Sensex, Nifty rally for second day amid foreign fund inflows
The Hindu
Maruti, Reliance Industries, NTPC, Power Grid, Mahindra & Mahindra, Bajaj Finserv, Titan and Kotak Mahindra Bank were the major winners.
Equity benchmarks ended higher on Friday helped by buying in index major Reliance Industries along with fresh foreign fund inflows.
Extending its previous day's rally, the 30-share BSE benchmark climbed 203.01 points or 0.34% to settle at 59,959.85. During the day, it jumped 376.33 points or 0.62% to 60,133.17.
On similar lines, the broader NSE Nifty advanced 49.85 points or 0.28% to end at 17,786.80 .
In the Sensex pack, Maruti, Reliance Industries, NTPC, Power Grid, Mahindra & Mahindra, Bajaj Finserv, Titan, and Kotak Mahindra Bank were the major winners.
Shares of Maruti climbed nearly 5% after the company announced its earnings.
Maruti Suzuki India on Friday reported an over four-fold increase in consolidated net profit to ₹2,112.5 crore in the second quarter ended on September 30, 2022, riding on record sales.
Tech Mahindra, Tata Steel, Sun Pharma, ICICI Bank and State Bank of India were among the laggards.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
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