Markets extend winning run to 4th day on fresh foreign fund inflows; Sensex gains 300 pts
Mumbai, Jun 27 (PTI): Equity benchmark indices Sensex and Nifty advanced for the fourth straight session on Friday, supported by buying in blue-chips ICICI Bank and Reliance Industries amid fresh foreign fund inflows.
A strengthening rupee against the US dollar and softening crude oil prices in international markets also boosted investor confidence, according to traders.
The BSE Sensex climbed 303.03 points or 0.36 per cent to reclaim the 84,000 level and settle at 84,058.90. During the day, it jumped 333.48 points or 0.39 per cent to 84,089.35.
As many as 2,251 advanced, while 1,760 declined and 154 remained unchanged on the BSE.
On the similar lines, the 50-share NSE Nifty rose 88.80 points or 0.35 per cent to 25,637.80.
On the weekly front, the BSE benchmark surged 1,650.73 points or 2 per cent, and the Nifty climbed 525.4 points or 2 per cent.
"Benchmark indices Nifty and Sensex closed on a firm footing on Friday, capping off the week with robust gains. The rally was underpinned by de-escalation in geopolitical tensions post the Israel-Iran ceasefire and growing optimism surrounding a prospective US-India trade pact, which acted as key macro tailwinds. On a weekly basis, both frontline indices logged gains of 2 per cent," according to Bajaj Broking market commentary.
From the Sensex pack, Asian Paints, UltraTech Cement, Power Grid, ICICI Bank, Reliance Industries, Hindustan Unilever, Bharat Electronics and Sun Pharma were among the major gainers.
In contrast, Trent, Eternal, Axis Bank and Titan were among the laggards.
Shares of Akzo Nobel India jumped 6.65 per cent to close at Rs 3,405 per share on BSE after JSW Paints Ltd announced the acquisition of a majority stake in the firm.
Sajjan Jindal's JSW Paints on Friday announced the acquisition of Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal to become the fourth-largest player in the paint industry in the country.
JSW Paints will acquire a 74.76 per cent stake in Dulux paint maker Akzo Nobel India for Rs 8,986 crore and launch an open offer to buy another 25 per cent from the open market for up to Rs 3,929.06 crore.
"Key catalysts like the ceasefire in the Middle East and optimism on easing trade tensions ahead of the deadline have cleared the clouds in the minds of investors. After consecutive days of selling, FIIs have turned into net buyers in the domestic market, contributing to improved market stability in the near term.
"Moreover, benign oil prices and a strengthening rupee influenced investors to focus on domestic growth themes," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge climbed 0.54 per cent, and the midcap index went up by 0.38 per cent.
Among BSE sectoral indices, oil & gas jumped 1.21 per cent, services (1.17 per cent), power (1.14 per cent), commodities (1.11 per cent), energy (1.10 per cent), utilities (0.99 per cent) and telecommunication (0.90 per cent).
Foreign Institutional Investors (FIIs) bought equities worth Rs 12,594.38 crore on Thursday, according to exchange data.
In Asian markets, Japan's Nikkei 225 index settled higher, while South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
European markets were trading in the green in afternoon trade.
US markets ended in positive territory on Thursday.
Meanwhile, an RBI report has suggested that all banks should bring down their lending rates for speedy transmission of the policy rate, which was lowered by 50 basis points earlier this month.
An article published in the Reserve Bank's June Bulletin stressed that the financial conditions remained conducive to facilitating an efficient transmission of rate cuts.
Global oil benchmark Brent crude climbed 0.72 per cent to USD 68.20 a barrel.
On Thursday, the Sensex had jumped 1,000.36 points, or 1.21 per cent, to settle at 83,755.87. The Nifty rallied 304.25 points, or 1.21 per cent, to 25,549.
