Sensex jumps 1,006 pts on buying in Reliance after Q4 results, foreign fund inflows
Mumbai, Apr 28 (PTI): Benchmark BSE Sensex soared by 1,006 points to close above 80,000 level on Monday as a sharp rally in Reliance Industries and private banks, and foreign fund inflows helped stock markets cut short two days of fall amid India-Pakistan border tensions.
The 30-share BSE Sensex jumped 1,005.84 points or 1.27 per cent to settle at 80,218.37 with 23 of its constituents ending with gains and seven in the red. During the day, it surged 1,109.35 points or 1.40 per cent to 80,321.88.
The NSE Nifty rallied 289.15 points or 1.20 per cent to close at 24,328.50.
All key sectors, barring IT, participated in the rally, with pharma, energy, and auto emerging as the top gainers.
Reliance Industries surged by 5.27 per cent to emerge as the biggest gainer among Sensex stocks. The oil-to-retail behemoth reported a 2.4 per cent rise in March quarter net profit beating street estimates.
Mahindra & Mahindra spurted 2.29 per cent after the auto major announced a Rs 555-crore acquisition of SML Isuzu and said that the buyout was a strong strategic fit for the company that would put it in a strong position. SML Isuzu Ltd shares, on the other hand, tanked 10 per cent.
Sun Pharma, Tata Steel, State Bank of India, Axis Bank, Tata Motors, Larsen & Toubro and ICICI Bank were also among the Sensex gainers.
HCL Tech, UltraTech Cement, Nestle and Hindustan Unilever were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,952.33 crore on Friday, according to exchange data.
Foreign investors have infused Rs 17,425 crore in the country's equity markets last week, supported by a combination of favourable global cues and strong domestic macroeconomic fundamentals.
This came following a net investment of Rs 8,500 crore in the preceding holiday-truncated week ended April 18.
"The domestic market recouped from the losses incurred during the last two days of the previous week, which stemmed from the border tensions.
"While sustained buying from FIIs and better results from RIL also boosted the investor sentiment. A weakening dollar and inflationary pressure in the US may attract FIIs into the domestic market," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge jumped 1.34 per cent and smallcap index climbed 0.39 per cent.
Among BSE sectoral indices, energy jumped 3.02 per cent, oil & gas (2.90 per cent), capital goods (1.93 per cent), healthcare (1.60 per cent), metal (1.59 per cent), bankex (1.53 per cent) and realty (1.41 per cent).
IT and BSE Focused IT were the laggards.
"The absence of any major geopolitical developments between India and Pakistan over the weekend, along with stability in global markets, eased pressure and triggered an upbeat start. Additionally, strength in index heavyweight Reliance, following its results, further supported the move as the session progressed," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
In Asian markets, South Korea's Kospi index and Tokyo's Nikkei 225 settled in the positive territory while Shanghai SSE Composite and Hong Kong's Hang Seng ended lower.
European markets were trading higher. US markets ended with gains on Friday.
Global oil benchmark Brent crude dipped 0.19 per cent to USD 66.74 a barrel.
The BSE barometer Sensex tanked 588.90 points or 0.74 per cent to settle at 79,212.53 on Friday. Falling for the second day, the Nifty tumbled 207.35 points or 0.86 per cent to 24,039.35.
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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.”
