D-Street up for 7th session, Sensex reclaims 80,000
Mumbai: India's equity indices rose 0.7% on Wednesday - extending gains to the seventh straight trading session with the
Sensex
closing above 80,000 for the first time since December, driven by gains in Information Technology (IT) stocks.
The NSE Nifty gained 0.67%, or 161.7 points, to finish at 24,328. The BSE Sensex moved 0.65% or 520.9 points higher at 80,116. Both indices have surged over 8.3% each in the past seven trading sessions. This is their longest winning run in a month.
Other Asian markets rose after US President Donald Trump indicated that final tariffs on Chinese exports to the US won't be as high as 145%, raising expectations that the tensions between Washington and Beijing would ease soon. Taiwan jumped 4.5% and Hong Kong rose 2.4%. Japan climbed 1.9%, and South Korea and Indonesia advanced around 1.5% each. China declined 0.10%.
At home,
foreign portfolio investors
(FPIs) bought shares worth a net ₹3,332.9 crore on Wednesday. Their domestic counterparts sold shares worth ₹1,234.5 crore. In the last six trading sessions, overseas investors have pumped ₹21,614 crore of equities into India. Overseas investors, however, remain net sellers of ₹12,690 crore in April.
Agencies
The change in direction of foreign flows in the recent sessions has led the large-cap heavyweight stocks higher, said Palak Shah, VP - Institutional Sales, PL Capital.
"From the current levels, an upside potential of 8% to 10% exists for the benchmark indices."
The Nifty IT Index surged 4.3% on Wednesday after better-than-expected FY26 revenue guidance from
HCL Technologies
.
"Foreign investor holdings in the IT sector are at multi-year lows and given the sharp correction in the sector this year, current valuations in IT appear attractive," said Saurabh Patwa, head of research at Quest Investment Advisors.
The Nifty Auto Index gained 2.4% with
Tata Motors
surging 4.4% and M&M advancing 3%. Bank Nifty rose as much as 0.8% during the session but pared gains and closed 0.5% lower.
The Nifty Mid-cap 150 index and the Small-cap 250 index rose 1% and 0.3%, respectively. Out of the 4,106 shares traded on BSE, 2,028 advanced, while 1,949 declined.
In the past week, the mid-cap and small-cap indices advanced 4.7% and 3.5%, respectively.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
41 minutes ago
- Economic Times
Private sector banks slash FD rates following rate cut
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Hindustan Times
43 minutes ago
- Hindustan Times
DoorDash customer misleading claims row: Did food ordering company fool users with ‘drip pricing'? What we know
DoorDash, a popular food delivery platform, is under fire following a lawsuit filed by Canada's Competition Bureau, alleging the company engaged in 'drip pricing', a deceptive practice that misleads customers by advertising lower prices than what they ultimately pay. The claims suggest DoorDash amassed nearly $1 billion in hidden fees over a decade. The Competition Bureau filed an application with Canada's Competition Tribunal, accusing DoorDash and its Canadian subsidiary of drip pricing, where advertised prices exclude mandatory fees revealed only at checkout. The Bureau claims customers cannot purchase items at the promoted price due to fees like service, delivery, expanded range, small order, and regulatory response fees. Read More: Walmart faces renewed boycott calls over owner Christy Walton's action - Here's what happened The Bureau added that it estimates DoorDash collected nearly $1 billion in mandatory fees from Canadian consumers over nearly a decade. The lawsuit seeks penalties, an end to deceptive pricing, cessation of misrepresenting fees as taxes, and restitution for affected customers. DoorDash called the lawsuit 'misguided and excessive', denying it hides fees or misleads customers. 'Transparency with customers is a top priority at DoorDash. All fees on DoorDash, which support the high-quality operations of our platform, are clearly labeled and disclosed to consumers through the ordering process — including a final review before payment. To be crystal clear, DoorDash does not hide fees from consumers or mislead them in any way,' a spokesperson told The Street. Read More: What is Insurrection Act? 1807 law Donald Trump could invoke in Los Angeles amid anti-ICE riots The Bureau said its investigation found that fees are often hidden or not displayed near advertised prices until checkout. A 2023 t.-action lawsuit in the US similarly alleged DoorDash's fees, including 'city' or 'regulatory response' charges, mislead consumers into believing they're government-imposed. These fees, kept by DoorDash, circumvent local fee caps, the suit claimed.
