Sensex rises 419 pts to close above 81k level on gains in metal, auto shares
Mumbai, Aug 4 (PTI): Benchmark BSE Sensex rose by nearly 419 points to close above the 81,000 level on Monday following gains in metal, commodities and auto shares amid a firm trend in global markets.
Snapping the two-day falling streak, the 30-share Sensex gained 418.81 points or 0.52 per cent to settle at 81,018.72 with 26 of its constituents ending higher and four down. During the day, it climbed 493.28 points or 0.61 per cent to hit an intraday high of 81,093.19.
The 50-share NSE Nifty jumped by 157.40 points or 0.64 per cent to close at 24,722.75. In the intraday session, it rose 169.3 points or 0.6 per cent to hit a high of 24,734.65
Among Sensex firms, Tata Steel was the lead gainer, humping by 4.31 per cent. BEL, Adani Ports, Tata Consultancy Services, Tech Mahindra, Bharti Airtel, HCL Technologies, Trent, Mahindra & Mahindra, Reliance Industries, UltraTech Cement and Larsen & Toubro were the major gainers.
However, Power Grid, HDFC Bank, ICICI Bank, Hindustan Unilever were among the laggards.
"The domestic equity market edged higher, supported by strong performance in the metal and auto sectors. A weakening US Dollar, along with robust monthly auto sales and encouraging quarterly results from leading automakers, helped renew investor interest in these sectors.
"The Q1 earnings summary indicates that consumption-driven companies are benefiting from a rebound in volume demand. Meanwhile, rising unemployment and slower job creation in the US have reinforced expectations of a potential Fed rate cut. However, there still remains room for caution due to high US tariffs," Vinod Nair, Head of Research, Geojit Investments, said.
The BSE smallcap gauge rose 0.76 per cent and the midcap index by 1.11 per cent
Among sectoral indices, metal rose by 2.58 per cent, realty by 1.88 per cent, commodities by 1.79 per cent, services by 1.74 per cent, auto by 1.54 per cent, focussed IT by 1.48 per cent, teck by 1.46 per cent and IT by 1.38 per cent.
FMCG and Bankex were the only laggards.
"Markets started the week on a positive note, gaining over half a percent amid mixed cues. Despite a weak handover from the US markets, the Nifty opened slightly in the green and gradually moved higher throughout the session, eventually settling near the day’s high at 24,722.75. Sector-wise, most indices contributed to the rebound, with metals, realty, and auto emerging as the top gainers.
"The broader markets also found some relief after the recent correction, as both the midcap and smallcap indices posted gains of nearly 1.5 per cent," Ajit Mishra – SVP, Research, Religare Broking, said.
In Asian markets, Hong Kong's Hang Seng, South Korea's Kospi and Shanghai's SSE Composite index closed in the positive territory while Japan's Nikkei 225 index in the red territory.
Markets in Europe were trading in the green. The US markets ended in negative territory on Friday.
Global oil benchmark Brent crude declined 1.15 per cent to USD 68.87 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,366.40 crore on Friday, according to exchange data.and the 50-share NSE Nifty declined 203 points to close at 24,565.35.
The rupee depreciated 52 paise to close at 87.70 (provisional) against the US dollar on Monday, as sustained foreign fund outflows and trade tariff uncertainties dented investors' sentiment.
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SIT formed to probe second sexual assault case against expelled Cong MLA Mamkootathil
Thiruvananthapuram (PTI): A Special Investigation Team (SIT) has been constituted to probe a second case of sexual assault against expelled Congress MLA Rahul Mamkootathil, police officials said on Friday.
The SIT will be led by G Poonguzhali, Assistant Inspector General at the Police Headquarters.
The team also includes a DSP rank officer and sub-inspectors, officials added.
The second sexual assault complaint was received by the Kerala Pradesh Congress Committee, which it forwarded to the state police chief.
ALSO READ: Cong expels rape-accused MLA Mamkootathil from party's primary membership
Following this, the Crime Branch registered a case and launched an investigation.
Crime Branch officials said the email complaint contained only the sender's email ID and no other contact details.
As part of the probe, they have sent a reply email requesting that the complainant contact them and provide her statement.
The complainant has alleged that she was sexually assaulted under the false promise of marriage, a Crime Branch official said.
However, details such as the location and date of the alleged incident are not currently available to the police.
The SIT will attempt to trace the sender of the email and record her statement, which is crucial for further investigation, the officer said.
Mamkootathil was expelled from the Congress party on Thursday after a court here rejected his anticipatory bail petition in another rape case.
Police said he is currently absconding, and a manhunt is underway in Kerala and neighbouring states.
