Sensex jumps nearly 540 pts on buying in bluechip banks, oil shares
Mumbai, Jul 23 (PTI): Benchmark Sensex jumped nearly 540 points while Nifty closed above the 25,200 level on Wednesday on heavy buying in banking giants and oil shares and a positive trend in Asian markets after Japan secured a trade deal with the US.
The 30-share BSE Sensex jumped 539.83 points or 0.66 per cent to settle at 82,726.64. During the day, it surged 599.62 points or 0.72 per cent to 82,786.43.
The 50-share NSE Nifty gained 159 points or 0.63 per cent to settle at 25,219.90 as 37 of its constituents advanced and 13 declined.
Among Sensex firms, Tata Motors rose the most by 2.51 per cent. Bharti Airtel, Bajaj Finance, Maruti, Bajaj Finserv, ICICI Bank, HDFC Bank and Reliance Industries were also the major gainers.
Private banking giants HDFC Bank and ICICI Bank hit their 52-week high levels intra-day before settling nearly 1 per cent higher.
Value buying in Reliance Industries, following five days of losses, also supported the rally. RIL shares closed higher by 0.83 per cent.
However, Hindustan Unilever, UltraTech Cement, Bharat Electronics and ITC were among the laggards.
"The Indian equity market demonstrated resilience despite a mixed start to Q1 FY26 earnings. Positive global cues, underpinned by optimism surrounding the US-Japan trade agreement, have supported sentiment. Additionally, progress toward finalising the India-UK FTA has further contributed to the constructive outlook.
"Continued advancements in global trade negotiations are expected to alleviate near-term trade tensions and foster greater market stability. While elevated valuations remain a concern, the prevailing market strength indicates potential for near-term earnings recovery. However, the pace and sustainability of this recovery will be critical in shaping the market’s forward trajectory," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge climbed 0.24 per cent and smallcap index went up by 0.05 per cent.
Among BSE sectoral indices, telecommunication jumped 1.14 per cent, followed by auto (0.86 per cent), bankex (0.75 per cent), teck (0.74 per cent), financial services (0.70 per cent), healthcare (0.70 per cent) and energy (0.65 per cent).
Realty dropped 2.60 per cent, FMCG (0.46 per cent), capital goods (0.31 per cent) and services (0.20 per cent).
In Asian markets, Japan's Nikkei 225 index jumped 3.51 per cent as US President Donald Trump announced a trade deal with Japan, with a 15 per cent tax on goods imported from that country. South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory.
"On the global stage, investor sentiment soared following optimistic developments surrounding the US-Japan trade pact, igniting expectations for further international agreements in the near future," according to Ashika Institutional Equities.
Markets in Europe were trading in the green. The US markets ended mostly higher on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,548.92 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,239.77 crore in the previous trade.
Global oil benchmark Brent crude dipped 0.45 per cent to USD 68.29 a barrel.
The rupee stayed weak for the sixth consecutive session and settled with a loss of 3 paise at 86.41 against the dollar on Wednesday, amid a strong American currency and outflow of foreign funds.
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Nightclub fire: Goa court remands Luthra brothers in police custody for five days
Panaji (PTI): A court in North Goa on Wednesday remanded Gaurav and Saurabh Luthra, co-owners of the ‘Birch by Romeo Lane’ nightclub, in police custody for five days.
The brothers, brought to Goa from Delhi after being deported from Thailand in connection with the December 6 blaze that killed 25, were produced in the court after undergoing health check-ups twice at the District Hospital in North Goa.
Judicial Magistrate First Class Mapusa Puja Sardesai remanded the two brothers in police custody for five days.
Advocate Vishnu Joshi, representing Bhavana Joshi who lost four family members in the tragedy, said that the accused were asking for “special consideration” claiming poor health.
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“We said they should not be given any extra relaxation,” he said, adding that the court has taken cognisance of the fact that this is about the death of “25 people in the form of mass genocide”.
“But since they kept pressing for medical check-up, the court ordered reexamination of their health. It is clear in the medical examination that they don’t require any consideration. The accused sought special considerations in the lock-up like a good mattress, which the court refused,” said Joshi.
A team of the Goa Police, along with the Luthra brothers, arrived at the Manohar International Airport, Mopa, in North Goa at 10.45 am.
The duo was initially taken to a Primary Health Centre at Siolim for medical examination. They were then taken to the District Hospital at Mapusa.
After their health assessment, the two were brought to the court.
The court directed that the accused be sent for fresh medical examination. Accordingly, the two were again taken to the District Hospital.
Later, they were produced before Judge Sardesai, who ordered the five-day police custody of the accused.
After the fire tragedy at Arpora village, the Anjuna police had registered a case against the Luthra brothers on various charges, including culpable homicide not amounting to murder.
The brothers were arrested in Delhi on Tuesday after being deported from Thailand. A court there allowed the Goa Police their two-day transit remand.
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The duo had fled to Phuket in Thailand early on December 7, hours after the fire at their nightclub, prompting the authorities to issue an Interpol Blue Corner Notice and cancel their passports.
They were detained by Thai authorities at Phuket on December 11 following a request from the Indian government, which later coordinated with officials in Thailand to deport them under legal treaties between the two nations.
Five managers and staff members have already been arrested by the Goa Police in connection with the fire.
