Markets log gains for 2nd day; Sensex, Nifty surge nearly 1 pc on global rally
Mumbai, Jun 25 (PTI): Benchmark indices Sensex and Nifty surged nearly 1 per cent on Wednesday, powered by widespread buying and a positive trend in global equities amid easing tensions in the Middle East following a ceasefire between Iran and Israel.
Besides, intense buying market heavyweights HDFC Bank, Infosys and Reliance Industries supported domestic equities, traders said.
Extending its previous day's rally, the 30-share Sensex jumped 700.40 points or 0.85 per cent to settle at 82,755.51. During the day, it surged 760.8 points or 0.92 per cent to 82,815.91.
As many as 2,821 stocks advanced while 1,207 declined and 134 remained unchanged on the BSE.
Similarly, the wider gauge NSE Nifty climbed 200.40 points or 0.80 per cent to 25,244.75.
"Benchmark indices extended their winning streak for a second consecutive session on Wednesday, closing decisively in the green as investor sentiment got a boost from the Israel-Iran ceasefire, which alleviated geopolitical overhang. The Nifty kicked off trade on a buoyant note, subsequently oscillated in a narrow band with a positive undertone...," according to Bajaj Broking market commentary.
From the Sensex pack, Titan, Mahindra & Mahindra, Infosys, Power Grid, Tata Consultancy Services and Bharti Airtel were among the major gainers.
On the other hand, Bharat Electronics, Kotak Mahindra Bank and Axis Bank were the laggards.
"Markets maintained their positive tone and gained nearly a per cent, supported by favourable global cues. A strong handover from the US markets triggered a gap-up start, which was further fuelled by buying interest in select heavyweight stocks," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Meanwhile, Mukesh Ambani and Gautam Adani have partnered to sell automotive fuels by leveraging each other's fuel retail networks -- marking the second business collaboration between the two billionaire industrialists.
Ambani's fuel venture with UK's BP, Jio-bp, will set up petrol and diesel dispensers at CNG retail outlets of Adani Total Gas Ltd (ATGL).
Alongside, ATGL -- the equal city gas joint venture of Adani Group and TotalEnergies of France -- will put up CNG dispensing units at Jio-bp's fuel pumps, according to a joint statement on Wednesday.
The BSE smallcap gauge jumped 1.59 per cent, and the midcap index surged 0.63 per cent.
Among BSE sectoral indices, teck surged 1.69 per cent, BSE Focused IT (1.69 per cent), IT (1.68 per cent), telecommunication (1.42 per cent), consumer discretionary (1.26 per cent), consumer durables (1.26 per cent) and healthcare (1.11 per cent).
In contrast, Capital Goods and oil & gas were the laggards.
"Indian equity markets have staged a recovery, supported by easing geopolitical tensions in the Middle East and a moderation in crude oil prices. While FIIs continue to withdraw capital, positive global cues are helping sustain domestic market momentum. Domestically, a favourable monsoon forecast, and moderating inflation are further underpinning the optimism," Vinod Nair, Head of Research, Geojit Investments Limited, said.
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.
European markets were trading on a mixed note in mid-session trade.
US markets ended significantly higher on Tuesday.
Global oil benchmark Brent crude climbed 1.21 per cent to USD 67.95 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,266.01 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DII) bought stocks worth Rs 5,209.60 crore.
On Tuesday, the Sensex settled in the green, climbing 158.32 points or 0.19 per cent to 82,055.11. On similar lines, the Nifty rose by 72.45 points or 0.29 per cent to end at 25,044.35.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
