Sensex, Nifty end marginally higher as profit-taking erodes sharp intra-day gains
_vb_55.jpeg)
Mumbai (PTI): Equity benchmark indices Sensex and Nifty ended marginally higher on Thursday, helped by robust buying in IT and tech stocks amid growing optimism on the US-India trade deal front.
After hitting a 52-week high, indices reversed most of their intra-day gains on fag-end profit-taking after sentiment turned cautious amid concerns over US sanctions against Russia's two largest oil companies.
Besides, an over one per cent decline in heavyweight Reliance Industries also pulled the markets lower.
The 30-share BSE Sensex climbed 130.06 points or 0.15 per cent to settle at 84,556.40. During the day, it jumped 863.72 points or 1.02 per cent to 85,290.06.
The 50-share NSE Nifty ended 22.80 points or 0.09 per cent higher at 25,891.40.
"Domestic equities started on a positive note; however, they pared early gains as investors booked profits following sanctions on Russian oil and the possible postponement of India–US trade negotiations.
"Meanwhile, IT stocks advanced as sentiment improved after Trump’s softer tone on H1B visas...As the undercurrent vibes of the domestic market have improved due to a possible India-US deal and a rise in consumer demand, the broad market is expected to do much better henceforth," Vinod Nair, Head of Research, Geojit Investments Limited, said.
FIIs are gradually returning to Indian markets, encouraged by expectations of earnings rebound in H2 FY26 supported by festive demand, tax benefits and GST reductions, he added.
From the Sensex firms, Infosys climbed 3.86 per cent. HCL Tech, Tata Consultancy Services, Axis Bank, Kotak Mahindra Bank, Titan and Tech Mahindra were also among the gainers.
However, Eternal, UltraTech Cement, Bharti Airtel and Adani Ports were among the laggards.
In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled higher, while South Korea's Kospi and Japan's Nikkei 225 index ended lower.
Markets in Europe were trading on a mixed note in mid-session deals.
US markets ended in negative territory on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 96.72 crore on Tuesday, according to exchange data.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed further sanctions on Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) - Russia's two largest oil companies that the Trump administration accuses of helping fund the Kremlin's "war machine" in Ukraine.
Global oil benchmark Brent crude jumped 5.43 per cent to USD 65.99 a barrel.
Equity markets were closed on Wednesday on account of Diwali Balipratipada.
In a special one-hour Muhurat trading session on Tuesday, the Sensex rose by 62.97 points or 0.07 per cent to settle at 84,426.34. The Nifty went up by 25.45 points or 0.10 per cent to settle at 25,868.60.
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.
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.”
