Sensex climbs 304 pts, Nifty closes above 24,600 as steady US inflation fuels global rally
Mumbai, Aug 13 (PTI): Stock markets rebounded on Wednesday with benchmark Sensex closing higher by 304 points on buying in metal, auto and pharma shares as steady US inflation data propelled a sharp rally in global markets.
The 30-share BSE Sensex climbed 304.32 points or 0.38 per cent to settle at 80,539.91. During the day, it jumped 448.15 points or 0.55 per cent to 80,683.74.
The 50-share NSE Nifty edged up by 131.95 points or 0.54 per cent to 24,619.35.
Analysts said retail inflation slowing to an 8-year low of 1.55 per cent in July led to the positive trend in domestic equities.
"Indian equities experienced a broad-based optimism as CPI hit an eight-year low, boosting hopes for a revival in discretionary spending, led by autos and metals. Globally, sentiment improved on the extension of China’s tariff deadline and easing oil prices.
"Despite uncertainties around Trump’s trade stance and global risks, India’s growth-inflation dynamics remain favourable for FY26 with risk to marginal downgrade based on tariff updates. India looks forward to the Trump-Putin meet dated 15th August," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Among Sensex firms, Bharat Electronics, Eternal, Mahindra & Mahindra, Kotak Mahindra Bank, Tata Motors and Power Grid were the gainers.
However, Adani Ports, ITC, UltraTech Cement and Titan were among the laggards.
Retail inflation slowed to an 8-year low of 1.55 per cent in July, falling below the Reserve Bank's comfort zone for the first time since January 2019, helped by subdued prices of food items, according to government data released on Tuesday.
"Indian equities advanced on Wednesday, buoyed by easing domestic retail inflation, positive global cues, and renewed hopes of a US Federal Reserve rate cut, Gaurav Garg, Analyst, Lemonn Markets Desk, said.
The BSE smallcap gauge climbed 0.58 per cent and midcap index went up by 0.56 per cent.
Among BSE sectoral indices, healthcare jumped 1.76 per cent, metal (1.22 per cent), auto (1.18 per cent), consumer discretionary (0.96 per cent), industrials (0.70 per cent) and financial services (0.45 per cent).
Oil & Gas and FMCG were the laggards.
Shares of Apollo Hospitals Enterprise Ltd spurted by nearly 8 per cent, emerging as lead gainer among Nifty50 shares after the healthcare services provider reported a 42 per cent jump in profit after tax to Rs 433 crore in the June quarter.
Paytm shares closed higher by 3 per cent as Paytm Payments Services received the Reserve Bank of India's nod to operate as an online payment aggregator.
As many as 2,230 stocks advanced while 1,861 declined and 155 remained unchanged on the BSE.
Among Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled sharply higher. European markets were trading in the green.
The US markets ended significantly higher on Tuesday.
Global oil benchmark Brent crude dipped 0.36 per cent to USD 65.88 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,398.80 crore on Tuesday, according to exchange data. Sensex dropped 368.49 points or 0.46 per cent to settle at 80,235.59 while Nifty went lower by 97.65 points or 0.40 per cent to 24,487.40 on Tuesday.
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India Post launches first ‘Gen Z’ post office in Bengaluru
Bengaluru: India Post has launched its first Gen Z Post Office in Bengaluru at the Acharya Institute of Technology, aiming to attract college students in an age dominated by emails, WhatsApp and social media.
According to a report published by The New Indian Express, Harsha MR, Assistant Superintendent, Bengaluru West Division Post Office, said the new post office, officially named Gen Z Post Office, Achit Nagar, Bengaluru (PIN 560107), will be inaugurated on Wednesday. It has been creatively designed and painted with graffiti by students of the institute to make it more appealing to young people.
He said “In the Gen Z post office, we have introduced two categories in one category, students can come and work with our staff and get good experience, know more about the schemes and services available under India Post”. “In another category, they can work with us part time and they will be provided with incentives but it is still in the pipeline and yet to be implemented.”
Harsha said the initiative is meant to bring postal services closer to students, researchers and the campus community. Similar Gen Z post offices are also planned at GITAM University and the National Law School of India University.
According to the report, they can also use the services to communicate with students across the campuses also. Unlike other post offices, it is a blend of physical and digital world giving students WIFI services, air-conditioned rooms and even coffee vending machines which Gen Z prefer to use.
Harsha said student representatives who will be in-charge of the campus work at post offices within the campus are yet to be decided.
“A roster will be prepared and different students will be given tasks to serve at various service counters. A senior post master will be in charge of Gen Z post offices and he will guide the students,” TNIE quoted Harsha as saying.
India Post officials allegedly said similar Gen Z post offices will soon be launched in Bengaluru North, South and East divisions as part of a broader effort to connect with younger generations.
