin Patange has resigned and Sunil Kumar Singh will take over the role. Karur Vysya Bank received RBI approval to reappoint B. Ramesh Babu as MD and CEO for two years from July 29. Shriram Finance said its board will consider a fund raise through non-convertible debentures on a private placement basis.
City Union Bank opened nine new branches, taking its network to 987. Indian Hume Pipe received a letter of intent for a Rs 418 crore order from the Maharashtra government. IDBI Bank said the strategic disinvestment process remains confidential and it has not received any fresh update. Waaree Energies will hold a board meeting on April 29 to consider fundraising options, while Lodha Developers reduced overall debt by Rs 800 crore in Q4 to Rs 5,377 crore.
Hong Kong’s Hang Seng index futures stood at 26,041, above the index’s previous close of 25,978.07, indicating a firmer opening for the market.
Oil prices moved higher in trade, with Brent crude rising more than 2% to $107.89 a barrel. US' WTI crude also gained more than 2% and was trading at $96.63.
GIFT Nifty traded at 24,045, pointing to a firm opening for Indian markets. This compares with the previous close of 23,897.95 on Friday.
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