Stock markets rally in early trade tracking firm global peers, fresh foreign fund inflows
Mumbai (PTI): Equity benchmark indices Sensex and Nifty were trading higher in early trade on Thursday, mirroring a rally in global equity markets with fresh foreign fund inflows also adding to the optimistic trend.
The 30-share BSE Sensex climbed 284.49 points to hit its 52-week high of 85,470.96 in early trade. The 50-share NSE Nifty went up by 83.35 points to 26,136 -- its 52-week peak.
From the Sensex firms, Adani Ports, Reliance Industries, Tata Motors Passenger Vehicles, Axis Bank, Mahindra & Mahindra and Power Grid were among the gainers.
However, HCL Tech, Tech Mahindra, ICICI Bank and Maruti were among the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading higher. The Kospi and the Nikkei 225 index were trading over 3 per cent higher.
US markets ended in positive territory on Wednesday.
"Global markets continue to offer a steady and supportive backdrop for India, with no fresh negative triggers emerging overnight. US equities ended firmly in the green, led by a sharp rebound in technology shares after Nvidia's strong earnings guidance reignited optimism across AI and semiconductor-linked sectors. All three major indices — the S&P 500, Dow Jones, and Nasdaq — posted healthy gains," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Foreign institutional investors (FIIs) turned buyers on Wednesday. They bought equities worth Rs 1,580.72 crore in the previous trade, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 1,360.27 crore on Wednesday.
Brent crude, the global oil benchmark, climbed 0.27 per cent to USD 63.68 per barrel.
On Wednesday, the Sensex jumped 513.45 points or 0.61 per cent to settle at 85,186.47. The Nifty climbed 142.60 points or 0.55 per cent to 26,052.65.
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My party will complete 5-year term, says CM Siddaramaiah
Mysuru (Karnataka) (PTI): Karnataka Chief Minister Siddaramaiah on Wednesday asserted that the Congress government would complete its five-year term, while sidestepping questions on whether he personally would remain in office for the full duration.
Addressing reporters here, he maintained that decisions on the leadership would rest with the party high command and refrained from giving a direct answer on his own tenure.
“Our party will complete five years,” Siddaramaiah said, when asked if he would complete a full term as Chief Minister.
On the issue of leadership, he reiterated that the final call would be taken by the party leadership, saying, “The high command will decide. There’s no point asking the same thing again.”
Indicating his readiness to travel to the national capital if required, he said, “If I am called to Delhi, I will go,” adding that he would seek an appointment with Rahul Gandhi if needed.
The talks on leadership change have intensified in the power corridor of the state where claims were made that Siddaramaiah would make way for his Deputy Chief Minister D K Shivakumar.
The Chief Minister also underlined that recent by-election victories in Bagalkote and Davanagere South assembly segment reflected public support for the government, stating that this clearly shows that people have appreciated the Congress government and its programmes.
The CM also dismissed the opposition’s claims, alleging they lacked strategy, and said local body elections would be conducted as per rules.
