Markets extend winning run to 4th day on fresh foreign fund inflows; Sensex gains 300 pts
Mumbai, Jun 27 (PTI): Equity benchmark indices Sensex and Nifty advanced for the fourth straight session on Friday, supported by buying in blue-chips ICICI Bank and Reliance Industries amid fresh foreign fund inflows.
A strengthening rupee against the US dollar and softening crude oil prices in international markets also boosted investor confidence, according to traders.
The BSE Sensex climbed 303.03 points or 0.36 per cent to reclaim the 84,000 level and settle at 84,058.90. During the day, it jumped 333.48 points or 0.39 per cent to 84,089.35.
As many as 2,251 advanced, while 1,760 declined and 154 remained unchanged on the BSE.
On the similar lines, the 50-share NSE Nifty rose 88.80 points or 0.35 per cent to 25,637.80.
On the weekly front, the BSE benchmark surged 1,650.73 points or 2 per cent, and the Nifty climbed 525.4 points or 2 per cent.
"Benchmark indices Nifty and Sensex closed on a firm footing on Friday, capping off the week with robust gains. The rally was underpinned by de-escalation in geopolitical tensions post the Israel-Iran ceasefire and growing optimism surrounding a prospective US-India trade pact, which acted as key macro tailwinds. On a weekly basis, both frontline indices logged gains of 2 per cent," according to Bajaj Broking market commentary.
From the Sensex pack, Asian Paints, UltraTech Cement, Power Grid, ICICI Bank, Reliance Industries, Hindustan Unilever, Bharat Electronics and Sun Pharma were among the major gainers.
In contrast, Trent, Eternal, Axis Bank and Titan were among the laggards.
Shares of Akzo Nobel India jumped 6.65 per cent to close at Rs 3,405 per share on BSE after JSW Paints Ltd announced the acquisition of a majority stake in the firm.
Sajjan Jindal's JSW Paints on Friday announced the acquisition of Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal to become the fourth-largest player in the paint industry in the country.
JSW Paints will acquire a 74.76 per cent stake in Dulux paint maker Akzo Nobel India for Rs 8,986 crore and launch an open offer to buy another 25 per cent from the open market for up to Rs 3,929.06 crore.
"Key catalysts like the ceasefire in the Middle East and optimism on easing trade tensions ahead of the deadline have cleared the clouds in the minds of investors. After consecutive days of selling, FIIs have turned into net buyers in the domestic market, contributing to improved market stability in the near term.
"Moreover, benign oil prices and a strengthening rupee influenced investors to focus on domestic growth themes," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge climbed 0.54 per cent, and the midcap index went up by 0.38 per cent.
Among BSE sectoral indices, oil & gas jumped 1.21 per cent, services (1.17 per cent), power (1.14 per cent), commodities (1.11 per cent), energy (1.10 per cent), utilities (0.99 per cent) and telecommunication (0.90 per cent).
Foreign Institutional Investors (FIIs) bought equities worth Rs 12,594.38 crore on Thursday, according to exchange data.
In Asian markets, Japan's Nikkei 225 index settled higher, while South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
European markets were trading in the green in afternoon trade.
US markets ended in positive territory on Thursday.
Meanwhile, an RBI report has suggested that all banks should bring down their lending rates for speedy transmission of the policy rate, which was lowered by 50 basis points earlier this month.
An article published in the Reserve Bank's June Bulletin stressed that the financial conditions remained conducive to facilitating an efficient transmission of rate cuts.
Global oil benchmark Brent crude climbed 0.72 per cent to USD 68.20 a barrel.
On Thursday, the Sensex had jumped 1,000.36 points, or 1.21 per cent, to settle at 83,755.87. The Nifty rallied 304.25 points, or 1.21 per cent, to 25,549.
"The recent geopolitical stability has improved risk sentiment, as seen in the broad-based market participation. Moreover, positive developments around potential trade agreements could further strengthen the bullish bias. We continue to recommend a 'buy on dips' strategy on the index, with an emphasis on selective stock picking for better opportunities," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
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Mamata urges electors to cast vote to take revenge for deletion of people's names from rolls
Samserganj (WB) (PTI): West Bengal Chief Minister Mamata Banerjee on Sunday urged people to cast their votes to take revenge for the deletion of people's names from the electoral rolls.
The Trinamool Congress chief urged people whose names have been deleted from the voter list during the Special Intensive Revision (SIR) of electoral rolls to move appeals before the tribunal.
Addressing an election rally at Samserganj, which was the epicentre of violence during the protests against the Waqf (Amendment) Act in Muslim-majority Murshidabad district in April 2025, she said, "Cast your votes to take revenge for deletion of people's names, and against the SIR so that the results reflect that."
Banerjee asked the TMC workers to remain vigilant till the counting date on May 4. Assembly polls in West Bengal will be held in two phases on April 23 and 29.
In an apparent reference to Union Home Minister Amit Shah, Banerjee alleged that he was behind the deletion of voters' names in West Bengal during the SIR exercise.
"If you have the guts, fight directly," she said.
Asking all the TMC workers to remain vigilant during the election period, Banerjee said, "I hope none of our booth agents will sell themselves off to the BJP, in the interest of West Bengal."
Claiming that EVM machines will be made to malfunction at some places, the TMC chief instructed party workers not to allow EC officials to repair the machines and instead demand replacements.
Speaking at the rally in support of Mohammed Nur Alam in Samserganj and Mohammed Amirul Islam in Farakka, Banerjee accused the BJP of spreading canards against her that she did not do much for the interest of the Muslims, maintaining that she has fought hard against the implementation of the Waqf (Amendment) Act.
Murshidabad witnessed violence during the implementation of the Waqf (Amendment) Act, leading to the death of some persons including a father-son duo who were hacked to death by a mob, with the BJP accusing the TMC of engineering violent agitations in various parts of the district.
Claiming that development work has stalled owing to the assembly polls, she said, "They (EC) have transferred nearly 500 officers, but this is only for a month; work will begin again after that."
The chief minister accused the EC of "deleting names of some, while intimidating some others", in the name of SIR of electoral rolls.
Banerjee asked why the assembly polls could not be conducted with the same electoral rolls used in the 2024 general elections.
"If the voter list contained names of infiltrators, the Prime Minister and the Home Minister also won with their votes earlier, so they should have resigned first," she said.
Claiming that she and her party will never allow the establishment of detention camps in the name of NRC, Banerjee said, "That is why you are being vengeful against me."
She sought to remind that the Election Commission's authority over the state's administration is till completion of the election process.
The chief minister asked why several senior officers of her government, who were earlier replaced from their positions by the EC, were being sent to the assembly poll-bound Tamil Nadu.
Banerjee alleged that officers who are relatives of BJP leaders have been deputed in West Bengal.
She claimed that during the TMC rule, youths from among the minority community and the Scheduled Castes and Scheduled Tribes got better education opportunities and made it to the IAS, IPS and WBPS cadre and also became doctors and engineers.
"The society is advancing, but the jealous BJP people cannot stand this," the TMC chief said.
Banerjee assured people that women will receive lifelong financial benefits under Lakshmir Bhandar scheme if the TMC returns to power for a fourth consecutive term.
"We will find livelihood opportunities for those registered under Banglar Yuba Sathi," she said about the newly launched scheme to provide monthly assistance of Rs 1,500 each to the jobless youths in the state.
