Sensex, Nifty end marginally higher as profit-taking erodes sharp intra-day gains
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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.
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Jai Bhim: Slogan that energised Dalits was first given at this central Maharashtra village
Chhatrapati Sambhajinagar (PTI): 'Jai Bhim': These two words have come to symbolise the awakening and empowerment of the Dalit community in independent India, but not many people know how it originated.
The slogan, which also encapsulates the immense reverence in which Dr Bhimrao Ramji Ambedkar is held, was first raised at the Makranpur Parishad, a conference organised at Makranpur village in Kannad teshil of today's Chhatrapati Sambhajinagar district in Maharashtra.
Ambedkar, the chief architect of India's Constitution, died on December 6, 1956.
Bhausaheb More, the first president of the Scheduled Castes Federation of Marathwada, organised the first Makranpur Parishad on December 30, 1938.
Dr Ambedkar spoke at the conference and asked the people not to support the princely state of Hyderabad under which much of central Maharashtra then fell, said Assistant Commissioner of Police Pravin More, Bhausaheb's son.
"When Bhausaheb stood up to speak, he said every community has its own deity and they greet each other using the name of that deity. Dr Ambedkar showed us the path of progress, and he is like God to us. So henceforth, we should say 'Jai Bhim' while meeting each other. The people responded enthusiastically. A resolution accepting 'Jai Bhim' as the community's slogan was also passed," More told PTI.
"My father came in contact with Dr Babasaheb Ambedkar in his early years. Bhausaheb was aware of the atrocities the Nizam state committed on Dalits. He told Ambedkar about these atrocities, including the pressure to convert. Dr Ambedkar was strongly against these atrocities, and he decided to attend the 1938 conference," he said.
As Ambedkar was against the princely states, he was banned from giving speeches in the Hyderabad state but was allowed to travel through its territories. The Shivna river formed the border between Hyderabad and British India. Makranpur was chosen as the venue for the first conference because it was on the banks of Shivna but lay in the British territory, ACP More said.
The stage made of bricks, from where Dr Ambedkar addressed the conference, still stands. The conference is organised on December 30 every year to carry forward Ambedkar's thought, and the tradition was not discontinued even in 1972 when Maharashtra experienced one of the worst droughts in it history.
"My grandmother pledged her jewellery for the conference expenses. People from Khandesh, Vidarbha and Marathwada attended it. Despite a ban imposed by the Nizam's police, Ambedkar's followers crossed the river to attend the event," said ACP More.
"This is the 87th year of Makranpur Parishad. We have deliberately retained the venue as it helps spread Ambedkar's thought in rural areas," he added.
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