Indian equity benchmark indices settled higher on Wednesday, on the back of fag-end buying in index heavyweights Reliance Industries, ITC and M&M amid a positive start in European markets.
Market remained cautious for most part of the day ahead of two major events - the RBI's monetary policy and the US inflation data -- due to be announced on Thursday.
The BSE Sensex surged 149.31 points or 0.23 per cent to settle at 65,995.81. The NSE Nifty gained 61.70 points or 0.32 per cent to end at 19,632.55.
“The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid- and small-sized banks affected the market sentiment. However, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy not impacting domestic economic growth,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Top Stocks To Watch On 10 August:
IRCTC
The company reported 5 per cent decline in net profit at Rs 232.22 crore for the June quarter. IRCTC's revenue from the online ticketing business declined 4 per cent to Rs 290 crore in the first quarter, from Rs 302 crore during the same period the previous year. The revenue from the tourism business surged 58 per cent to Rs 130 crore in the reported quarter, up from Rs 82 crore in the corresponding period last year.
SpiceJet
The Delhi High Court has directed SpiceJet to submit its accounts statement and asset-liability affidavit within a week. The court also ordered the airline’s chairman and managing director Ajay Singh, to appear in person on 24 August for the hearing. The court’s notice comes after a plea filed by Kalanithi Maran, , the chairman of Sun Group and former promoter of SpiceJet, seeking the attachment of 50 per cent of SpiceJet’s weekly cash revenue to settle the airline’s Rs 393 crore debt owed to him.
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Axis Bank
The private lender will raise its stake in Max Life to 16.22 per cent from 9.99 per cent by investing Rs 1,612 crore through a preferential allotment of shares. Axis Bank, along with its subsidiaries Axis Securities and Axis Capital, has acquired a 12.99 per cent stake in Max Life in 2021, and after this new investment they will own 19.02 per cent in the insurance company.
