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.
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Congress leadership asks Deputy CM Shivakumar to continue, say sources
Bengaluru, Apr 6 (PTI): The power tussle and squabbling in the ruling Congress in Karnataka has subsided for the time being as the party high command told the Deputy Chief Minister D K Shivakumar to continue as the party state unit chief, Congress sources said on Sunday.
Shivakumar along with Chief Minister Siddaramaiah was on a two-day visit to New Delhi on last Thursday and Friday where they had a meeting with Congress leader Rahul Gandhi.
The meeting assumes significance as a campaign has begun to replace Shivakumar as the party state president.
Several MLAs and Ministers believed to be from Siddaramaiah camp want Shivakumar to discontinue as the Congress state chief.
They have been demanding the strict adherence of the party policy of 'one person, one post'.
Since Shivakumar is the state Deputy Chief Minister and Congress president, his rivals in the party have been demanding his removal.
The argument is also that a person holding a ministerial position cannot do justice to the state president's post as he cannot give time to the party cadres willing to meet him.
Party high command is not keen on replacing Shivakumar considering his immense contribution to the party especially in winning the assembly elections, good performance of parry during Lok Sabha elections and in winning all three assembly bypolls, the sources said.
"The party high command was not inclined to replace Shivakumar at least till November and December this year," a senior party functionary told PTI.
There are reports about a secret pact that Siddaramaiah would helm the first half of the Congress' five-year tenure in Karnataka, who will be replaced by Shivakumar.
Neither Siddaramaiah, nor Shivakumar have confirmed this but their supporter ministers and MLAs in the party have started lobbying for their leaders.
There were also discussions on Cabinet reshuffle, MLC elections and honey trap attempts on ministers and MLAs, the sources said.
According to them, cabinet reshuffle is not on the cards as of now.
Another party office-bearer said the Congress high command has left the selection of candidates for the MLC election to Siddaramaiah and Shivakumar.
Regarding the honey trap issue, Congress top sources said Rahul Gandhi was upset with the way it was raised.
"Gandhi was of the opinion that it shouldn't have been discussed inside the assembly, especially by Cooperation Minister K N Rajanna," a source said.
Rajanna had raised the issue inside the Karnataka Assembly. He even claimed that at least 48 MLAs have been honey-trapped.
The Minister got backing from state Public Works Minister Satish Jarkiholi who too stated that honey trap attempts were made on some ministers and MLAs.
About a fortnight ago, Rajanna had been to New Delhi to apprise the party high command how honeytrap attempts were made.
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