Markets rally for 3rd day on easing geopolitical tensions; Sensex surges 1,000 points
Mumbai, Jun 26 (PTI): Rallying for the third consecutive session, equity benchmark indices Sensex and Nifty surged over 1 per cent on Thursday, powered by intense buying in market heavyweights HDFC Bank, Reliance Industries and ICICI Bank as geopolitical tension in the Middle East eased off.
Stable crude oil prices in international markets and a strengthening trend in the rupee following a weak US dollar against major currencies also bolstered sentiment, traders said.
The 30-share BSE Sensex jumped 1,000.36 points or 1.21 per cent to settle at 83,755.87. During the day, it surged 1,056.58 points or 1.27 per cent to 83,812.09.
As many as 2,097 stocks advanced while 1,900 declined and 156 remained unchanged on the BSE.
The 50-share NSE Nifty rallied 304.25 points or 1.21 per cent to 25,549.
"The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions.
"FIIs continued to pare holdings due to the narrowing yield spread between US and Indian 10-year bonds; DIIs emerged as net buyers, buoyed by improving liquidity conditions and a rebound in domestic consumption," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex constituents, Tata Steel, Bajaj Finance, Bharti Airtel, Adani Ports, Eternal, Bajaj Finserv, NTPC, HDFC Bank, Reliance Industries and Axis Bank were among the major gainers.
Shares of Reliance Industries climbed nearly 2 per cent on Thursday, with its market valuation again breaching the coveted Rs 20 lakh crore mark.
In contrast, Trent, State Bank of India, Tech Mahindra, Maruti and Mahindra & Mahindra were among the laggards.
The BSE midcap gauge climbed 0.56 per cent, and smallcap index went up by 0.12 per cent.
Among BSE sectoral indices, metal jumped 2.28 per cent, oil & gas (1.88 per cent), energy (1.68 per cent), commodities (1.39 per cent), financial services (1.25 per cent), utilities (1.24 per cent) and power (1.13 per cent).
On the other hand, IT, realty and BSE-focused IT were the laggards.
"Markets witnessed a decisive session on the monthly expiry day, gaining over a per cent. The tone was positive from the start, supported by stable global cues, followed by a range-bound move in the first half.
"However, momentum picked up as the session progressed, driven by strong buying in select heavyweights across sectors. Most sectors participated in the rally, with metals, financials, and energy emerging as top gainers. The broader indices also moved higher, adding nearly half a per cent each," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
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 mid-session deals.
US markets ended on a mixed note on Wednesday.
The rupee rose 41 paise to 85.67 (provisional) against the US dollar on Thursday on the back of a sharp drop in the greenback and a strong show in the domestic equity markets amid a rise in risk appetite.
Global oil benchmark Brent crude climbed 0.18 per cent to USD 67.80 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,427.74 crore on Wednesday, while Domestic Institutional Investors (DII) bought stocks worth Rs 2,372.96 crore, according to exchange data.
On Wednesday, the Sensex jumped 700.40 points, or 0.85 per cent, to settle at 82,755.51. The Nifty climbed 200.40 points, or 0.80 per cent, to 25,244.75.
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Conspiracy afoot to 'tarnish' image of Dharmasthala: Deputy CM DK Shivakumar
Bengaluru, Aug 14 (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Thursday said there was a “conspiracy” to tarnish the image of Dharmasthala.
His comments come amid an ongoing investigation by a Special Investigation Team (SIT) into serious allegations of mass burials in the revered temple town in Dakshina Kannada district.
“A conspiracy is being hatched to destroy hundreds of years of legacy. It is not correct to tarnish someone just like that. It has all happened due to one complainant,” he said.
Noting that some Congress MLAs have called for action against those involved in the slander campaign at the legislature party meeting, he said, “ I have told them that action must be taken against those who are indulging in a slander campaign. The CM has also said that action must be taken against such people.”
“I have information on this case. Religious feelings should not be hurt in any manner. Culprits must be punished,” he told reporters, according to a release from his office.
Responding to a question, Shivakumar said the Congress party will not allow the image of any religious place to be tarnished.
“We see everyone equally when it comes to religion,” he added.
The SIT, formed by the state government, is probing claims of mass murder, rape, and mass burials in Dharmasthala over the past two decades.
The complainant, a former sanitation worker whose identity has not been revealed, alleged that between 1995 and 2014 he was forced to handle bodies—including women and minors—and that some showed signs of sexual assault. He has given a statement before a magistrate.
As part of the probe, the SIT has been conducting exhumations at multiple locations identified by the complainant-witness in the forested areas along the banks of the Netravathi River in Dharmasthala, where some skeletal remains have been found at two sites so far.
