Stock markets extend winning run to 6th day; Sensex climbs 143 points on buying in ICICI, Reliance
Mumbai, Aug 21 (PTI): Stock markets extended the winning run to the sixth consecutive day on Thursday, with benchmark Sensex closing higher by nearly 143 points on buying in blue-chip shares ICICI Bank and Reliance Industries.
The 30-share BSE Sensex climbed 142.87 points or 0.17 per cent to settle at 82,000.71 in a restricted trade. During the day, it rallied 373.33 points or 0.45 per cent to 82,231.17. As many as 14 Sensex shares closed higher, while 16 ended with losses.
The 50-share NSE Nifty rose by 33.20 points or 0.13 per cent to 25,083.75.
Among Sensex firms, Bajaj Finserv, ICICI Bank, Reliance Industries, Bajaj Finance, Larsen & Toubro and Bharat Electronics were the major gainers. However, Power Grid, Eternal, Hindustan Unilever and Adani Ports were among the laggards.
Gains in pharma, realty, and financials shares supported the rally while profit-taking in FMCG, energy, and auto shares capped gains.
Market experts stated that the proposed GST reforms and a recent credit rating upgrade have bolstered investors' confidence. A Group of Ministers on GST rate rationalisation has accepted the Centre's proposal to move to a two-slab structure of 5 per cent and 18 per cent. The GST Council is likely to take a final call on the proposal next month. Goods and Services Tax is a 4-tier structure of 5, 12, 18 and 28 per cent.
"Markets traded lacklustre on the weekly expiry day and ended largely unchanged amid mixed cues. After a flat start, the Nifty moved in a narrow range throughout the session," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Investors also turned their attention towards US Federal Reserve Chair Jerome Powell's forthcoming statements at the Jackson Hole Symposium.
The BSE smallcap gauge ended flat, ending marginally higher by 0.01 per cent. The midcap index dipped 0.12 per cent.
Among BSE sectoral indices, healthcare climbed 0.61 per cent, realty (0.46 per cent), industrials (0.25 per cent), oil & gas (0.19 per cent) and financial services (0.17 per cent).
Power, commodities, consumer discretionary, FMCG, utilities and auto were among the laggards.
As many as 2,098 stocks advanced while 1,995 declined and 155 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index settled in positive territory, while Japan's Nikkei 225 index and Hong Kong's Hang Seng ended lower. Markets in Europe were trading in negative territory.
The US markets ended mostly lower on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,100.09 crore on Wednesday, while Domestic Institutional Investors (DII) bought stocks worth Rs 1,806.34 crore, according to exchange data.
Global oil benchmark Brent crude climbed 0.90 per cent to USD 67.44 a barrel.
In the six-day rally to Thursday, the Sensex has climbed 1,765 points, or 2.14 per cent, and the Nifty by 596 points, or 2.4 per cent.
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Russian President Putin says India, Russia collaboration not directed against anyone
New Delhi (PTI): The India-Russia collaboration is not directed against any country and it is solely aimed at safeguarding the national interests of the two sides, Russian President Vladimir Putin has said against the backdrop of Washington's aggressive approach towards New Delhi and Moscow.
In the context of India's energy ties with Russia, Putin said certain "actors" dislike New Delhi's growing role in international markets in view of its close relations with Moscow and these elements are aiming to constrain India's influence for political reasons by imposing "artificial obstacles".
In an interview to India Today news channel that was released on Thursday evening, the Russian president, referring to Western sanctions against Moscow, said his country's energy cooperation with New Delhi largely "remains unaffected".
Putin landed in New Delhi this evening on a two-day visit to hold summit talks with Prime Minister Narendra Modi.
ALSO READ: PM Modi presents copy of Gita in Russian to Putin
His trip comes at a time India-US relations are going through possibly the worst phase in the last two decades after Washington imposed a whopping 50 per cent tariff on Indian goods, including 25 per cent levies for New Delhi's procurement of Russian crude oil.
"Neither me nor Prime Minister Modi, despite certain external pressure we face, have never approached our collaboration to work against someone," the Russian president said in response to a question on Washington's aggressive approach.
"President Trump has his own agenda, his own goals, whereas we focus on ours -- not against anyone, but rather aimed at safeguarding our respective interests, India's and Russia's interests," he said.
Rejecting Washington's objection to India procuring crude oil from Russia, Putin said if the US has the right to buy Russian fuel, why "shouldn't India have the same privilege".
"As for India's purchase of energy resources from Russia, I would like to note and have already mentioned this once, the US itself still buys nuclear fuel from us for its own nuclear power plants," Putin said.
The Russian president also responded to a question on India lowering procurement of crude oil from Russia in view of Western sanctions on Moscow.
ALSO READ: Russian president Putin arrives in Delhi on 2-day visit
"Well, there is a certain decline in overall trade turnover during the first nine months of this year. This is just a minor adjustment. Overall, our trade turnover stands almost at the same level as before," he said.
"I can't give you exact monthly figures right now, but trade in petroleum products and crude oil, as well as the production of petroleum products for consumers of oil, Russian oil, is running smoothly in India," he said.
Putin also said that India cannot be treated the way it was several decades back.
"Prime Minister Modi is not someone who succumbs to pressure easily. The Indian people can certainly take pride in their leader. This is absolutely obvious," he said.
"His stance is unwavering and straightforward, without being confrontational. Our goal is not to provoke conflict; rather, we aim to protect our lawful rights. India does the same," he said.
On the Ukraine conflict, Putin said he believed the US is actively seeking a solution to this problem. "I am absolutely certain, with no doubt at all, he (Trump) sincerely aims for a peaceful resolution."
Putin said Trump genuinely wants to end the hostilities and prevent further loss of lives. "But there could also be political interests tied to ending the confrontation between Russia and Ukraine, or economic motives too."
On bilateral trade, Putin said over 90 per cent of "our transactions are already conducted in national currencies".
"While some complications arise due to the presence of numerous intermediaries, there are also solutions," he said.
The Russian president also complimented PM Modi's leadership.
"Our collaborative endeavours with Prime Minister Modi carry significant weight because they transcend our mutual ties," he said.
"Given its direct relevance to both nations, ensuring stability in key areas of engagement is crucial, as it helps secure the fulfilment of our objectives. Prime Minister Modi sets very challenging tasks for the country --and for himself in the first place, then for the administration, and eventually for the nation," he said.
The Russian president did not give a direct reply to a question on if India was looking at procuring additional batches of S-400 missile systems.
"India stands out as one of our reliable and privileged partners in this area. We are not merely selling something to India and India isn't merely buying something from us in the sphere of defence and security.
"It is a different level, a different quality of relations we have with India, and we value this. We see how India values this relationship too," he said.
Putin said Russia is not simply selling defence technology to India but it is sharing it with the country.
"It is a very rare thing to see in the sphere of military-technical cooperation. It speaks to the level of trust between the two countries and the level of trust between the two peoples.
"We have a broad portfolio indeed, including naval construction, rocket and missile engineering, and aircraft engineering," he added.
