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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Over 350 illegal religious structures removed along Nepal border
Lucknow, May 11 (PTI): The Uttar Pradesh government on Sunday said that more than 350 unauthorised religious sites, including madrasas, mosques, mazars and Eidgahs, have been identified and subjected to sealing or demolition in recent days, an official statement issued here said.
Acting on Chief Minister Yogi Adityanath's clear directive that no religious encroachment will be tolerated, the administration in districts such as Pilibhit, Shravasti, Balrampur, Bahraich, Siddharthnagar and Maharajganj has launched a sweeping campaign, it said.
The authorities have systematically identified illegal structures and taken strict action, continuing operations even on Sunday.
The chief minister has made it clear that encroachment in the name of any religion will not be allowed and all violators, especially those running unrecognised religious institutions, will face legal consequences, the statement said.
On May 10 and 11, 104 madrasas, one mosque, five mazars and two Eidgahs built illegally on public and private land were identified in Shravasti. All were issued notices and sealed, it said.
One illegal madrasa on public land was demolished and two unrecognized madrasas on private land were sealed, the statement added.
In Bahraich, officials identified 13 madrasas, eight mosques, two mazars and one Eidgah illegally constructed on government land.
After issuing notices, five were sealed and 11 were demolished, including eight madrasas, two mosques and one mazar, the statement said.
In Siddharthnagar, the authorities identified four mosques and 18 madrasas and one more madrasa for illegal construction. Notices were issued to these structures. Five madrasas were sealed and nine were demolished. In total, action was taken against 23 illegal structures in the district, it said.
In Maharajganj’s Nautanwa tehsil, Parsamalik village, an unrecognized madrasa operating on Maktab land was shut down based on a report submitted by the District Minority Welfare Officer.
The building’s keys were handed over to the local police station in-charge. So far, 29 madrasas and five mazars constructed through encroachment on public and private land have been demolished in the district.
In past two days in Lakhimpur Kheri, two mosques, one Eidgah on public land along with eight madrasas on private land were found to be illegally constructed.
Of the 13 structures identified, one was served a notice, nine were sealed and three have been demolished so far, the statement said.
The district authorities in Pilibhit have identified an illegal mosque built on public land in Bharatpur village, covering an area of 0.0310 hectares.
According to the district magistrate, a notice has been issued to the parties involved, seeking a response within 15 days. Action against the illegal construction will be taken after the notice period ends, it said.
On Sunday, an under-construction madrasa on public land in Virpur Semra village, Tulsipur tehsil, was demolished in Balrampur. So far, 30 madrasas, 10 mazars and one Eidgah have been demolished in the district.
Ten of them were built illegally on public land, while 20 were constructed without authorization on private land, the statement said.
