Market Live: Sensex above 32,000, Nifty trades higher, Bharti Airtel shares up 4%

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Mumbai: The stock market opened on a positive note on Wednesday as the benchmark Sensex reclaimed the 32,000 -mark by jumping over 104 points after domestic investors pressed on with buying amid strong global cues. Retail investors and domestic financial institutions built up positions ahead of release of data sets of IIP for August and inflation for September on 12 October.

Positive leads from other Asian bourses and investors tracking another record on Wall Street supported the upmove, traders said. Japan’s Nikkei was up 0.22% and Shanghai Composite rose 0.23% in their early trading. Hong Kong’s Hang Seng too edged up by 0.46%. US Dow Jones Industrial Average had surged 0.31% to close at a fresh record high on Tuesday. Here are the latest updates from the market:

■ 10.46am: BSE Sensex rose 159.49 points, or 0.50%, to 32,083.90, while the Nifty 50 gained 47.30 points, or 0.47%, to 10,064.25.

■ 10.43am: GM Breweries Ltd surged 20% to Rs 672.70 after the company reported 41.45% increase in its net profit for September quarter to Rs 15.73 crore from Rs 11.12 crore a year ago

■ 10.40am: Sical Logistics Ltd added 6.7% to Rs 216 after the company approved buying MMTC’s 26% stake in arm Sical Iron Ore.

■ 10.35am: PSP Projects Ltd gained 7% to Rs 442.60 after the company said it won order worth Rs 1575 crore from Surat Diamond Bourse.

■ 10.04am: BSE Sensex rose 170 points, or 0.53%, to 32,094.40, while the Nifty 50 gained 47.60 points, or 0.48%, to 10,064.55.

■ 10.00am: Bharti Airtel Ltd rose 4% to Rs400 while Bharti Infratel Ltd rose 3% to Rs412.05. A consortium led by US buyout fund KKR and comprising Canada Pension Plan Investment Board, Abu Dhabi Investment Authority and GIC Singapore is in discussions to acquire Indus Towers, the world’s largest wireless infrastructure company , and telecom tower company Bharti Infratel for $11billion, multiple people in the know told Economic Times.

■ 9.50am: Uttam Galva Steels Ltd rose 7% to Rs27.45. Debt-laden steel company Uttam Galva Steel has four suitors including Edelweiss ARC and AION Capital, its managing director Ankit Miglani told Economic Times. While the promoter group has also submitted its own restructuring proposal, Miglani said banks were still vetting the proposals on how to bolster the financials of the company carrying debt of about Rs 8,000 crore.

■ 9.45am: Adani Transmissions Ltd hits 10% upper circuit for the second sessions. The stock was trading at Rs207 on BSE, up 10% from previous close. The company on Tuesday said in a notice to BSE that Reliance Infrastructure Ltd has entered into exclusive negotiations with Adani Transmission Ltd for the potential sale of Reliance Infra’s power generation, transmission and distribution business for Mumbai

■ 9.23am: BSE Sensex opened higher by 108.14 points, or 0.34%, to 32,032.55, while the Nifty 50 rose 23 points, or 0.23%, to 10,039.95

■ 9.20am: Axis Bank rose 1.5% to Rs521.65 after brokerage firm CLSA upgraded stock to Buy from ‘Outperform’ and hiked price target to Rs620 from Rs600.

■ 9.17am: Dena Bank gained 3% to Rs31.50 after the bank said that it had launched a qualified institutional placement (QIP) of shares to raise as much as Rs1,800 crore from institutional investors.

■ 9.15am: The rupee opened at 65.24 a dollar. At 9.15am, the home currency was trading at 65.23 against the dollar, up 0.10% from its Tuesday’s close of 65.29.

■ 9.13am: The 10-year bond yield was at 6.734%, compared to its previous close of 6.741%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading mixed. China Offshore spot was down 0.15%, South Korean won 0.12%, China Renminbi 0.08%, Singapore dollar 0.08%. However, Taiwan dollar was up 0.23%, Thai Baht 0.11%, Malaysian ringgit 0.07%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.315, up 0.03% from its previous close of 93.29.

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