Stock markets advance for 2nd day on buying in L&T; Sensex gains 144 pts
Mumbai, Jul 30 (PTI): Benchmark stock indices Sensex and Nifty closed higher on Wednesday driven by heavy buying in infrastructure major Larsen & Toubro.
Rising for the second day, the 30-share BSE Sensex climbed 143.91 points or 0.18 per cent to settle at 81,481.86. During the day, the barometer moved in a narrow range and rose by 281.01 points or 0.34 per cent to hit a high of 81,618.96.
The 50-share NSE Nifty rose by 33.95 points or 0.14 per cent to close at 24,855.05.
US trade deal uncertainty and foreign fund outflows restricted the gains to a large extent, analysts said.
Among Sensex firms, Larsen & Toubro jumped 4.87 per cent after the infrastructure major reported a 29.8 per cent rise in consolidated net profit at Rs 3,617.19 crore during the June quarter, driven by strong overseas order growth.
Sun Pharma, NTPC, Maruti, Bharti Airtel, Trent and Axis Bank were also among the gainers.
Tata Motors was the biggest loser among Sensex stocks, dropping by 3.47 per cent amid reports that the auto maker was in advanced talks to acquire the truck division of an Italian company in a USD 4.5 billion deal.
Stock exchanges have sought clarification from the company related to the reports.
"Tata Motors is down amid concerns linked to its acquisition of an Italian company," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
However, Tata Motors, Power Grid, Eternal, Bajaj Finserv and Hindustan Unilever were among the laggards.
"The domestic market ended the session marginally positive after a range-bound trade, despite ongoing uncertainty around the delayed India-US trade agreement and mixed earnings.
"The investors turned more stock/sector specific based on the Q1 results; the industrial segment gained momentum after robust earnings from L&T. The auto sector underperformed, largely due to tariff-related pressures. Investors are now focusing on the US Fed’s policy meeting, as its stance on rates and inflation could shape global sentiment," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,636.60 crore on Tuesday, according to exchange data.
US President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country. Trump spoke to reporters on Tuesday on Air Force One on his way back to Washington from Scotland and was asked about the trade deal with India.
“No, it’s not,” Trump said when asked if the deal with India is finalised. He was also asked about reports that India is preparing to face higher US tariffs between 20-25 per cent, to which he replied, “I think so."
"Markets traded in a tight range and ended marginally higher amid mixed cues. After a flat start, the Nifty oscillated within a narrow band throughout the session and finally settled at 24,855.05.
"Sentiment remained subdued due to lingering uncertainty over the trade deal, following the latest statement from the US President about potential tariffs on India, amid delays in finalizing the agreement ahead of the August 1 deadline," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
BSE Midcap and Smallcap indices climbed 0.17 per cent each.
Among BSE sectoral indices, industrials jumped 1.31 per cent, followed by teck (0.35 per cent), BSE Focused IT (0.31 per cent), IT (0.30 per cent), capital goods (0.27 per cent) and commodities (0.26 per cent).
Realty dropped 0.99 per cent, services declined 0.75 per cent, metal (0.16 per cent), consumer discretionary (0.14 per cent).
In Asian markets, Japan's Nikkei 225 index and Hong Kong's Hang Seng settled lower while South Korea's Kospi and Shanghai's SSE Composite index ended in positive territory.
European markets were quoting on a mixed note. The US markets ended lower on Tuesday.
Global oil benchmark Brent crude declined 0.44 per cent to USD 72.19 a barrel.
On Tuesday, the Sensex jumped 446.93 points or 0.55 per cent to settle at 81,337.95. The Nifty climbed 140.20 points or 0.57 per cent to 24,821.10.
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.
UAE denies Netanyahu secretly visited the country during Iran war
Jerusalem (AP): Israeli Prime Minister Benjamin Netanyahu secretly visited the United Arab Emirates during the Israeli-US war with Iran, further strengthening ties with a Gulf nation that normalised relations with Israel in 2020, his office said Wednesday. The UAE denied any secret visit had occurred.
Netanyahu met with UAE President Sheikh Mohammed bin Zayed Al Nahyan in a gathering that “resulted in a historic breakthrough in relations between Israel and the United Arab Emirates", according to the Israeli statement.
THE UAE's official WAM news agency posted an article denying the report about a Netanyahu visit.
According to WAM, the country's relations with Israel “are public and conducted within the framework of the well-known and officially declared Abraham Accords, and are not based on non-transparent or unofficial arrangements”.
The report also denied any Israeli military delegation was received in the UAE.
Israel's announcement came a day after US Ambassador to Israel Mike Huckabee revealed that Israel had sent Iron Dome air-defence weapons and personnel to operate them to the UAE.
The UAE has faced Iranian missile and drone fire even after the ceasefire was reached last month. It has been trying to signal to nervous investors that it remains open for business and safe.
Last week, WAM reported that Netanyahu was among the leaders who called the Emirati president to condemn Iranian attacks and express their solidarity with the Gulf federation.
It was rare public acknowledgment of direct talks between the countries that normalized relations in the 2020 Abraham Accords and have strengthened their ties during the Iran war.
Iran has criticised that agreement and has repeatedly suggested over the years that Israel maintained a military and intelligence presence in the Emirates.
Israeli leaders have made occasional visits to the UAE in recent years after normalising relations.
Iran demands Kuwait release detainees
===================
Iran's foreign minister accused Kuwait of attempting to “sow discord” by detaining four Iranians that the Gulf Arab country accuses of being Revolutionary Guard operatives.
In a post Wednesday on X, Foreign Minister Abbas Araghchi demanded the Iranians' immediate release and said Iran reserved the right to respond.
“This illegal act took place near an island used by the US to attack Iran,” Araghchi wrote.
A day earlier, Kuwait said four men were detained and two escaped while trying to infiltrate Bubiyan Island in the northwest corner of the Persian Gulf on May 1.
Bubiyan Island is home to Mubarak Al Kabeer Port, which is under construction as part of a Chinese plan to build infrastructure across the world. It also came under Iranian attack during the war.
Iranian human rights lawyer released
======================
Prominent Iranian human rights lawyer Nasrin Sotoudeh has been released from prison more than a month after being detained, a rights group and her daughter said Wednesday.
Sotoudeh, who is known for defending activists, opposition politicians and women prosecuted for removing their headscarves, was detained by Iranian intelligence agents at her house in Tehran in April.
Her release comes as US President Donald Trump arrived in China for a long-anticipated visit that is expected to touch on the war in Iran.
The US-based Human Rights Activists News Agency, which closely tracks developments in Iran, said that Sotoudeh was released on bail from Tehran's Evin Prison.
Her daughter, Mehraveh Khandan, posted on social media that Sotoudeh was released on temporary custody. Iran's semiofficial ISNA news agency also reported Sotoudeh release.
Sotoudeh has been imprisoned multiple times. Her activist husband, Reza Khandan, has been imprisoned in the same prison as his wife.
Nobel Peace laureate needs long-term care
==========================
Doctors who examined Nobel Peace laureate and activist Narges Mohammadi more than a week after she collapsed at a prison in Iran said she needs months of treatment, according to her foundation.
Mohammadi, 53, was urgently transferred from prison to a hospital in northwestern Iran on May 1 after she fell unconscious. She was released on bail nearly 10 days later and transferred to a hospital in Tehran where her specialists examined her.
The doctors said her vascular disease has worsened since she was last checked in 2024 and recommended eight months of treatment.
She was awarded the Nobel in 2023 while in prison and has been jailed repeatedly throughout her career. Her latest imprisonment began in December when she was arrested in the northeastern Iranian city of Mashhad.
