Stock markets rise for 7th day; Sensex reclaims 80k-level on rally in IT shares, FII inflows
Mumbai, Apr 23 (PTI): Stock markets extended the winning run to seventh day on Wednesday with benchmark BSE Sensex jumping 520 points to close above 80,000 level for the first time in four months driven by strong gains in IT and auto shares.
The 30-share Sensex rose by 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18. During the day, it surged 658.96 points or 0.82 per cent to 80,254.55.
The NSE Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.
Foreign fund inflows and positive global trends also boosted the market sentiment, analysts said.
Among the Sensex firms, HCL Tech surged the most by 7.72 per cent after the firm posted an 8.1 per cent increase in consolidated net profit at Rs 4,307 crore for March quarter 2024-25, mainly on account of large deals with a total contract value of about Rs 25,500 crore.
Tech Mahindra, Tata Motors, Infosys, Mahindra & Mahindra, Tata Consultancy Services, Tata Steel, Bharti Airtel and Maruti were also among major gainers.
Banking shares witnessed a sell-off after recent sharp gains with leading private lender HDFC Bank dropping by 1.98 per cent to emerge as the biggest loser among Sensex shares.
Kotak Mahindra Bank, State Bank of India, Axis Bank, ITC and UltraTech Cement were also among the laggards.
In Asian markets, South Korea's Kospi index, Tokyo's Nikkei 225 and Hong Kong's Hang Seng settled in the positive territory. Shanghai SSE Composite ended marginally lower.
Markets in Europe were trading significantly higher.
US markets bounced back sharply on Tuesday. Nasdaq Composite surged 2.71 per cent, Dow Jones Industrial Average jumped 2.66 per cent and S&P 500 rallied 2.51 per cent.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,290.43 crore on Tuesday, according to exchange data.
"The Indian equity market sustained its positive momentum, driven by better outcome from the latest set of IT results and optimistic forward-looking comments. However, profit-booking was visible in financials after the recent sharp rally.
"While US-China trade tensions appear to be easing, a rally in US tech stocks has further bolstered overall global market sentiment," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge climbed 0.94 per cent and smallcap index went up by 0.26 per cent.
Among BSE sectoral indices, BSE Focused IT surged 4.25 per cent, IT jumped 4 per cent, teck (3.10 per cent), auto (2.34 per cent), realty (1.37 per cent), consumer discretionary (1.02 per cent), healthcare (0.96 per cent) and industrials (0.84 per cent).
Financial Services, bankex and consumer durables were the laggards.
As many as 2,078 stocks advanced while 1,873 declined and 155 remained unchanged on the BSE.
Global oil benchmark Brent crude climbed 1.35 per cent to USD 68.35 a barrel.
The BSE benchmark climbed 187.09 points or 0.24 per cent to settle at 79,595.59 on Tuesday. The Nifty went up by 41.70 points or 0.17 per cent to 24,167.25.
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Liquor manufactures can sell liquor on tetra packs in Odisha: Minister
Bhubaneswar (PTI): Odisha Excise Minister Prithviraj Harichandan on Friday said the government has allowed the sale of liquor on tetra packets with certain criteria in its new Excise Policy for 2026-29.
Speaking to media persons here, Harichandan said selling liquor in tetra packs was there in the state's excise policy since 2014. However, it is not yet made available in the Odisha market, he said.
"If any licensed liquor manufacturer or vendor wants to produce or sell the liquor on tetra pack, they can do it. The government will not restrict them," he clarified.
The state government is giving priority for proper regulation of manufacturing and selling of liquor in the state, the minister added.
"We just ensure that there is no illegal sale of liquor in the state," he stated.
As per the new Excise Policy, which came into force from April 1, India-made foreign liquor (IMFL) manufacturers can supply their products in tetra packaging and in glass bottles in specified sizes. Only 180 ml can be supplied in tetra packs.
The tetra packs must have six protective layers and must have the shelf life or the date fit for consumption clearly mentioned on the packaging, the policy guidelines said.
Before using the tetra packs for packaging of liquor, the manufacturing units must take certification from the Central Food Technology Research Institute or Indian Institute of Packaging, or any such institute as notified by the excise commissioner, it said.
Earlier, opposition leaders had demanded the rollback of the government's decision to introduce the sale of liquor in tetra packs, calling the move "unethical" and "anti-youth".
