Stock markets advance for 2nd day on buying in L&T; Sensex gains 144 pts
Mumbai, Jul 30 (PTI): Benchmark stock indices Sensex and Nifty closed higher on Wednesday driven by heavy buying in infrastructure major Larsen & Toubro.
Rising for the second day, the 30-share BSE Sensex climbed 143.91 points or 0.18 per cent to settle at 81,481.86. During the day, the barometer moved in a narrow range and rose by 281.01 points or 0.34 per cent to hit a high of 81,618.96.
The 50-share NSE Nifty rose by 33.95 points or 0.14 per cent to close at 24,855.05.
US trade deal uncertainty and foreign fund outflows restricted the gains to a large extent, analysts said.
Among Sensex firms, Larsen & Toubro jumped 4.87 per cent after the infrastructure major reported a 29.8 per cent rise in consolidated net profit at Rs 3,617.19 crore during the June quarter, driven by strong overseas order growth.
Sun Pharma, NTPC, Maruti, Bharti Airtel, Trent and Axis Bank were also among the gainers.
Tata Motors was the biggest loser among Sensex stocks, dropping by 3.47 per cent amid reports that the auto maker was in advanced talks to acquire the truck division of an Italian company in a USD 4.5 billion deal.
Stock exchanges have sought clarification from the company related to the reports.
"Tata Motors is down amid concerns linked to its acquisition of an Italian company," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
However, Tata Motors, Power Grid, Eternal, Bajaj Finserv and Hindustan Unilever were among the laggards.
"The domestic market ended the session marginally positive after a range-bound trade, despite ongoing uncertainty around the delayed India-US trade agreement and mixed earnings.
"The investors turned more stock/sector specific based on the Q1 results; the industrial segment gained momentum after robust earnings from L&T. The auto sector underperformed, largely due to tariff-related pressures. Investors are now focusing on the US Fed’s policy meeting, as its stance on rates and inflation could shape global sentiment," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,636.60 crore on Tuesday, according to exchange data.
US President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country. Trump spoke to reporters on Tuesday on Air Force One on his way back to Washington from Scotland and was asked about the trade deal with India.
“No, it’s not,” Trump said when asked if the deal with India is finalised. He was also asked about reports that India is preparing to face higher US tariffs between 20-25 per cent, to which he replied, “I think so."
"Markets traded in a tight range and ended marginally higher amid mixed cues. After a flat start, the Nifty oscillated within a narrow band throughout the session and finally settled at 24,855.05.
"Sentiment remained subdued due to lingering uncertainty over the trade deal, following the latest statement from the US President about potential tariffs on India, amid delays in finalizing the agreement ahead of the August 1 deadline," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
BSE Midcap and Smallcap indices climbed 0.17 per cent each.
Among BSE sectoral indices, industrials jumped 1.31 per cent, followed by teck (0.35 per cent), BSE Focused IT (0.31 per cent), IT (0.30 per cent), capital goods (0.27 per cent) and commodities (0.26 per cent).
Realty dropped 0.99 per cent, services declined 0.75 per cent, metal (0.16 per cent), consumer discretionary (0.14 per cent).
In Asian markets, Japan's Nikkei 225 index and Hong Kong's Hang Seng settled lower while South Korea's Kospi and Shanghai's SSE Composite index ended in positive territory.
European markets were quoting on a mixed note. The US markets ended lower on Tuesday.
Global oil benchmark Brent crude declined 0.44 per cent to USD 72.19 a barrel.
On Tuesday, the Sensex jumped 446.93 points or 0.55 per cent to settle at 81,337.95. The Nifty climbed 140.20 points or 0.57 per cent to 24,821.10.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Chartered Speed, EKA Mobility to deploy 1,750 electric buses in Bengaluru
Bengaluru (PTI): Chartered Speed Limited and EKA Mobility on Wednesday secured a Letter of Confirmation of Quantity for the deployment of 1,750 electric buses here, officials said.
The development marks a significant milestone in strengthening sustainable public electric transport infrastructure in one of India’s major metropolitan regions.
According to Chartered Speed Limited, a leading player in passenger bus mobility services, the allocation accounts for nearly 39 per cent of Bengaluru’s planned induction of 4,500 electric buses under the PM E-Drive Scheme, underscoring the company’s role in advancing the city’s public transport electrification efforts.
Bengaluru has emerged as one of India’s leading cities in electric public transport adoption, with the Bengaluru Metropolitan Transport Corporation steadily expanding its electric bus network in line with Karnataka’s clean mobility vision and the Centre’s decarbonisation roadmap, the company said in a statement.
Emphasising that safety remains a core pillar of its EV operations, Chartered Speed Limited said it follows structured safety protocols, including preventive maintenance, battery health monitoring, and specialised driver training to ensure reliable and commuter-focused services.
The partnership combines Chartered Speed’s operational expertise with EKA Mobility’s electric vehicle manufacturing and technology capabilities to deliver accessible and dependable urban transport solutions for Bengaluru commuters, it added.
"Bengaluru is a key mobility hub in India, and electric buses are central to efforts to build a cleaner and more efficient public transport system," said Sanyam Gandhi, Whole-Time Director, Chartered Speed Limited.
"As an early adopter of e-mobility, we aim to convert around 25 per cent of our fleet to electric by fiscal 2027, supported by strong infrastructure investments to deliver commuter-centric services with lasting socio-economic impact," he added.
