Markets surge for 4th day; Sensex reclaims 78k-level amid US-Japan tariff talks, FII inflows
Mumbai, Apr 17 (PTI): Benchmark indices Sensex and Nifty surged nearly 2 per cent on Thursday, registering their fourth day of rally as investors turned buoyant after foreign investors returned to domestic equities amid expectations of a breakthrough in US-Japan trade negotiations over reciprocal tariffs.
The 30-share BSE benchmark Sensex jumped 1,508.91 points or 1.96 per cent to reclaim the 78,000 level. It finally settled at 78,553.20. During the day, it soared 1,572.48 points or 2.04 per cent to 78,616.77.
As many as 2,427 stocks advanced while 1,522 declined and 157 remained unchanged on the BSE.
The NSE Nifty surged 414.45 points or 1.77 per cent to 23,851.65.
In four days, the BSE benchmark jumped 4,706.05 points or 6.37 per cent, and the Nifty surged 1,452.5 points or 6.48 per cent.
"Benchmark indices posted sharp gains on Thursday to end the week on a high note, posting four consecutive sessions of gains. Broader Mid and Small caps also closed higher.
"Markets opened lower on weak global cues after sharp overnight losses in US indices. After initial jitters, markets quickly bounced back to steadily climb higher throughout the day as the focus shifted to domestic factors and ongoing earnings. Banks continued to drive the benchmarks higher with private lenders leading the gains ahead of the earnings announcements," Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.
From the Sensex firms, Eternal, ICICI Bank, Bharti Airtel, Sun Pharma, State Bank of India, Bajaj Finserv, Kotak Mahindra Bank and Reliance Industries were among the biggest gainers.
On the other hand, Tech Mahindra and Maruti were the laggards.
The BSE midcap gauge climbed 0.56 per cent and smallcap index went up by 0.52 per cent.
All BSE sectoral indices ended higher. Bankex jumped 2.56 per cent, telecommunication (2.22 per cent), financial services (2 per cent), services (1.47 per cent), teck (1.19 per cent), energy (1.13 per cent), auto (1.01 per cent) and healthcare (0.91 per cent).
Foreign Institutional Investors (FIIs) bought equities worth Rs 3,936.42 crore on Wednesday, according to exchange data. On Tuesday, FIIs bought equities for Rs 6,065.78 crore.
In Asian markets, South Korea's Kospi index, Tokyo's Nikkei 225, Shanghai SSE Composite index and Hong Kong's Hang Seng settled higher.
European markets were trading in the negative territory.
US markets ended significantly lower on Wednesday.
Investors are expecting positive outcomes from ongoing negotiations between the US and Japan on reciprocal tariffs. Both countries are currently engaged in trade talks regarding reciprocal tariffs, aiming to reach a deal as soon as possible.
"A strong rally in large-cap stocks was observed today, primarily driven by financials, amid expectations of improved margins stemming from changes in savings deposit interest rates. Positive sentiment was further supported by a reversal in FII flows, although the sustainability of this trend remains uncertain.
"Nonetheless, optimism surrounding the domestic market persists, bolstered by the expectation of a favourable outcome from US-India trade negotiations and a relatively minimal disruption from the US-China trade tensions. Additionally, a moderating inflation trajectory towards more comfortable levels is further enhancing market sentiment," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Global oil benchmark Brent crude climbed 0.94 per cent to USD 66.47 a barrel.
Defying a weak global market trend on Wednesday, the BSE Sensex climbed 309.40 points or 0.40 per cent to settle at a two-week high of 77,044.29 in a volatile session. The Nifty rallied 108.65 points or 0.47 per cent to 23,437.20.
Stock markets will remain closed on Friday for 'Good Friday'.
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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.”
