By Sensex and Nifty50 traded higher on Thursday, tracking gains in other Asian markets.
Markets were up today after the minutes from the US Federal Reserve’s last policy meeting raised expectations of further interest rate cuts by the central bank.
For Indian markets, more US rate cuts would mean more foreign inflows into emerging markets.
At the time of writing, the BSE Sensex was up 139.71 points, while the Nifty50 index rose 0.3% from the previous close.
Tata Group Companies rise
Shares of most Tata Group Companies rose on Thursday after the demise of Chairman Emeritus of Tata Sons, Ratan Tata.
Shares of Tata Elxsi rose more than 3% on Thursday, while the stock of Indian Hotels Company increased 2%.
Shares of Tata Steel were also up 1% from the previous close. Tata Consultancy Services (TCS) also gained 0.2%. TCS has cancelled its July-September earnings press conference, which was scheduled for Thursday.
Additionally, shares of Tata Chemicals surged more than 4%. The stock has gained nearly 13% in the last 12 months.
However, shares of Tata Motors were down nearly 2% from the previous close.
Share of power companies rise
Share of power companies rose on Thursday with NTPC Ltd and Power Grid Corp rising more than 2%.
The stock of Indian Renewable Energy Development Agency also rose 1% as the company is scheduled to announce its second quarter earnings on Thursday.
The Nifty Energy index rose 1% on Thursday as well, while the stock of Tata Power gained over 2%.
Star Health shares slump after data leak
Shares of Star Health and Allied Insurnc Cmpny slipped more than 2% after the company suffered a massive data leak.
Sensitive information of over 30 million customers were allegedly exposed by hackers.
The hackers claim to have accessed and leaked sensitive details, including customer names, policy numbers, mobile numbers, PAN numbers, addresses, policyholders’ claims information, and even medical reports, according to a CNBC report.
Moreover, the hackers have made serious allegations, claiming that Amarjeet Khanuja, Star Health’s Chief Information Security Officer (CISO), sold the leaked data to them, according to the report.
Shares of oil and gas companies surge
Upstream oil companies such as Oil and Natural Gas Corporation (ONGC) and Oil India rose sharply on Thursday.
Oil prices rose on Thursday as expectations of more US rate cuts boosted sentiments.
The stock of ONGC rose 1%, while Oil India’s shares jumped 2% as higher oil prices increase the profitability of these companies.
Meanwhile, downstream oil marketing companies such as Hindustan Petroleum Corp Ltd and Indian Oil Corporation also gained.
Apollo Microsystems bag massive orders
Apollo Microsystems’ shares jumped nearly 3% on Thursday after the company announced that it received orders from Bharat Electronics and the Indian Navy.
The company, in an exchange filing, said, “We are pleased to inform that the company has been declared as the Lowest Bidder for orders worth Rs 28.74 crores from Bharat Electronics and CNA (OF) Pune, Indian Navy.”
The order from BEL is a proprietary order, it added.
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