Stock Market Live: Sensex, Nifty Swing As IT, Banks Drag; Tata Elxsi Hits Record High

Sovereign bonds in India are slightly lower after Finance Minister Nirmala Sitharaman indicated a possible frontloading of borrowings if needed and the absence of any bond-purchase announcement by the RBI for next week so far.

• Bond losses come despite dovish RBI minutes which saw the rate-setting panel members prioritising growth over inflation concerns.
• The yield on benchmark 10-year debt up 1 basis points at 6.06%; 6.64% 2035 bond yield up 2 basis points to 6.71%.
• Traders were also hoping RBI will likely announce an Operation Twist after it indirectly bought 182-day T-bills at Tuesday’s sale.

Source: Bloomberg

Shares of the Tata group company rose nearly 9.6% after reporting a net profit has increased 40.3% jump in fourth-quarter net profit.

Its revenue from operations rose 18.1% to Rs 518.39 crore for the said quarter from Rs 438.88 crore in the corresponding period last fiscal, it added.

The company continued to execute strongly on its growth aspirations with over 9% quarter-on-quarter revenue growth in constant currency, Tata Elxsi CEO and MD Manoj Raghavan said in a statement.