"The recent geopolitical stability has improved risk sentiment, as seen in the broad-based market participation. Moreover, positive developments around potential trade agreements could further strengthen the bullish bias. We continue to recommend a 'buy on dips' strategy on the index, with an emphasis on selective stock picking for better opportunities," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
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Rohit identifies Arshdeep, Hardik as key to India's chances in T20 World Cup
New Delhi (PTI): T20 World Cup-winning captain Rohit Sharma reckons all-rounder Hardik Pandya and left-arm seamer Arshdeep Singh will hold the key to India's prospects in the upcoming edition of the tournament.
Defending champions India will enter the T20 showpiece as one of the overwhelming favourites due to their massive depth and quality.
Rohit highlighted Arshdeep's effectiveness with the new ball and at the death.
"It is a big positive to have both Jasprit Bumrah and Arshdeep Singh together because they always attack for wickets. Arshdeep's biggest strength is swinging the new ball and taking early wickets. He mainly bowls with the new ball and at the death. Starting and finishing are the most important phases, and he is strong in both," Rohit told JioHotstar.
"With the new ball, he swings it to get left-handers caught in the slips and targets the pads of right-handers. He has also started taking the ball away from right-handers. These skills are key for a new-ball bowler. He always tries to take wickets, which is why he bowls the first over."
Rohit added, "In the 2024 T20 World Cup final against South Africa, he did a great job. I still remember he dismissed Quinton de Kock when he was set and batting well. In the 19th over, he gave away just two or three runs, which built pressure on the South Africans.
"That is his game, bowling with the new ball and at the death, and he will play a key role for India in the 2026 T20 World Cup."
India won the last edition of the tournament in the Americas under Rohit's captaincy, after which the dashing opener retired from the T20 format internationally.
Rohit also spoke about how Hardik's dual role as a finisher and multi-phase bowler provides crucial balance to the Indian team.
"Whenever Hardik Pandya is in the team, his role is huge. He bats and bowls very consistently. His batting is crucial when the team is stuck. If we have a score of 160 on the board in 15-16 overs and Hardik is batting, then he's the one who can help the team reach 210-220 from there or if we are 50 for 4, he has to build the innings.
"Batting in the middle order at 5, 6, or 7 is very tough. That is why Hardik's role is critical in any format. We know his bowling. He bowls in key phases, with the new ball, in the middle and in the death as well. His role is very important because he gives the team balance, letting us play six bowlers and keep our batting deep."
Rohit said accommodating both Kuldeep Yadav and Varun Chakravarthy together in the playing XI is going to be a big challenge for the Indian team management.
"The biggest challenge for captain Suryakumar Yadav and coach Gautam Gambhir will be how to play both Kuldeep Yadav and Varun Chakaravarthy together. If you want that combination, you can only do it if you play with two seamers, which is a big challenge.
"But honestly, I would be tempted to play both Varun and Kuldeep because they are wicket-takers and batters struggle to read them. I would surely pick them."
The former India skipper added, "Looking at the conditions in India, like in this New Zealand series, there is a lot of dew. In February and March, dew will be heavy across most parts as winter ends.
"Even in Mumbai, which doesn't get cold, there's still dew. I'd say 90-95 percent of grounds in India have dew. That's the challenge. What do the coach and captain think? Are they comfortable with three spinners? Then they can play spin, but there's no fixed rule. It depends on the team leaders' thinking."
Rohit also urged Kuldeep to stop appealing on every ball and to rely on the wicketkeeper's judgment for reviews.
"My one simple advice to Kuldeep is to just bowl quietly and go back to his mark. You can't appeal on every ball. This is basic. I keep saying it, but it still happens often. Even after telling him many times, he appeals at every chance. You have to use your head. Just because it touches the pad, it doesn't mean it's out every time. This isn't gully cricket.
"I get he is enthusiastic, but think of the team first. Each team only gets two DRS reviews. If I was the keeper, I could see where the ball pitched and if it was hitting, I could tell the bowler.
"But from covers or slip, you don't know the angle. You have to listen to what the keeper and bowler say. That's why when there's a review off Kuldeep's bowling, I don't look at him, I look at the keeper to decide."
The T20 World Cup is scheduled to be held in venues across India and Sri Lanka from February 7 to March 8.