Time of India
an hour ago
- Time of India
iPhone Production Slows but Steadies in May at ₹15,000 crore
Apple's India vendors produced iPhones worth more than ₹15,000 crore in May, easing slightly from the scorching pace in the preceding two months, but well ahead of the ₹10,000-11,000 crore average in 2024, according to two market research firms and industry data. Industry experts expect an average ₹15,000 crore monthly rate for the rest of the year now. As of May, Apple's vendors have already made iPhones worth ₹84,000 crore this year — both for domestic sales and exports. That equals the entire domestic consumption of calendar 2024, according to industry data reviewed by ET. This has been partly driven by a sharp rise in production in March to meet US President Donald Trump's tariff deadline. Apple's monthly run rate of India iPhone production hit a peak of ₹19,630 crore in March, as the Cupertino-based company rushed to ship devices to the US ahead of the start of reciprocal tariffs. The levy's April deadline has since been pushed to July. Trump has been threatening to impose tariffs on India-made iPhones. Domestic contract manufacturers produced iPhones worth Rs 16,600 crore in April. Both of Apple's suppliers in India — Foxconn and Tata Electronics — have ramped up production, with the latter gaining share from its Taiwanese rival. Live Events Tata Electronics, which began assembling iPhones after it acquired the Wistron facility in Karnataka in 2023, now makes 35% of the iPhones manufactured in India, compared with around 30% in 2024. Foxconn has the remaining 65% share, an analysis by the two market trackers showed. Tata also bought a 60% stake in Taiwanese rival Pegatron's plant in India in January. Last year, total revenue from iPhone assembly for Tata Electronics and Foxconn was ₹1.38 lakh crore, of which Foxconn accounted for about ₹90,000 crore and Tata Electronics, the remaining ₹48,000 crore, according to analyst data seen by ET. Devices worth ₹84,000 crore were for local sale. The duo has been the biggest beneficiary of the production linked incentive (PLI) scheme for smartphones. According to media reports, Tata Electronics has received ₹2,068 crore and Foxconn, ₹2,807 crore, in PLI incentives for FY23 to FY25. Apple, Tata Electronics and Foxconn did not respond to ET's emails seeking comment. Smartphones account for nearly 50% of Apple's revenue and the US represents nearly a third of its global smartphone shipments, according to an S&P report on Tuesday. It said India will likely make most of the iPhones shipped to the US by 2026. The company is on track to significantly increase its manufacturing capacity in India. Foxconn has begun production in a phased manner at its new Bengaluru facility, while Tata Electronics is building another plant in Hosur. 'It's difficult to give the future run rate as it depends on a lot of the India-US and Sino-US trade negotiations,' said one of the industry executives, asking not to be named. He said local shipments of iPhones are expected to rise by 15% in 2025, from around 11 million units sold in 2024, while India is expected to cater to the majority of US demand by this year itself, going by chief executive Tim Cook's comments. Last month, he said US demand for iPhones in June would be fulfilled in large part from India. However, this prospect is riddled with uncertainty due to Trump's comments last month, exhorting Cook to make in the US whatever devices it sells in the country or face 25% tariffs. That may not be a realistic ask, given the costs. 'If Apple really produced an iPhone in a US factory, considering that everything is not in place yet, my estimate is that the price will go up by at least 15-20%, that is, $150-200,' said Neil Shah, vice-president at Counterpoint Research. 'We believe this cost increase will be mostly due to the cost delta of labour, factories' amortised capex and logistics.' India is expected to be a big winner in smartphone manufacturing in 2025 despite global output forecast to decline by 1% due to tariff impacts and a broader industry slowdown, according to Counterpoint Research. The firm expects smartphone manufacturing in India to grow in the double digits to reach a record 20% share of global output, fuelled by export demand from Apple and Samsung.
