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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Pak, Afghan forces trade fire along Chaman border: Report
Islamabad (PTI): A heavy exchange of fire between Pakistani and Afghan forces was reported from the key Chaman border, according to a media report on Saturday.
Injuries were reported from the district hospital, but no fatalities occurred, the Dawn newspaper reported.
Officials from both sides accused each other of instigating the flare-up late on Friday night across the border in the Balochistan province.
While Pakistani officials said that Afghan forces had fired mortar shells on the Badani area, Afghan Taliban spokesperson Zabihullah Mujahid claimed it was Pakistan that launched an attack on Spin Boldak, alleging that their forces were responding.
Pakistan's official sources told Dawn that Pakistani forces retaliated against the Afghan aggression and returned fire.
There were also reports of fighting on the Chaman-Kandahar highway, but these could not be immediately verified.
A senior official in Quetta confirmed on condition of anonymity that the exchange of fire started around 10 pm and continued until late at night.
The medical superintendent of Chaman district hospital said that three injured, including a woman, were brought to the medical facility.
There was neither any official word from the Inter-Services Public Relations -- Pakistan Army's media wing -- nor from the Foreign Office.
The Chaman border crossing, also known as Friendship Gate, connects Balochistan province to Afghanistan’s Kandahar.
Relations between Pakistan and Afghanistan have deteriorated amidst regular allegations by Pakistan regarding the failure of the Afghan regime to deny safe havens to Tehreek-e-Taliban Pakistan terrorists.
The two countries had agreed on a ceasefire following tensions last month, but the Foreign Office said last month that technically there was no truce as it was contingent on the Afghan Taliban stopping terrorist attacks in Pakistan, which they had failed to do.
