Stock markets surge for 4th day; Sensex jumps over 411 points
Mumbai (PTI): Equity benchmark indices Sensex and Nifty ended higher on Monday, taking their winning run to the fourth day in a row, driven by buying in blue-chip Reliance Industries and sustained foreign fund inflows.
A sharp rally in global markets also added to the markets' optimism.
The 30-share BSE Sensex jumped 411.18 points or 0.49 per cent to settle at 84,363.37. During the day, it zoomed 704.37 points or 0.83 per cent to 84,656.56.
The 50-share NSE Nifty surged 133.30 points or 0.52 per cent to 25,843.15.
From the Sensex firms, Reliance Industries climbed 3.52 per cent after the firm on Friday reported a 9.6 per cent year-on-year rise in net profit for the September quarter, driven by strong performance in its consumer-facing retail and telecom businesses and a recovery in its core oil-to-chemicals segment.
Bajaj Finserv, Axis Bank, State Bank of India, Tata Consultancy Services, Titan and Bharti Airtel were also among the gainers.
However, ICICI Bank, Mahindra & Mahindra, Eternal, Adani Ports and Power Grid 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 settled higher.
Markets in Europe were trading in the green.
US markets ended in positive territory on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 308.98 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 1,526.61 crore on the same day.
"The Indian market extended its upward march on Monday, carrying forward the festive rally ahead of the Diwali Muhurat trading session. The Nifty-50 climbed, driven by strong buying in index heavyweights such as Reliance Industries," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Global oil benchmark Brent crude dipped 0.29 per cent to USD 61.11 a barrel.
"The Indian market extended its positive momentum, driven by better-than-expected Q2 results from major companies and festival optimism," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
The BSE midcap gauge climbed 0.69 per cent and smallcap index went up by 0.59 per cent.
Among sectoral indices, energy jumped 1.48 per cent, teck (1.33 per cent), telecommunication (1.22 per cent), oil & gas (1.10 per cent), BSE Focused IT (1.05 per cent) and IT (0.96 per cent).
BSE commodities, FMCG, auto and power were the laggards.
"Markets began the week on an upbeat note and extended their upward momentum, largely supported by favourable domestic cues. The market's strength was underpinned by upbeat quarterly results from heavyweights such as Reliance, HDFC Bank, along with expectations of sustained foreign inflows amid improving global risk sentiment," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
A total of 2,530 stocks advanced while 1,740 declined and 194 remained unchanged on the BSE.
On Friday, the Sensex jumped 484.53 points or 0.58 per cent to settle at 83,952.19. The Nifty climbed 124.55 points or 0.49 per cent to 25,709.85.
Last week, the BSE benchmark jumped 1,451.37 points or 1.75 per cent, and the Nifty surged 424.5 points or 1.67 per cent.
Stock exchanges BSE and NSE will conduct a special Muhurat trading session on Tuesday.
The symbolic trading session will be held between 1:45 pm and 2:45 pm. The market will remain closed for regular trading on Tuesday, but a special trading window will be open for one hour.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
