L&T, metal stocks lift Sensex over 150 pts, Nifty tops 24,800
At 9:20 am, the
BSE
Sensex was up 150 points, or 0.19%, at 81,488, while the Nifty50 rose 46 points, or 0.19%, to 24,867.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
CXO
Others
MBA
Healthcare
Management
others
MCA
Leadership
Data Science
Project Management
PGDM
Digital Marketing
Operations Management
Data Analytics
healthcare
Technology
Public Policy
Finance
Design Thinking
Product Management
Cybersecurity
Artificial Intelligence
Data Science
Degree
Skills you'll gain:
Customer-Centricity & Brand Strategy
Product Marketing, Distribution, & Analytics
Digital Strategies & Innovation Skills
Leadership Insights & AI Integration Expertise
Duration:
10 Months
IIM Kozhikode
IIMK Chief Marketing and Growth Officer
Starts on
Apr 7, 2024
Get Details
Skills you'll gain:
Operations Strategy for Business Excellence
Organizational Transformation
Corporate Communication & Crisis Management
Capstone Project Presentation
Duration:
11 Months
IIM Lucknow
Chief Operations Officer Programme
Starts on
Jun 30, 2024
Get Details
Skills you'll gain:
Digital Strategy Development Expertise
Emerging Technologies & Digital Trends
Data-driven Decision Making
Leadership in the Digital Age
Duration:
40 Weeks
Indian School of Business
ISB Chief Digital Officer
Starts on
Jun 30, 2024
Get Details
Skills you'll gain:
Technology Strategy & Innovation
Emerging Technologies & Digital Transformation
Leadership in Technology Management
Cybersecurity & Risk Management
Duration:
24 Weeks
Indian School of Business
ISB Chief Technology Officer
Starts on
Jun 28, 2024
Get Details
From the Sensex pack, L&T,
NTPC
,
Asian Paints
,
Bharti Airtel
,
Sun Pharma
, and
Bajaj Finance
opened in the green, while
Tata Motors
,
HUL
,
ICICI Bank
,
ITC
, and
Eternal
traded in the red.
L&T emerged as the top gainer on the Sensex, rising over 4% in early trade after the company reported a 30% year-on-year jump in consolidated net profit to Rs 3,617 crore for the June quarter. The strong performance was driven by robust execution across key businesses. Revenue from operations rose 16% YoY to Rs 63,679 crore, beating Street estimates of Rs 62,950 crore.
Meanwhile, the U.S. Federal Reserve is expected to hold rates steady later today, but investors will closely watch Chair Jerome Powell's comments for cues on inflation and the economic outlook.
Live Events
Uncertainty over India's interim trade deal with the U.S. ahead of President Donald Trump's August 1 deadline may also weighed on investor sentiment.
India is preparing to face higher U.S. tariffs — likely between 20% and 25% — on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's deadline, two Indian government sources told Reuters.
On the sectoral front, Nifty FMCG, Media, Metal, and Pharma opened up to 0.4% higher. In the broader markets, Nifty Midcap 100 fell 0.13%, while Nifty Smallcap100 rose 0.11%.
Experts View
"The technical bounce back in Nifty by 140 points yesterday is unlikely to continue in the unfavourable near-term market scenario. Such bounce backs happen in an oversold market. The major drag on the market continues to be the negative news on the India-US trade front. President Trump's comment that ' India may have to pay 20-25% tariff' is very negative from the short-term market perspective," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
"The FOMC decision today is unlikely to impact the market. A rate cut by the Fed is unlikely today. More important would be the Fed commentary on the evolving economic outlook," Vijayakumar added.
