Sensex scales Mount 83K, Nifty closes at record high in late blue-chips rally
Mumbai, Sep 12: Benchmark Sensex hit the historic 83,000 level for the first time on Thursday and the Nifty settled at a lifetime high in a late rally in blue-chip shares, surge in global markets and foreign fund inflows.
A sharp fag-end rally drove the 30-share BSE Sensex to the 83,000 level for the first time. The barometer surged 1,593.03 points or 1.95 per cent to hit its lifetime intra-day peak of 83,116.19 in the last hour of trade. The index closed at a record high of 82,962.71, up by 1,439.55 points or 1.77 per cent.
The NSE Nifty surged 470.45 points or 1.89 per cent to settle at a record closing high of 25,388.90. The benchmark hit its fresh all-time intra-day high of 25,433.35, a jump of 514.9 points or 2 per cent. Nifty and Sensex opened higher and traded in a range till late afternoon trade.
"The bulls took charge towards the end of the day and lifted the indices to a new high, mirroring the bullish global trend. The rate-cut optimism across the globe (ECB & US Fed) has provided a positive impetus to the global market," said Vinod Nair, Head of Research, Geojit Financial Services.
Among the 30 Sensex firms, Bharti Airtel, NTPC, JSW Steel, Mahindra & Mahindra, Adani Ports, Tech Mahindra, Larsen & Toubro, Tata Steel, State Bank of India and Kotak Mahindra Bank were the biggest gainers.
Nestle emerged as the only laggard from the blue-chip pack.
While the session remained subdued for the most part, strong buying in heavyweight stocks across sectors propelled the indices sharply upward in the final hours, Ajit Mishra - SVP, Research, Religare Broking Ltd.
In the broader market, the BSE midcap gauge jumped 1.32 per cent and the smallcap index climbed 0.79 per cent.
All indices ended in the positive territory. Metal surged 3.05 per cent, telecommunication (2.61 per cent), power (2.02 per cent), auto (1.99 per cent), utilities (1.93 per cent) and commodities (1.85 per cent).
A total of 2,335 stocks advanced while 1,612 declined and 122 remained unchanged on the BSE.
Also, 278 stocks hit their 52-week highs while 36 declined to their 52-week lows.
In Asian markets, Seoul, Tokyo and Hong Kong settled with significant gains while Shanghai ended marginally lower.
European markets were trading higher. Wall Street ended with sharp gains on Wednesday.
"Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9 per cent earlier.
"This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2 per cent the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,755 crore on Wednesday, according to exchange data.
FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.
Global oil benchmark Brent crude climbed 1.39 per cent to USD 71.59 a barrel.
The BSE benchmark dropped 398.13 points or 0.49 per cent to settle at 81,523.16 on Wednesday. The NSE Nifty declined 122.65 points or 0.49 per cent to 24,918.45.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Railway lines as fence could cut cost of barricading to curb man-elephant conflicts: MP Wadiyar
Bengaluru, Sept 17: MP Yaduveer Krishnadatta Chamaraja Wadiyar has suggested that to bring down the exorbitant cost barricading – estimated to cost around Rs 1.3 to Rs 1.5 crore per kilometre – railway lines could be used to construct fences on Tuesday.
Wadiyar took to X to share the letter he had sent to Union Environment Forest & Climate Change Minister Bhupendra Yadav.
Stating that “railway (lines) barricading” is proving to be an effective way to restrict the movement of elephants, he suggested that this should be taken up on a large scale.
“Upon consultation with the relevant authorities, it has come to my understanding that the cost of barricading per kilometre comes to Rs 1.3 crore to Rs 1.5 crore. Given that the border of the forests in my constituency stretches to over 400 km, with around 280 km of forest border requiring immediate barricading, the cost of such an exercise will reach Rs 350 crore to Rs 400 crore,” he wrote in his letter.
He said the environment ministry could make a direct request with the railway ministry for an allocation of railway lines, thus reducing the cost of the project to just that of labour cost.
“The benefits of this initiative are manifold, from reduction of human casualties, protection of property and livelihood, to conservation of elephants and, most importantly, promoting human-elephant coexistence, which is the need of the hour,” he added.
Working towards safer coexistence in Mysore-Kodagu! Submitted proposal to Union Environment Forest & Climate change Minister Shri Bhupendra Yadav Ji for railway barricading to reduce elephant-human conflicts. pic.twitter.com/VjOWIF1TTC
— Yaduveer Wadiyar (@yaduveerwadiyar) September 17, 2024
