From the 30 Sensex companies, Kotak Mahindra Bank, JSW Steel, HDFC Bank, Power Grid, IndusInd Bank, Maruti Suzuki India, NTPC, Axis Bank and Mahindra & Mahindra were among the gainers. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled higher on Thursday (October 10, 2024) due to gains in banking, power and industrial stocks amid a firm trend in global markets.

The 30-share Bombay Stock Exchange (BSE) Sensex rose 144.31 points, or 0.18%, to settle at 81,611.41. During the day, it soared 535.74 points, or 0.65%, to hit an intra-day high of 82,002.84.

The National Stock Exchange (NSE) Nifty increased 16.50 points, or 0.07%, to close at 24,998.45.

In the intra-day trade, it rose 152.1 points, or 0.60%, to hit a high of 25,134.05. The market traded on a range-bound trend with a negative bias ahead of the start of the Q2 result.

“The Asian market started well but could not hold on to the gains as European markets waved on a negative trend in anticipation of the key U.S. inflation data, global bond yields are rising,” Vinod Nair, Head of Research at Geojit Financial Services, said.

From the 30 Sensex companies, Kotak Mahindra Bank, JSW Steel, HDFC Bank, Power Grid, IndusInd Bank, Maruti Suzuki India, NTPC, Axis Bank and Mahindra & Mahindra were among the gainers.

Tech Mahindra, Sun Pharmaceuticals, Infosys, Titan, Tata Motors, Larsen & Toubro and Tata Consultancy Services were among the laggards.

“Domestic broader market momentum was mixed with caution as the initial expectation of Q2FY25 results is subdued due to a subpar momentum in the global and rural demand,” Mr. Nair added.

Also Read: Ratan Tata’s final rites

Shares of Tata Group companies on Thursday (October 10, 2024) rose up to 15%, with Tata Investment Corporation, Tata Chemicals, and Tata Teleservices among the major gainers.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday (October 9, 2024). He was 86.

European markets were trading lower in the mid-session deals. Global oil benchmark Brent Crude climbed 1.37% to $77.63 a barrel in futures trade.

In Asian markets, Tokyo, Hong Kong, Shanghai and Seoul were closed higher. U.S. markets ended with gains on Wednesday (October 9, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,562.71 crore on Wednesday (October 9, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹3,508.61 crore, according to exchange data.

On Wednesday (October 9, 2024), the 30-share BSE Sensex fell 167.71 points to close at 81,467.1 while the NSE Nifty dropped 31.20 points to end at 24,981.95.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming Tata Group into a global conglomerate, passed away late on October 9.
| Photo Credit: PTI

Shares of Tata Group companies on Thursday (October 10, 2024) rose up to 10%, with Tata Chemicals and Tata Teleservices among the major gainers.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday (October 9, 2024). He was 86.

Ratan Tata death reactions live updates

“Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.

“Ratan Tata, while pursuing the group’s growth, contributed substantially to India’s growth and millions of ordinary investors gained from the great man’s vision,” V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, said.

The stock of Tata Investment Corporation soared 10.47% to trade at ₹7,235.80 apiece, Tata Chemicals climbed 6.26% to ₹1,174.85, Tata Teleservices Maharashtra jumped 5.84% to ₹83.77, Tata Elxsi rose 3.37% to ₹7,867.80, Tata Power went up 2.56% to ₹472.70 on the BSE.

Also, shares of Tata Technologies, Rallis India, Nelco, Tejas Networks, TajGVK Hotels & Resorts, and Indian Hotels & Company also rose on the bourse.

In addition, the scrip of Tata Steel rose 0.91%, Tata Communications (0.84%), Tata Consultancy Services (0.21%), Tata Consumer Products (0.17%), Voltas (0.24%) and Automotive Stamplings & Assemblies (0.23%) on the BSE.

However, Tata Group’s retail firm Trent slipped 0.90% to trade at ₹8,146.35 apiece, Titan fell 0.81% to ₹3,465.80 and Tata Motors was down 0.40% to ₹935.35 per scrip.

The 30-share BSE Sensex jumped 198.28 points, or 0.24%, to 81,665.38 in the mid-session trade on Thursday.

Investors should learn from the growth of the Tata empire that a long-term investment horizon is required to really participate in the wealth creation that happens through the capital market. In a bull market like the present one, there will always be valuation concerns, Mr. Vijayakumar added.

Tata Consultancy Services (TCS) has cancelled a press conference scheduled on Thursday (October 10, 2024) evening to announce its second quarter performance, company officials said.

The press conference was originally scheduled at 1730 hours on Thursday (October 10, 2024).

As originally scheduled, TCS will inform the exchanges about its July-September performance after the board meeting, the officials said.

A scheduled call with analysts at 7 p.m. will be held as per schedule, they said.

The last rites of Ratan Tata, who passed away late on Wednesday (October 9, 2024) evening, are scheduled to take place after 4 p.m. at central Mumbai’s Worli on Thursday (October 10, 2024).

Tata breathed his last on Wednesday (October 10, 2024) evening at a city hospital.