INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Benchmark indices opened on a positive note as investors cheered a sharp drop in crude oil prices overseas
This is in the backdrop of a trim in India's growth forecast by IMF by 10 basis points to 7.3 per cent for the current year, citing higher
crude prices and faster-than-anticipated monetary tightening
Sensex was trading 85.28 points, or 0.23 per cent, higher at 36,409.05
Nifty50 was trading 27.20 points, or 0.25 per cent, higher at 10,946.05.
Aviation and OMC shares jumped on drop in crude oil prices
Brent crude futures tumbled 4.6 per cent on Monday
On Tuesday, the prices were hovering around $72.20 a barrel
Among Sensex stocks, Tata Motors rose 1.83 per cent to Rs 256.15
Tata Steel gained 1.44 per cent, followed by Sun Pharma, YES Bank and Vedanta which gained up to 1.4 per cent
ONGC, Adani Ports and ICICI Bank were other gainers from the Sensex pack
Tata Steel was up as the company is planning to raise as much as $3.1 billion via overseas loans to repay existing high-cost debt ahead of
the merger of its European operations with German steel giant Thyssenkrupp
Tata Motors gained on launch of JLR's F-TYPE sedan with a new petrol engine in India
ICICI Bank was up after the lender, which is in the midst of two independent probes has postponed its annual shareholder meeting by a month
following a change in the meetings at subsidiaries and group companies
The meeting would be now held on September 12
Hindustan Unilever, meanwhile was the worst Sensex performer
The stock fell 0.9 per cent even as the company reported a 19.17 per cent increase in standalone net profit at Rs 1,529 crore for the first
quarter ended June 30, 2018 compared with Rs 1,283 crore in the yearago period
Ashok Leyland and Zee Entertainment, Federal Bank and ICICI Lombard General Insurance Company will be among companies to announce June
quater numbers on Tuesday
In addition, Rallis India, Sintex Industries, Muthoot Capital and Tata Sponge, among others, will disclose their quarterly earnings during
