Sensex jumps nearly 540 pts on buying in bluechip banks, oil shares
Mumbai, Jul 23 (PTI): Benchmark Sensex jumped nearly 540 points while Nifty closed above the 25,200 level on Wednesday on heavy buying in banking giants and oil shares and a positive trend in Asian markets after Japan secured a trade deal with the US.
The 30-share BSE Sensex jumped 539.83 points or 0.66 per cent to settle at 82,726.64. During the day, it surged 599.62 points or 0.72 per cent to 82,786.43.
The 50-share NSE Nifty gained 159 points or 0.63 per cent to settle at 25,219.90 as 37 of its constituents advanced and 13 declined.
Among Sensex firms, Tata Motors rose the most by 2.51 per cent. Bharti Airtel, Bajaj Finance, Maruti, Bajaj Finserv, ICICI Bank, HDFC Bank and Reliance Industries were also the major gainers.
Private banking giants HDFC Bank and ICICI Bank hit their 52-week high levels intra-day before settling nearly 1 per cent higher.
Value buying in Reliance Industries, following five days of losses, also supported the rally. RIL shares closed higher by 0.83 per cent.
However, Hindustan Unilever, UltraTech Cement, Bharat Electronics and ITC were among the laggards.
"The Indian equity market demonstrated resilience despite a mixed start to Q1 FY26 earnings. Positive global cues, underpinned by optimism surrounding the US-Japan trade agreement, have supported sentiment. Additionally, progress toward finalising the India-UK FTA has further contributed to the constructive outlook.
"Continued advancements in global trade negotiations are expected to alleviate near-term trade tensions and foster greater market stability. While elevated valuations remain a concern, the prevailing market strength indicates potential for near-term earnings recovery. However, the pace and sustainability of this recovery will be critical in shaping the market’s forward trajectory," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge climbed 0.24 per cent and smallcap index went up by 0.05 per cent.
Among BSE sectoral indices, telecommunication jumped 1.14 per cent, followed by auto (0.86 per cent), bankex (0.75 per cent), teck (0.74 per cent), financial services (0.70 per cent), healthcare (0.70 per cent) and energy (0.65 per cent).
Realty dropped 2.60 per cent, FMCG (0.46 per cent), capital goods (0.31 per cent) and services (0.20 per cent).
In Asian markets, Japan's Nikkei 225 index jumped 3.51 per cent as US President Donald Trump announced a trade deal with Japan, with a 15 per cent tax on goods imported from that country. South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory.
"On the global stage, investor sentiment soared following optimistic developments surrounding the US-Japan trade pact, igniting expectations for further international agreements in the near future," according to Ashika Institutional Equities.
Markets in Europe were trading in the green. The US markets ended mostly higher on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,548.92 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,239.77 crore in the previous trade.
Global oil benchmark Brent crude dipped 0.45 per cent to USD 68.29 a barrel.
The rupee stayed weak for the sixth consecutive session and settled with a loss of 3 paise at 86.41 against the dollar on Wednesday, amid a strong American currency and outflow of foreign funds.
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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.”
