Indian equity benchmark indices recovered sharply on Thursday after posting losses in the past two sessions, on the back of bargain hunting in capital goods, banking and IT stocks along with a major correction in global crude prices.
The BSE Sensex climbed 405.53 points or 0.62 per cent to settle at 65,631.57. The NSE Nifty gained 109.65 points or 0.56 per cent to close at 19,545.75.
“Recovery in global markets followed by a sharp drop in international crude oil prices and steady trend in US bond yields triggered a relief rally in domestic shares after two sessions of losses. Buying in IT, banking, auto and capital goods stocks led the upsurge whereas selective profit-taking in metals, power and healthcare stocks trimmed gains of key benchmark indices. Despite the rebound, uncertainty over more rate hikes going ahead coupled with slackening demand and recessionary fears would mean that markets are likely to witness strong bouts of intra-day volatility with a slightly negative bias in the near to medium term,” Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd
“Technically, as long as the Nifty is holding 19450 level the positive sentiment is likely to continue. On the higher side, the 50-day SMA or 19610 (Simple Moving Average) and 19675 would be immediate hurdles. On the flip side, below 19450 level, uptrend would be vulnerable,” he added.
The pharmaceutical company said that it will acquire a 37.76 per cent stake in Ezerx Health Tech Private Limited, which is involved in the production, marketing, and distribution of non-invasive diagnostic and ancillary medical devices. The acquisition will cost around Rs 29 crore.
Subsidiary Jaguar Land Rover (JLR) on Tuesday reported growth in sales volumes for the second quarter of FY24 (July to September). In an exchange filing on Thursday, the company said wholesale volumes in the period were 96,817 units, excluding the Chery Jaguar Land Rover China JV, increase of 29 per cent compared to the corresponding quarter last fiscal.
The wholesale volumes for the first half of the ongoing financial year were 190.07, up 29 per cent compared to the previous year.
The company will raise a total of Rs 10,000 crore through a combination of preferential issues and qualified institutional placements. The company board approved raising Rs 8,800 crore through QIP, along with Rs 1,200 crore though preferential issue of warrants.
The pharma company has received tentative US FDA approval for its abbreviated new drug application Tolvaptan Tablets, 15 mg, 30 mg, 45 mg, 60 mg, and 90 mg to market a generic equivalent of Jynarque® Tablets, 15 mg, 30 mg, 45 mg, 60 mg, and 90 mg, of Otsuka Pharmaceutical Co Ltd. It will be manufactured at Lupin’s Nagpur manufacturing facility.
Vedanta said that CRISIL Ratings has placed its ratings on the long-term bank facilities and debt instruments of the company on ‘rating watch with negative implications’ while affirming the ratings on the short term debt instruments.
