The domestic equity market opened on a higher note on Wednesday (July 26) following strong cues from Wall Street indices. At 9:47 am IST today, Sensex was up 0.46% at 66,660.40 points, while Nifty 50 was up 0.41% at 19,761.65 points.
The three major US indices closed higher on Tuesday. Dow rose 0.08%, to 35,438.07 points, the S&P 500 gained 0.28% to 4,567.46, and while Nasdaq Composite rose 0.61% to 14,144.56.
Indian rupee was 2 paise lower at 81.89 against the US dollar on Wednesday, as investors keenly awaited the Federal Reserve decision on policy rate. The US Central Bank is expected to raise interest rates by 25 basis points (bps) on Wednesday.
On Tuesday, the Indian Rupee closed 5 paise lower at 81.87 against the US dollar.
Stocks to watch: Larsen & Toubro, Tata Motors, SBI Life
L&T:
Larsen & Toubro shares remained in focus today after the company reported a net consolidated profit of Rs 2,493 crore, up 46% compared to the Rs 1,702 crore reported in the prior corresponding period. The revenue from operations jumped 34% from Rs 35,853 crore in Q1FY23 to Rs 47,882 crore during the Q1FY24 period.
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Tata Motors:
Tata Motors share price was up 1.34% at Rs 648.05 per share at 10:15 am IST. The company’s shares remained in focus after the company announced its decision to cancel the differential voting rights or DVRs to further simplify the capital structure. The decision to cancel DVRs comes 15 years after its issuance.
The holders of DVRs have different voting and dividend rights as compared to holders of ordinary shares.
SBI Life:
SBI Life shares will remain on investors' radar on Wednesday after the company reported a growth of 45% in its net profit at Rs 381 crore for the first quarter ended June 30 of the fiscal year 2024. SBI Life said its net premium income jumped 19% YoY at RS 13,104 crore for the June quarter compared to Rs 11,036 crore a year ago.