Sensex ends 260 points higher on FII buying, hopes of India-US trade deal
Mumbai, May 2 (PTI): BSE benchmark index Sensex ended 260 points higher on Friday buoyed by optimism surrounding a potential India-US trade deal, record high GST collection in April, and continuous foreign fund inflows.
Moreover, a firm trend in global markets also added to the positive momentum in domestic equities.
After a sharp rally in intra-day trade the 30-share BSE benchmark gauge later trimmed most of the gains and settled 259.75 points or 0.32 per cent higher at 80,501.99. During the day, the benchmark jumped 935.69 points or 1.16 per cent to 81,177.93.
In a volatile trade, the NSE Nifty eked out a marginal gain of 12.50 points or 0.05 per cent to settle at 24,346.70.
"The Nifty-50 surged over 1 per cent during today's session, hitting a high of 24,589 -- its highest level in CY25. However, profit-booking set in, causing the index to pare gains and close marginally higher. Optimism prevails in market sentiments over potential India-US trade deal, sustained foreign fund inflows and record high GST collection in April," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
From the Sensex firms, Adani Ports jumped over 4 per cent after the firm reported a 50 per cent jump in its March quarter net profit and issued a higher year-on-year revenue growth forecast for the current fiscal, citing strong growth in port volumes and a robust rise in the logistics business.
Bajaj Finance, IndusInd Bank, State Bank of India, Maruti, Tata Motors, ITC, Tata Steel and Reliance Industries were also among the gainers.
Nestle, NTPC, Kotak Mahindra Bank, Power Grid and Titan were among the laggards.
"Markets were extremely volatile in the first half and gyrated nearly 1,000 points before turning range-bound to end higher due to selective buying in banking and IT stocks. After the recent upsurge, investors resorted to profit-taking with broader markets ending weak. Due to the fragile global environment amid geopolitical tensions and the ongoing tariff war, investors are not betting big on equities," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The BSE midcap gauge declined 0.41 per cent and smallcap index dipped 0.07 per cent.
Among sectoral indices, services jumped 1.67 per cent, oil & gas (0.69 per cent), energy (0.57 per cent), BSE Focused IT (0.49 per cent) and IT (0.45 per cent).
Telecommunication declined 2.06 per cent, consumer durables (1.66 per cent), power (0.96 per cent), utilities (0.93 per cent), metal (0.62 per cent) and realty (0.56 per cent).
According to Vinod Nair, Head of Research, Geojit Investments Limited, the recent rally triggered profit-booking and rotation across sectors from broad indices to IT stocks. "Nevertheless, renewed momentum in US-China trade negotiations and a weakening dollar are seen as positive drivers for EMs like India in the medium-term."
Goods and Services Tax (GST) collection rose 12.6 per cent Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April, which the government said shows the resilience of the Indian economy and the effectiveness of cooperative federalism.
Meanwhile, the growth momentum in the Indian manufacturing sector improved in April, with output increasing at the fastest pace since June 2024, on the back of another strong expansion in order books, a monthly survey said on Friday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) rose from 58.1 in March to 58.2 in April, indicating the strongest improvement in the health of the sector for ten months.
In Asian markets, South Korea's Kospi index, Tokyo's Nikkei 225 and Hong Kong's Hang Seng settled in the positive territory while Shanghai SSE Composite index ended marginally lower.
European markets were trading higher. US markets ended in the positive zone on Thursday.
Global oil benchmark Brent crude declined 0.82 per cent to USD 61.62 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 50.57 crore on Wednesday, according to exchange data.
Equity markets were closed on Thursday for 'Maharashtra Day'.
The Sensex declined 46.14 points or 0.06 per cent to settle at 80,242.24 on Wednesday. The Nifty ended marginally lower by 1.75 points or 0.01 per cent at 24,334.20.
On the weekly front, the BSE benchmark jumped 1,289.46 points or 1.62 per cent, and the Nifty climbed 307.35 points or 1.27 per cent.
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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.”