Devarsh Vakil, Head of Prime Research, HDFC Securities, said, "24,598 now establishes itself as a new support level for the Nifty. In the short term, 24882 and 25000 are seen as crucial hurdles on the upside."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
18 minutes ago
- Indian Express
NSDL IPO allotment date next week; know how to check status online via PAN
NSDL IPO: Following the close of the subscription of initial public offering (IPO) of National Securities Depository Limited, all eyes of the investors will now be on the finalisation of the allotment of shares. The NSDL IPO allotment will take place next week. The NSDL IPO was opened on July 30 and concluded on August 1. The Rs 4,011-crore initial share sale got bids for 1,44,03,92,004 shares against 3,51,27,002 shares on offer, translating into 41.01 times subscription, as per NSE data, reports PTI. According to the PTI, NSDL IPO received 41 times subscription on the closing day of bidding. Qualified Institutional Buyers (QIBs) garnered 103.97 times subscription. The category for non-institutional investors received 34.98 times subscription and the portion for Retail Individual Investors (RIIs) got subscribed 7.73 times. NSDL has a price band of Rs 760 to Rs 800 per equity share. The NSDL IPO is likely to be finalised on August 4 (Monday). The allotment status will be released online on the official website of the registrar – MUFG Intime India Private Limited. Additionally, the allotment status will also be made available on the official website of the BSE. NSDL IPO Allotment Status Check on MUFG Intime India Private Limited – NSDL IPO Allotment Status Check on BSE Direct Link – NSDL shares are proposed to be listed on BSE. The listing will likely take place on August 6. This upcoming listing will make NSDL the country's second publicly traded depository after Central Depository Services (CDSL), which was listed on the NSE in 2017. (With inputs from PTI)
Economic Times
18 minutes ago
- Economic Times
Arcil IPO: Avenue, SBI to reduce stake, GIC affiliate to exit
Arcil Ltd, India's first bad loan aggregator, is set for an IPO with existing shareholders like Avenue Capital, SBI, GIC's Lathe Investment, and Federal Bank planning to sell 10.54 crore shares. Avenue Capital will dilute its stake, while Lathe Investment will exit completely. Arcil, the second largest ARC in India, reported a profit of Rs 355.31 crore in March 2025. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New York based Avenue Capital Group State Bank of India (SBI), Singapore's GIC owned Lathe Investment and Federal Bank will sell an aggregate of 10.54 crore shares in Arcil Ltd in what will be the first initial public offer (IPO) for a bad loan aggregator in company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Saturday. Avenue which holds 69.73% of equity in the company will sell 6.87 crore shares, diluting its stake to 48.57% while SBI will sell 1.94 crore shares to reduce its holding to 13.96% from 19.95%, GIC affiliate Lathe Investment will completely exit the company by selling all it 5% stake or 1.62 crore shares, the DRHP bank shareholder Federal Bank will sell 10 lakh shares to reduce its stake to 0.95% from 1.27%. The entire issue is an offer for sale by existing shareholders with no fresh shares being Capital, IDBI Capital and JM Financial are the bankers to the in 2002, Asset Reconstruction Company (India) Ltd was the first asset reconstruction company in India, backed by banks like IDBI Bank , SBI and ICICI Bank . Currently Avenue and SBI are identified as promoters of the company, together holding 89.68% of the has been in operations for more than two decades. Over the years banks have exited the ARC mostly selling stake to 2022, Avenue Capital acquired 44.6% in the company from ICICI Bank, IDBI Bank and ICICI Home Finance for a consideration of nearly ₹840 is currently the second largest in terms of assets under management (AUM) aming ARCs in India with Rs 15,230.031 crores. It earns its revenue from management fees/ trusteeship fees, portfolio recovery fees, income from investments and write Bank sold its 19.18%, ICICI Bank 13.26% while ICICI Bank's housing finance sold its 2.26% at Rs 58 a share, a Rs 48 premium to the Rs 10 face value. Punjab National Bank was the latest to sell its 10% stake in March 2023 at Rs 60.53 apiece. It remains to be seen what price the shareholders decide to sell their stake the year ended March 2025, the revenue from operations for Arcil were at Rs 596.42 crore with a profit after tax of Rs 355.31 of March 2025, had acquired Rs 72,657.30 crore in total principal debt at a cost of Rs 38,155.63 crore or 52.51% of the total principal debt and made recoveries of Rs 28,459.70 crore.
Economic Times
18 minutes ago
- Economic Times
Mahindra & Mahindra acquires majority stake in SML Isuzu for Rs 555 cr
Agencies Mahindra & Mahindra SML Isuzu Mahindra & Mahindra (M&M) has acquired 58.96% controlling stake in SML Isuzu with a total investment of INR 555 crore. SML Isuzu Ltd. will be renamed to 'SML Mahindra Limited' after regulatory April 2025, M&M entered into an agreement to acquire a 58.96% equity stake in SML at Rs 650 per share, representing a total investment of Rs 555 crore."It is a big step for M&M towards establishing a strong presence in the >3.5T Commercial vehicles (CV) segment, where the company has a 3% market share presently, as compared to a 54.2% market share in the Sub-3.5 tonne LCV segment," the company acquisition is said to double the market share to 6%, with company's plan to increase this to 10% - 12% by FY31 and 20%+ by FY36. As part of the transaction, M&M would acquire the entire stake of 43.96% held by Sumitomo Corporation, promoter of SML, and separately also acquire 15% stake held by Isuzu Motors Ltd, for an aggregate consideration of INR 555 crore. M&M would also launch a mandatory open offer for acquisition of up to 26% stake from eligible public shareholders of SML in accordance with the SEBI Takeover Regulations. Mahindra & Mahindra Ltd. has appointed Vinod Sahay as Executive Chairman of SML Isuzu w.e.f. August 3 and Dr. Venkat Srinivas as the Executive Director & Chief Executive Officer of SML Isuzu Ltd w.e.f. from August Sahay will continue to serve as President – Aerospace & Defence, Trucks, Buses and Construction Equipment sector of Mahindra group in addition to his new role. Similarly, Dr. Venkat Srinivas will continue to serve as the Business Head for Mahindra Truck & Bus (MTB) and Construction Equipment (CE) in addition to this new role at SML Mahindra has a pan-India presence in the 'Trucks & Buses 'segment with 16% market share in ILCV (Intermediate and Light Commercial Vehicles) Buses segment. Shares of Mahindra & Mahindra Ltd. closed at Rs 3160.20 per unit on August 1 on BSE.
