Mumbai: The BSE Sensex hits record high as it hits 30,071.61 in the opening hours on Wednesday. The broader Nifty, too, hits fresh high of 9,328.05 points tracking gains in the global equity markets. The Bharatiya Janata Party (BJP) is expected to win the municipal corporation of Delhi (MCD) polls in the national capital. The Indian rupee, hits 20-month high as it trades past 64 in the opening hours against the US dollar.
Analyst believes that better-than-expected quarterly results and the forecast of a normal monsoon also boosting investor sentiments. Global markets gained in the wake of French elections. Emmanuel Macron advanced as the favourite in the presidential run-off, easing concerns that France will leave the euro currency bloc. Investors are cautious ahead of the details of White House tax plan, set to be unveiled Wednesday; Bloomberg reports that plan would cut the federal corporate tax rate to 15% from 35%.
10.03am: BSE Sensex trades higher by 133 points, or 0.45%, to 30,077, while the Nifty 50 rises 38 points, or 0.41%, to 9,345.
9.50am: Axis Bank shares rise 1.1% to Rs520.80 ahead of its March quarter earnings. According to 23 Bloomberg analyst estimates, the company may post net profit of Rs 872.90 crore.
9.40am: Zensar Technologies Ltd shares fall 9% to Rs 834.10 after the company said its net profit fell 84.4% in March quarter to Rs10.73 crore against Rs68.96 crore a year ago.
9.30am: BSE Sensex trades higher by 100 points, or 0.33%, to 30,043, while the Nifty 50 rises 24 points, or 0.26%, to 9,331
9.25am: Wipro Ltd shares rise 3% to Rs 508.70 after the company reported better then expected earnings. Net profit jumped 13% to $349 million from $309 million in the preceding quarter, on account of gains made on the sale of Wipro EcoEnergy for $70 million.
9.20am: IDFC Bank Ltd rose 4.4% to Rs 62.05 after the bank reported 6.6% increase in its net profit to Rs 176 crore in March quarter against Rs 165.10 crore a year ago.
9.15am: The rupee opened at 64.16 a dollar and touched a high of 63.96, a level last seen on 10 August 2015. At 9.15am, the rupee was trading at 63.97 a dollar, up 0.40% from its Tuesday’s close of 64.28.
9.10am: Banking stocks trading higher after Reserve Bank of India (RBI) governor Urjit Patel said in a Lecture at Columbia University that it has favoured consolidation of some public sector banks to create fewer but healthier banks and resolve the problem of stressed assets.
9.05am: The 10-year bond yield was trading at 6.943% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.
9.03am: Oriental Bank of Commerce shares rose 5%, Andhra Bank 4%, Dena Bank 3%, City Union Bank 2.7%, Union Bank 2.3%, Corporation Bank 2%, Allahabad Bank 2%, Syndicate Bank 1.9%, Axis Bank 1.5%, Central Bank of India 1.5%, IDBI Bank 1.4%, South Indian Bank 1.4%, Punjab National Bank 1.3%.
9.00am: Asian currencies were trading higher. Taiwan dollar was up 0.34%, Malaysian ringgit 0.33%, Singapore dollar 0.11%, Thai baht 0.05% and Indonesian rupiah rose 0.04%. However, Japanes