Indian benchmark equity indices jumped nearly 1 per cent on Tuesday after gains in financials, auto and IT counters after recent steep losses and positive global cues.
The BSE Sensex rallied 566.97 points or 0.87 per cent to settle at 66,079.36. The broader NSE Nifty jumped 177.50 points or 0.91 per cent to close at 19,689.85.
“Markets made a strong comeback as the US Dollar and the US Treasury yields dived amidst dovish Fed bets. The positive takeaway was that benchmark Nifty recouped all of its last 2-days losses and, most importantly, ended at day’s high as bulls joined the positive global cues,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Focus however stayed on geopolitics after Israel Defense Forces said that dozens of fighter jets attacked more than 200 targets in Gaza overnight.
“Technically, Nifty’s biggest hurdles for Wednesday’s trading session is seen at the 19877 mark, while on the downside, the biggest support is seen at 19471 mark,” Tapse added.
The Reserve Bank of India has directed Bank of Baroda to suspend onboarding of new customers onto its “BoB World” app due to certain supervisory concerns. The lender said it has initiated measures to fill in gaps in its app and will work closely with RBI to address their concerns at the earliest.
The IT services major will be in focus as it is scheduled to declare its September quarter results on 11 October.
The company completed its subscription to the equity share capital of FPEL on 10 October for Rs 6.3 crore. On 1 September, Wipro signed a definitive agreement to subscribe to 9.5 per cent stake in FPEL Ujwal, which is involved in the business of developing, building, and managing a portfolio of solar power assets. The transaction is expected to be concluded by 31 May, 2024.
The Tata Group owned jewellery-to-watch maker said its board of director are scheduled to meet on 17 October to consider issuance of non-convertible debentures on a private placement basis, within the permissible borrowing limits.
The company has incorporated Motherson Groups Investments USA Inc, as an indirect wholly owned subsidiary for acquisition, investment and holding of movable and immovable assets of the group.