Sensex Today: Indian equities were trading with a positive bias on Thursday led by strong gains in Larsen & Toubro, Bharti Airtel and IT shares.
The benchmark S&P BSE Sensex was up 550 points at 74,750. The Nifty50, on the other hand, quoted around 22,750, up 160 points.
The broader BSE MidCap, and SmallCap indices, meanwhile, quoted 0.3 per cent higher each.
Among sectors, the Nifty Metal, and Pharma indices were lower by a per cent each, while the Nifty Realty, and PSU bank indices added 1 per cent each.
HEG stock price cracked 5.5 per cent after the company’s net profit plummeted 67 per cent to Rs 32.9 crore from Rs 99.7 crore year-on-year (Y-o-Y). Revenue also decreased 11.3 per cent Y-o-Y to Rs 546.9 crore.
Jubilant Food stock price rose nearly 5 per cent after it reported a multi-fold increase in its consolidated net profit to Rs 208.2 crore for the fourth quarter ended March 2024, helped by exceptional item gains.
There are positives and negatives for the market today. The biggest positive is the record Rs 2.11 lakh crore dividend from the RBI to the government, which will give an additional 0.3% of GDP fiscal room for the government. This means the government can reduce its fiscal deficit and step up infrastructure spending. The bond yields have declined sharply reflecting lower borrowing by the government. A decline in bond yields is positive for banking stocks. Brent crude dipping below $82 is positive for India’s macros.
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