Sensex, Nifty end marginally higher as profit-taking erodes sharp intra-day gains
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Mumbai (PTI): Equity benchmark indices Sensex and Nifty ended marginally higher on Thursday, helped by robust buying in IT and tech stocks amid growing optimism on the US-India trade deal front.
After hitting a 52-week high, indices reversed most of their intra-day gains on fag-end profit-taking after sentiment turned cautious amid concerns over US sanctions against Russia's two largest oil companies.
Besides, an over one per cent decline in heavyweight Reliance Industries also pulled the markets lower.
The 30-share BSE Sensex climbed 130.06 points or 0.15 per cent to settle at 84,556.40. During the day, it jumped 863.72 points or 1.02 per cent to 85,290.06.
The 50-share NSE Nifty ended 22.80 points or 0.09 per cent higher at 25,891.40.
"Domestic equities started on a positive note; however, they pared early gains as investors booked profits following sanctions on Russian oil and the possible postponement of India–US trade negotiations.
"Meanwhile, IT stocks advanced as sentiment improved after Trump’s softer tone on H1B visas...As the undercurrent vibes of the domestic market have improved due to a possible India-US deal and a rise in consumer demand, the broad market is expected to do much better henceforth," Vinod Nair, Head of Research, Geojit Investments Limited, said.
FIIs are gradually returning to Indian markets, encouraged by expectations of earnings rebound in H2 FY26 supported by festive demand, tax benefits and GST reductions, he added.
From the Sensex firms, Infosys climbed 3.86 per cent. HCL Tech, Tata Consultancy Services, Axis Bank, Kotak Mahindra Bank, Titan and Tech Mahindra were also among the gainers.
However, Eternal, UltraTech Cement, Bharti Airtel and Adani Ports were among the laggards.
In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled higher, while South Korea's Kospi and Japan's Nikkei 225 index ended lower.
Markets in Europe were trading on a mixed note in mid-session deals.
US markets ended in negative territory on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 96.72 crore on Tuesday, according to exchange data.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed further sanctions on Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) - Russia's two largest oil companies that the Trump administration accuses of helping fund the Kremlin's "war machine" in Ukraine.
Global oil benchmark Brent crude jumped 5.43 per cent to USD 65.99 a barrel.
Equity markets were closed on Wednesday on account of Diwali Balipratipada.
In a special one-hour Muhurat trading session on Tuesday, the Sensex rose by 62.97 points or 0.07 per cent to settle at 84,426.34. The Nifty went up by 25.45 points or 0.10 per cent to settle at 25,868.60.
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K'taka remains central to Aequs' strategy, says min Patil amid row over firm's investment in TN
Bengaluru (PTI): Karnataka Commerce and Industries Minister M B Patil on Monday asserted that Aequs continues to expand in the state and that its proposed investment in neighbouring Tamil Nadu was a business decision aimed at diversification, not a shift away from Karnataka.
Reacting to criticism on social media over reports that the Karnataka-based firm had signed a major investment deal in Tamil Nadu's Krishnagiri district for setting up a specialised aerospace and defense manufacturing cluster, he said the state government was fully aware of the company's plans and remained confident about its long-term commitment to Karnataka.
"While we welcome every major investment in India, would like to clarify a few points," Patil said in a post on 'X'.
Aequs was significantly expanding its footprint within Karnataka, including a Rs 3,000 crore investment in Kolar for electronics manufacturing.
"Its recently approved Rs 1,500 crore ECMS project will also be grounded in the state. Karnataka remains central to its long-term strategy," he said.
Patil added that the government had prior knowledge of the TN proposal.
The government was already informed and aware that the TN investment is a business decision aimed at geographic diversification and de-risking operations, not a shift away from Karnataka.
"Healthy competition between states strengthens India's manufacturing ecosystem," he said.
Emphasising the state's focus on high-technology sectors, Patil said, "We remain committed to deepening Karnataka's leadership in aerospace and advanced manufacturing, and our engagement with industry partners is strong and ongoing."
The Aequs Group has pledged Rs 4,000 crore to bolster Tamil Nadu's aerospace manufacturing capabilities at the SIPCOT-Shoolagiri Industrial Park in Krishnagiri district.
The group proposes to establish a specialised aerospace and defense manufacturing cluster for the production of aircraft engines, gearbox components, and precision engineering parts. This initiative is expected to provide employment to 7,000 individuals.
