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.
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K'taka remains central to Aequs' strategy, says min Patil amid row over firm's investment in TN
Bengaluru (PTI): Karnataka Commerce and Industries Minister M B Patil on Monday asserted that Aequs continues to expand in the state and that its proposed investment in neighbouring Tamil Nadu was a business decision aimed at diversification, not a shift away from Karnataka.
Reacting to criticism on social media over reports that the Karnataka-based firm had signed a major investment deal in Tamil Nadu's Krishnagiri district for setting up a specialised aerospace and defense manufacturing cluster, he said the state government was fully aware of the company's plans and remained confident about its long-term commitment to Karnataka.
"While we welcome every major investment in India, would like to clarify a few points," Patil said in a post on 'X'.
Aequs was significantly expanding its footprint within Karnataka, including a Rs 3,000 crore investment in Kolar for electronics manufacturing.
"Its recently approved Rs 1,500 crore ECMS project will also be grounded in the state. Karnataka remains central to its long-term strategy," he said.
Patil added that the government had prior knowledge of the TN proposal.
The government was already informed and aware that the TN investment is a business decision aimed at geographic diversification and de-risking operations, not a shift away from Karnataka.
"Healthy competition between states strengthens India's manufacturing ecosystem," he said.
Emphasising the state's focus on high-technology sectors, Patil said, "We remain committed to deepening Karnataka's leadership in aerospace and advanced manufacturing, and our engagement with industry partners is strong and ongoing."
The Aequs Group has pledged Rs 4,000 crore to bolster Tamil Nadu's aerospace manufacturing capabilities at the SIPCOT-Shoolagiri Industrial Park in Krishnagiri district.
The group proposes to establish a specialised aerospace and defense manufacturing cluster for the production of aircraft engines, gearbox components, and precision engineering parts. This initiative is expected to provide employment to 7,000 individuals.
