Stock markets rally: Sensex jumps 1,200 pts, Nifty reclaims 25K peak after 7 months
Mumbai, May 15 (PTI): Benchmark BSE Sensex soared by 1,200 points while NSE Nifty closed above the 25,000 mark for the first time in seven months on Thursday following across-the-board buying triggered by expectations of potential trade deal between India and the US.
Rising for the second day, the 30-share BSE Sensex jumped 1,200.18 points or 1.48 per cent to settle at a seven-month high of 82,530.74 with 29 of constituents ending higher.
The index moved in a range in the first half but picked up momentum in the afternoon session following sharp gains in banking, auto, IT and oil & gas shares. Sensex rallied 1,387.58 points or 1.70 per cent to hit a day's high of 82,718.14 in the second half of the session.
The NSE Nifty surged 395.20 points or 1.60 per cent to settle at a seven-month high of 25,062.10. The 50-issue index had closed above 25,000 on October 15, 2024, previously.
"The market staged a robust rebound, closing with substantial gains, driven by a decline in domestic inflation and positive signals from the US regarding a potential trade agreement with India," Vinod Nair, Head of Research, Geojit Investments said.
Rate-sensitive sectors such as automobiles and real estate led the rally, supported by upbeat industry forecasts, Nair said adding that investor attention is now turning to the upcoming speech by the Federal Reserve Chair, which is anticipated to provide further clarity on the future policy trajectory, particularly in light of the recent easing in U.S. inflation data.
US President Donald Trump on Thursday claimed that India has offered to drop all tariffs on American goods.
Among Sensex shares, Tata Motors was the biggest gainer climbing by over 4 per cent. HCL Tech, Adani Ports, Eternal, Maruti, Reliance Industries and Asian Paints were among the gainers. HDFC Bank, ICICI Bank, Bharti Airtel and Infosys added to the rally.
IndusInd Bank emerged as the only laggard.
Broader markets also closed higher with the BSE smallcap gauge climbing 0.94 per cent and midcap index by 0.67 per cent.
All sectoral indices ended higher, with realty surging 1.87 per cent, auto (1.86 per cent), services (1.85 per cent), industrials (1.62 per cent), metal (1.60 per cent), consumer discretionary (1.57 per cent) and commodities (1.51 per cent).
"While benchmark indices gyrated sharply in early trades, it quickly regained the lost momentum and rallied sharply thereafter on all-around buying support despite pessimism in European and other Asian bourses," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
As many as 2,639 stocks advanced while 1,325 declined and 150 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower. Markets in Europe were trading on a mixed note.
US markets ended on a mixed note on Wednesday.
Global oil benchmark Brent crude dropped 3.65 per cent to USD 63.68 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 931.80 crore on Wednesday, according to exchange data.
On Wednesday, the BSE Sensex climbed 182.34 points or 0.22 per cent to settle at 81,330.56. The Nifty rose by 88.55 points or 0.36 per cent to 24,666.90.
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'The Ba**ds of Bollywood’ mirrors my life, damages my reputation: Sameer Wankhede tells Delhi HC
New Delhi: IRS officer Sameer Wankhede has submitted his reply to the Delhi High Court in the defamation case he filed against Red Chillies Entertainment, the production company owned by actor Shah Rukh Khan. The case pertains to the recently released series The Ba**ds of Bollywood*, which Wankhede claims has defamed him.
In his statement to the court, Wankhede asserted that the show’s portrayal of a police officer is clearly based on him and has caused serious harm to his public image. He cited four key reasons supporting his claim.
First, he said the character in question bears physical similarities to him, including facial and body features. Second, he noted that the character’s working style and mannerisms closely resemble his own.
Third, Wankhede highlighted that the officer in the show is depicted making a high-profile arrest involving a major film personality, which he said directly mirrors his own involvement in the Aryan Khan drug case.
Fourth, he pointed out that the character frequently uses the phrase “Satyameva Jayate,” a motto he himself had used during media interactions in the course of that investigation. He argued that using the national motto in such a context cannot be dismissed as creative expression or humour.
Wankhede also referred to an interview in which Aryan Khan allegedly admitted that the show was “inspired by some real events.” This, he said, contradicts Red Chillies Entertainment’s claim that The Ba**ds of Bollywood* is purely fictional.
He further alleged that the tone and intent of the series indicate personal and institutional vendetta, aimed at discrediting and defaming him rather than engaging in artistic storytelling.
Wankhede informed the court that the fallout from the show has affected his family, with his wife and sister receiving abusive and vulgar messages online.
Rejecting Red Chillies’ argument that he is a “thin-skinned” officer, Wankhede said that a public servant cannot be expected to tolerate false and damaging portrayals simply because of his position. He emphasized that his legal action seeks to protect the constitutional rights and dignity of both himself and his family.
