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Wednesday, August 5th, 2020

LIVE: Sensex reclaims 26,000, Nifty above 7,960; Equitas surges over 30% on debut

by April 21, 2016 General

Benchmark index BSE Sensex rallied over 200 points in early trade on Thursday on account of firm global cues. Nifty was trading over 7,950.

10.25 am: Market benchmark BSE Sensex recaptured the crucial 26,000-mark by advancing over 200 points in early trade on Thursday as investors engaged in widening their bets amid firm global cues.

10.12 am: The rupee weakened by 5 paise to 66.27 against the dollar at the Interbank Foreign Exchange (forex) market on fresh demand for the American currency from importers and banks.

10.04 am: Nifty was trading 52.85 points up at 7967. Sensex was up 214 points at 26,058.

10.00 am: Meanwhile Equitas Holdings shares made a robust stock markets debut on Thursday at a list price of Rs 144 on BSE, up 30.91 per cent, against the issue price of Rs 110.

9.48 am: Maruti Suzuki India is planning to add around 323 more dealership outlets including 123 Nexa showrooms, which is catering to premium segment of the passenger car market. The company is expected to continue its low double digit growth during the current financial year. The company has sold around 70,000 cars in the Nexa channel in six months and it has been able to create that delight among the customers. Shares of Maruti were trading 1.04 per cent up at Rs 3707.70.

9.32 am: Bharti Airtel shares were trading 0.59 per cent down at Rs 354.40. Bharti Airtel is reportedly planning to sell more than 5 per cent stake in its tower arm Bharti Infratel through an open market block deal. The company owns a 71.7 per cent stake in Bharti Infratel, and a 5 per cent stake sale in the unit would be worth $566.74 million based on current valuations. Consequently, the company plans to use the sale proceeds to reduce its debt.

9.20 am: Equitas Holdings, which had raised Rs 2,200 crore through its initial public offer (IPO), will make its stock market debut on Thursday (April 21). The IPO, which opened from April 5-7, was subscribed 17.24 times at a price band of Rs 109-110 per share.

9.17 am: Sensex was trading 221 point up at 26,065. Nifty was up 59.60 points at 7,974. Wipro shares were trading 4.96 per cent down at Rs 571.55.

9.15 am: The BSE Sensex opened 135.50 points, or 0.52 per cent, up at 25979.68, while Nifty 50 index opened 38.90 points, or 0.49 per cent, up at 7,953.65. ICICI Bank (up 5.44 per cent), SBIN (up 2.51 per cent), Bank of Baroda (up 1.83 per cent) and Axis Bank (1.48 per cent) were among top gainers in the early trade.

8.41 am: The BSE Sensex and NSE Nifty are likely to open in green on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global cues.

At 8.28 am (IST), SGX Nifty was up 31 points, or 0.39 per cent, at 7,966.

Asian shares hovered close to 5-1/2-month highs on Thursday as oil prices showed surprising resilience partly on hopes that oil producers may eventually agree on a measure to ease a global glut.

Wall Street shares ended less than 2 per cent short of a record-high close on Wednesday as a rebound in oil prices added to optimism sparked by a raft of earnings reports.

The S&P 500 gained 0.08 per cent to 2,102.4, and up 15 per cent since mid-February.

Back home, the market see-sawed for most part of the day, but ended in the green for the fifth straight session by inching up about 28 points as investors added to their bets amid sustained inflows by foreign funds. But the gains were somewhat offset by concerns about TCS’ weaker-than-expected margins and slide in oil prices due to oversupply issues.

Shares of Wipro and Tata Steel will remain in focus on Thursday. Wipro on Wednesday after market hours reported 1.6 per cent drop in its March quarter net profit to Rs 2,235 crore due to pressure on margins even as it aims to double revenue to $15 billion by 2020, while its board approved a Rs 2,500-crore share buyback plan.

Tata Steel UK’s senior staff are believed to be finalising plans to bid for a management buyout of the Indian group’s troubled Welsh steelworks.

(With agency inputs)