Business

Sensex Gains Over 200 Points; Tata Motors Soars 14%


The domestic stock markets have opened at fresh all-time highs, maintaining the momentum witnessed in the previous session, on the back of a runaway strength in Tata Motors and buying interest in the likes of M&M, Tata Consumer Products and Bajaj Finance. At 9:18 am, the BSE Sensex is at 60,521.55, higher by 243 points or 0.40 per cent and the NSE Nifty is at 18,079.05, up 89.70 points or 0.52 per cent.

The broader markets are also trading firm, with the BSE Midcap index and BSE Smallcap index gaining 0.8 per cent and 0.7 per cent each.

Asian indices were mixed in early trading; Straits Times and Kospi gained 1 per cent each, while Taiwan Weighted and Shanghai Composite was trading flat.

US stocks finished lower on Tuesday night as investors grew jittery in the run-up to third-quarter earnings, while a jump in Tesla shares helped support the market. The Dow Jones Industrial Average fell 0.34 per cent, the S&P 500 lost 0.24 per cent and the Nasdaq Composite dropped 0.14 per cent.

On the economy front, the International Monetary Fund (IMF) retained India’s growth projection at 9.5 per cent for 2021. The IMF downgraded the global economic projection to 5.9 per cent from six per cent in its latest WEO update ahead of its annual meeting and the World Bank.

Retail inflation fell sharply to 4.35 per cent in September 2021 from 5.30 per cent in August 2021 mainly due to a major slide in food prices. The food prices slid below one per cent to settle at 0.68 per cent in September, a free fall from 3.11 per cent levels seen in August 2021.

In earnings-related news, Infosys, Wipro, Mindtree and Aditya Birla Money will declare their Q2 numbers during the day.

On the stock-specific front, Tata Motors has soared more than 14 per cent to Rs 483 on the news that private equity firm TPG Group will invest Rs 7,500 crore in its new wholly-owned electric vehicle subsidiary. The investment will be made in tranches over a period of 18 months, starting from the date of completion of the first tranche.

Among other stock gainers, M&M, Powergrid, L&T and Bharti Airtel have strengthened by 1-3 per cent each. And Infosys has edged higher by 0.2 per cent at Rs 1,689 ahead of its results scheduled post market hours.

On the other hand, Nestle, Hindustan Unilever and HCL Tech have lost upto half a per cent each.

The BSE market is strong. Out of 2,833 shares traded on the BSE, there are 1,882 advancing shares as against 838 declines.



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