Sensex climbs 304 pts, Nifty closes above 24,600 as steady US inflation fuels global rally
Mumbai, Aug 13 (PTI): Stock markets rebounded on Wednesday with benchmark Sensex closing higher by 304 points on buying in metal, auto and pharma shares as steady US inflation data propelled a sharp rally in global markets.
The 30-share BSE Sensex climbed 304.32 points or 0.38 per cent to settle at 80,539.91. During the day, it jumped 448.15 points or 0.55 per cent to 80,683.74.
The 50-share NSE Nifty edged up by 131.95 points or 0.54 per cent to 24,619.35.
Analysts said retail inflation slowing to an 8-year low of 1.55 per cent in July led to the positive trend in domestic equities.
"Indian equities experienced a broad-based optimism as CPI hit an eight-year low, boosting hopes for a revival in discretionary spending, led by autos and metals. Globally, sentiment improved on the extension of China’s tariff deadline and easing oil prices.
"Despite uncertainties around Trump’s trade stance and global risks, India’s growth-inflation dynamics remain favourable for FY26 with risk to marginal downgrade based on tariff updates. India looks forward to the Trump-Putin meet dated 15th August," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Among Sensex firms, Bharat Electronics, Eternal, Mahindra & Mahindra, Kotak Mahindra Bank, Tata Motors and Power Grid were the gainers.
However, Adani Ports, ITC, UltraTech Cement and Titan were among the laggards.
Retail inflation slowed to an 8-year low of 1.55 per cent in July, falling below the Reserve Bank's comfort zone for the first time since January 2019, helped by subdued prices of food items, according to government data released on Tuesday.
"Indian equities advanced on Wednesday, buoyed by easing domestic retail inflation, positive global cues, and renewed hopes of a US Federal Reserve rate cut, Gaurav Garg, Analyst, Lemonn Markets Desk, said.
The BSE smallcap gauge climbed 0.58 per cent and midcap index went up by 0.56 per cent.
Among BSE sectoral indices, healthcare jumped 1.76 per cent, metal (1.22 per cent), auto (1.18 per cent), consumer discretionary (0.96 per cent), industrials (0.70 per cent) and financial services (0.45 per cent).
Oil & Gas and FMCG were the laggards.
Shares of Apollo Hospitals Enterprise Ltd spurted by nearly 8 per cent, emerging as lead gainer among Nifty50 shares after the healthcare services provider reported a 42 per cent jump in profit after tax to Rs 433 crore in the June quarter.
Paytm shares closed higher by 3 per cent as Paytm Payments Services received the Reserve Bank of India's nod to operate as an online payment aggregator.
As many as 2,230 stocks advanced while 1,861 declined and 155 remained unchanged on the BSE.
Among Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled sharply higher. European markets were trading in the green.
The US markets ended significantly higher on Tuesday.
Global oil benchmark Brent crude dipped 0.36 per cent to USD 65.88 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,398.80 crore on Tuesday, according to exchange data. Sensex dropped 368.49 points or 0.46 per cent to settle at 80,235.59 while Nifty went lower by 97.65 points or 0.40 per cent to 24,487.40 on Tuesday.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
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.
