Sensex, Nifty end higher; Tata Consumer jumps on Haldiram’s stake buy report

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BENGALURU: Indian shares closed increased on Wednesday after a late rebound in client shares, led by Tata Shopper Merchandise on a report of its stake buy in Haldiram‘s, eclipsed world progress considerations.
The Nifty 50 index rose 0.18% to 19,611.05, whereas the S&P BSE Sensex settled 0.15% increased at 65,880.52. Each the benchmarks had misplaced over 0.4% through the session earlier than rebounding within the closing hour.
The fast-paced client items index climbed 1%, led by a 3.85% rise in Tata Shopper after Reuters reported that the Tata group firm is in talks to purchase a stake in native snack meals maker Haldiram’s. Tata Shopper was the highest Nifty 50 gainer.
Metallic shares slid 0.79% after knowledge confirmed that China’s companies exercise expanded on the slowest tempo in eight months in August, spurring considerations over progress in world’s second-largest financial system. China is the biggest producer and client of metals.
Tata Metal and Hindalco Industries have been among the many high Nifty 50 losers.
Information from the euro zone and Britain additionally confirmed a slide in enterprise exercise in August, casting a pall, whereas hawkish commentary from a Federal Reserve official and lower-than-expected fall in US manufacturing facility orders dragged data know-how (IT) shares down 0.16%.
In the meantime, an increase in Brent crude futures to above the $90-mark for the primary time since November 2022 capped the positive factors in home equities.
“More and more the market is exhibiting indicators of weak point pushed by weaker monsoon and stronger greenback,” mentioned Jaykrishna Gandhi, head of enterprise improvement, institutional equities, at Emkay International Monetary Companies.
“If crude costs rise additional, it will likely be detrimental for oil importers like India.”
Amongst particular person shares, sugar corporations together with Balrampur Chini Mills, Shree Renuka Sugars, Dalmia Bharat Sugar and Dwarikesh Sugar added between 1.5% and 6.1%, on rising sugar costs as a result of manufacturing considerations.

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