Sensex, Nifty rebound over 1 pc after six sessions of losses
Mumbai (PTI): Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value-buying in auto, IT, financial and energy stocks.
Better-than-expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts.
In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points. During the session, it swung between a high of 63,913.13 points and a low of 63,393.37 points.
Likewise, the wider gauge Nifty surged 202.45 points or 1.07 per cent to 19,059.70 points.
"Domestic equities ended higher following positive global cues. The US Q3 GDP data came in at a two-year high of 4.9 per cent, which was better than the expectation of 4.2 per cent and shows strong US economy resilience.
"Even on the domestic front, heavyweights like Maruti, Cipla and Dr Reddy came out with robust results during the session, which boosted investor sentiments," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.
Axis Bank was the biggest gainer in the Sensex pack, rising 3.07 per cent, followed by HCL Tech, SBI, NTPC, Tata Motors, Nestle India, and Infosys.
Shares of index heavyweight Reliance Industries witnessed heavy buying as it surged 1.75 per cent to close at Rs 2,265.25 apiece. The company will announce its quarterly financial numbers after market hours.
Maruti Suzuki India on Friday reported a whopping 80.3 per cent increase in net profit at Rs 3,716.5 crore in the July-September quarter driven by better sales, softening commodity prices, cost reduction efforts and higher non-operating income.
On the other hand, Asian Paints, Ultratech Cement and ITC were the laggards.
"The domestic market recovered well compared to yesterday's sharp corrections, due to restrained FII selling, along with moderation in currency and global bond yield volatility.
"To date, the Q2 results outcome is decent, which is in line with the buoyant estimate. Yet, the market is not enthusiastic as we are at the cusp of earnings downgrade in anticipation of a further slowdown in the world economy due to elevated interest rates and geopolitical risk," Vinod Nair, Head of Research at Geojit Financial Services, said.
In the broader market, the BSE midcap gauge gained 1.70 per cent, and the smallcap index rose 1.89 per cent.
All the sectoral indices ended in the green, utility gained 2.22 per cent, power jumped 2.04 per cent, services (1.79 per cent), industrial (1.63 per cent), realty (1.63 per cent) and IT (1.36 per cent).
In six trading sessions till October 26, Sensex had declined 3,279.94 points.
"Asian markets mostly rose after data showed the US economy was growing robustly and as robust forecasts from Amazon.com and Intel, along with a pullback in Treasury yields lifted megacaps.
"European stocks were mixed on Friday as weak corporate earnings offset robust US economic data released overnight. Energy stocks outperformed as oil prices surged on concerns over a widening of the Israel-Hamas conflict," Deepak Jasani, Head of Retail Research, HDFC Securities, said.
In Asian markets, Seoul, Shanghai, Tokyo and Hong Kong ended with significant gains on Friday.
European markets were trading on a mixed note. The US equity indices ended in negative territory on Thursday.
Global oil benchmark Brent crude rose 2.50 per cent to USD 90.13 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,500.13 crore on Friday, according to exchange data.
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Congress in Karnataka to stage protest on Apr 28 against 'paltry' drought relief given by Centre
Bengaluru, Apr 27: Karnataka Deputy Chief Minister D K Shivakumar on Saturday said the Congress will stage a demonstration on April 28 here against the 'paltry' drought relief given by the Centre to the state.
Shivakumar, who is also Congress state president, said against the demand for Rs 18,172 crore to mitigate drought in the state, the Centre has sanctioned only Rs 3,454 crore.
The union government has announced a very paltry sum of relief, which will be grossly insufficient to provide drought relief to farmers, he told mediapersons here.
ALSO READ: Centre drought relief like feeding elephant halfpenny-worth buttermilk, DKShi’s jibe at union govt
"In this regard, we have decided to stage a protest near the Gandhi statue at Vidhana Soudha. We will also continue our legal battle for more drought relief. We are not seeking alms, this is our right," he noted.
Shivakumar said Karnataka had only sought 50 per cent of the estimated loss of Rs 35,000 crore, but the Centre has agreed to release only a fraction of that.
ಬರಪರಿಹಾರ ಬಿಡುಗಡೆಯಲ್ಲಿ ಕನ್ನಡಿಗರು ಹಾಗೂ ರಾಜ್ಯದ ಅನ್ನದಾತರಿಗಾಗಿರುವ ಅನ್ಯಾಯ ಖಂಡಿಸಿ ಭಾನುವಾರ ಬೆಳಗ್ಗೆ ವಿಧಾನಸೌಧದ ಗಾಂಧಿ ಪ್ರತಿಮೆ ಬಳಿ ಪ್ರತಿಭಟನೆ ಹಮ್ಮಿಕೊಳ್ಳಲಾಗಿದ್ದು, ಕರ್ನಾಟಕದ ಸ್ವಾಭಿಮಾನ ಉಳಿಸಲು ನಮ್ಮನ್ನು ಬೆಂಬಲಿಸಿ. #InjusticeForKarnataka #CongressWithFarmers #DroughtRelief pic.twitter.com/BYE6tp7uH2
— DK Shivakumar (@DKShivakumar) April 27, 2024
