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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Kumaraswamy accuses Cong govt of 'neglecting' farmers in Karnataka
Mysuru (PTI): Union Minister H D Kumaraswamy on Tuesday accused the Congress government in Karnataka of "neglecting" the farmers in the state and being involved in corruption.
The JD(S) leader took part in an event where President Droupadi Murmu inaugurated the 1066th Jayanthi celebrations of Adi Jagadguru Sri Shivarathreeshwara Shivayogi Mahaswamiji at Malavalli in Mandya district, which comes under his Lok Sabha constituency.
"I saw a report that 2,800 farmers have died by suicide after this government came to power (in state). The government seems to be not concerned about the farmers. This government on coming to power said that it will give Rs 24,000 crore as loan to 32 lakh farmers for their farming activities, but till November, about Rs 12,000 crore has been paid to 24 lakh farmers, limiting to what was there earlier by managing the books of account," Kumaraswamy said.
Speaking to reporters here, he said, "These things show the failures of this government. Also, there is a corrupt system. I will not speak about it now. After December 20, I will speak to you in detail. There are a lot of issues to share with you."
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Responding to a question, the JD(S) leader, who turned 66 today, said there is no use of giving any documents. "I'm waiting for the right time."
Regarding the Congress government introducing a bill against "hate speech" in the Assembly, Kumaswamy said it is aimed at silencing the opposition in the state, but they won't be successful.
"What do Congress leaders have to say about their workers' comments against Prime Minister Narendra Modi?. He cited slogans -- 'Modi teri kabr khudegi, aaj nahi to kal khudegi' (Modi's grave will be dug.. if not today, then tomorrow) -- allegedly raised against Modi at a Congress rally in Delhi on Sunday.
