Markets snap 3-day losing run; Sensex jumps 1,000 pts as financial, telecom shares gain
Mumbai, Jun 20 (PTI): Equity benchmark indices Sensex and Nifty rebounded sharply by over 1 per cent on Friday after sliding for the past three sessions, propelled by bargain hunting in financial, telecom and tech stocks amid a correction in global crude prices.
A largely supportive trend overseas and renewed foreign capital inflows supported domestic equities following signs of easing tension in the Middle East, traders said.
After a flat start, the BSE Sensex later found its mojo back and surged 1,046.30 points or 1.29 per cent to settle at 82,408.17. During the day, it jumped 1,132.62 points or 1.39 per cent to 82,494.49.
The 50-share NSE Nifty climbed 319.15 points or 1.29 per cent to 25,112.40.
As many as 2,463 stocks advanced while 1,484 declined and 147 remained unchanged on the BSE.
This week, the BSE benchmark gauge jumped 1,289.57 points or 1.58 per cent, and the Nifty surged 393.8 points or .59 per cent.
"Equity indices surged as Middle East tension moderated with risk of immediate military actions reduced as US dialogue with Iran is expected to take place. The development led the crude price to correct, favouring domestic markets and boosting foreign investors' sentiments.
"In the broader market, rapid fall in VIX index and buying was witnessed in rate sensitives and consumer-oriented sectors like Finance, Auto and Reality and in anticipation of better Q1FY26 results led by rate cuts benefits, drop in inflationary pressure and rebound in consumer spending," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, Bharti Airtel, Nestle, Mahindra & Mahindra, Power Grid, Reliance Industries, NTPC, Eternal and HDFC Bank were among the biggest gainers.
In contrast, Maruti was the only laggard.
The BSE midcap gauge jumped 1.20 per cent, and smallcap index climbed 0.55 per cent.
All BSE sectoral indices ended higher. Telecommunication surged 2.73 per cent, realty (2.22 per cent), teck (1.42 per cent), capital goods (1.17 per cent), bankex (1.15 per cent), consumer discretionary (1.12 per cent) and metal (1.10 per cent).
"Sentiment improved after the news report indicated a possible de-escalation in the Iran-Israel conflict, with the US signalling a delay in potential action, which led to a softening in crude oil prices. Additionally, consistent buying by FIIs in the cash segment further supported the market," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
In Asian markets, South Korea's Kospi and Hong Kong's Hang Seng settled in positive territory, while Japan's Nikkei 225 index and Shanghai's SSE Composite index ended lower.
Markets in Europe were trading higher in mid-session trade.
US markets were closed on Thursday for the Juneteenth holiday.
Global oil benchmark Brent crude dropped 1.93 per cent to USD 77.33 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 934.62 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 605.97 crore.
On Thursday, the 30-share BSE Sensex declined 82.79 points, or 0.10 per cent, to settle at 81,361.87. The Nifty dipped 18.80 points or 0.08 per cent to 24,793.25.
"In the absence of any major domestic events, global markets will continue to guide sentiment. We maintain our positive yet cautious stance and advise focusing on stock selection, particularly in line with sectoral trends," Mishra said.
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Akash Singh says signature celebration fuels motivation, reinforces dominance
Lucknow (PTI): Pacer Akash Singh caught the eye with his unique celebration during Lucknow Super Giants' win over Chennai Super Kings, pulling out a piece of paper from his pocket after a wicket, a gesture he said was aimed at "motivating" himself and "asserting dominance" over batters.
The left-arm pacer pulled out a scrappy piece of paper after each of the three wickets he took in LSG seven-wicket win over CSK, with the message reading: "Akki on fire -- Akash knows how to take wickets in T20 cricket.
The 24-year-old, who began his IPL journey with Rajasthan Royals and was part of Chennai Super Kings’ title-winning campaign in 2023 before moving to Lucknow Super Giants, registered his best IPL figures with 3 for 26 on Friday.
"'Akki knows how to take wickets in T20 cricket', right?" Akash said when asked about the message on the piece of paper, adding that it serves as a source of motivation and helps him focus on dominating batters and delivering stronger performances for the team.
"Different things motivate different people. Some days I show the paper, some days I don't, but it reflects my mindset on that particular day. When you carry a piece of paper with something written on it, you manifest things and the most important part is when those manifestations actually materialise," he added.
Akash, who hails from Bharatpur in Rajasthan, said the strong backing from the Lucknow Super Giants support staff over the last two years had played a huge role in his growth as a cricketer.
"I've been with LSG for two years and the most important thing has been the backing from the coaches, even when I'm not in the playing XI. This year we have Bharat Arun sir, last year Zaheer sir was there...Tom Moody. The way they guide us, prepare us and keep us ready for opportunities is very important when there are 25 players in the squad," he said.
"When you are not playing, you naturally seek backing and every player wants to make the most of the opportunities he gets. The support from the captain also matters a lot and with Rishabh bhaiya backing you, the confidence grows and you are able to perform better," Akash said, referring to Rishabh Pant.
Akash said Pant had asked him to trust his strengths ahead of the clash against CSK.
"He told me that the new ball is my strength and that I can swing it both ways. So I just tried to make the best use of my skills. The wicket also had good bounce, so I focused on using the bouncer effectively,” added Akash.
On his success against CSK, Akash said his experience of playing in the IPL since 2020, including a stint with CSK, helped him understand the opposition batters better, while backing his own strengths with the ball also played a key role in his impressive spell.
"Obviously, when you play in the IPL and have shared the dressing room with some players, you understand their strengths and weaknesses. My focus was first to back my own strengths, then exploit their weaknesses and also make the best use of what the wicket was offering," Akash said.
Akash said he had sensed over the last two-three games that an opportunity could come his way after being repeatedly told to "be ready", though he admitted he was unfortunate not to get a chance earlier.
"Two days before the match, during practice, I was told to be ready," he said.
Clarifying that he had not been carrying the piece of paper in anticipation, Akash said he often notes down thoughts that could help improve his game..
"Whenever I’m alone or about to sleep, any thought that comes to my mind which can help my cricket, I write it down. The other night I got this thought and jotted it down on paper," he added.
