Sensex jumps 746 pt to close above 80,000 level amid fresh foreign fund inflows, rally in US peers
Mumbai, Aug 11 (PTI): Benchmark BSE Sensex rallied 746 points to close above the 80,000 mark on Monday following buying in oil, auto and banking shares amid fresh foreign fund inflows.
The 30-share Sensex jumped 746.29 points or 0.93 per cent to settle at 80,604.08 with 26 of its constituents ending higher. During the day, it surged 778.26 points or 0.97 per cent to 80,636.05.
The 50-share NSE Nifty jumped by 221.75 points or 0.91 per cent to 24,585.05 .
"The market saw a relief rally post a 3-month low; a positive global cue and a gradual return of FIIs supported the sentiment. Investors are positively assessing the upcoming US-Russia Summit this week, which may possibly give way to a de-escalation in geopolitical tensions.
"While a near-term caution may still prevail, the more definite assessment of the US trade and growth impact is yet to be assessed fully," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
Among Sensex firms, Tata Motors, Eternal, Trent, State Bank of India, UltraTech Cement and Larsen & Toubro were the major gainers.
However, Bharat Electronics, Bharti Airtel and Maruti were the laggards.
The BSE midcap gauge climbed 0.79 per cent and the smallcap index rose by 0.35 per cent.
The majority of the BSE sectoral indices ended higher. Realty surged the most by 1.86 per cent, followed by bankex (1.13 per cent), healthcare (1.12 per cent), auto (1.03 per cent), financial services (1 per cent), utilities (0.92 per cent), services (0.90 per cent) and power (0.85 per cent).
Consumer Durables emerged as the only laggard.
"Markets started the week on an upbeat note, gaining nearly a percent and providing a breather after the recent decline. The tone was positive from the outset and further strengthened in the latter half, supported by a noticeable recovery in heavyweights across sectors," Religare Broking SVP, Research, Ajit Mishra said.
As many as 2,237 stocks advanced while 1,930 declined and 170 remained unchanged on the BSE.
In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory while South Korea's Kospi ended marginally lower. Markets in Japan were closed due to a holiday.
European markets were trading mostly lower. The US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,932.81 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dipped 0.45 per cent to USD 66.29 a barrel.
On Friday, the Sensex tanked 765.47 points or 0.95 per cent to settle at 79,857.79. The Nifty dropped 232.85 points or 0.95 per cent to 24,363.30.
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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.”
