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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Four-five boys in audience were threatening me to sing in Kannada: Sonu Nigam after FIR
New Delhi, May 4 (PTI): Singer Sonu Nigam, who is currently facing an FIR for allegedly offending the sentiments of Kannadigas during a recent concert in Bengaluru, has stated that he was "threatened" by a small group of boys to sing in Kannada at the event.
He also urged people "not to generalise" or hold the entire community responsible for the actions of a few.
An FIR was registered at the Avalahalli Police Station in Bengaluru on Saturday against the popular playback singer for reportedly retorting, "Kannada. Kannada. This is the reason behind the incident in Pahalgam," in response to an audience member's request to sing in Kannada.
In his complaint, Dharamaraj Ananthayya, the president of Karnataka Rakshana Vedike (KRV), said Nigam had not only insulted Kannadigas but also likened their cultural pride and linguistic identity to violence and intolerance by linking the request for a Kannada song to a terrorist act.
Nigam, 51, shared his side of the story in a video on Instagram posted on Saturday.
"There were four-five goon-type people who were shouting 'Kannada-Kannada' angrily. There were girls who were requesting them not to shout like that, asking them not to disturb the scene. It's important to tell those four-five people that terrorists in Pahalgam didn't ask the language of the people...
"You have to not allow them to threaten you as an audience to make you sing. But those provoke others, it's important to stop them right away. If someone is sowing the seeds of hatred in the land of love, we must stop them. Kannadigas are beautiful people, so please do not generalise them. There were just four-five boys who were looking at me angrily after I finished my first song. They were not demanding, they were threatening. You can ask people who were there," he said.
The incident occurred during a live concert on April 25 at a college in Bengaluru. Nigam paused his performance when someone from the audience loudly demanded that he sing in Kannada. Frustrated by the repeated shouts of "Kannada, Kannada," the singer responded sharply from the stage.
In a video that went viral on social media, Nigam is also heard saying that some of the best songs of his career are in Kannada and that Karnataka has always treated him like family, but he was irked by how the demand was made.
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