Sensex, Nifty extend gains riding on IT, services, telecom stocks hh
Mumbai (PTI): Equity benchmark indices Sensex and Nifty ended on firm footings despite starting on a weak note on Tuesday as investors rushed to grab low-priced bellwether stocks of IT, services and telecom players amid optimism on a US-India trade deal.
The 30-share BSE Sensex began the trade on a negative note by declining 411.32 points or 0.49 per cent to 83,124.03. The 50-share NSE Nifty dropped 125.1 points, or 0.48 per cent to 25,449.25 in the early trade.
However, both the indices made a strong comeback and closed the session with significant gains.
The Sensex jumped 335.97 points, or 0.40 per cent, to settle at 83,871.32, while the Nifty climbed 120.60 points, or 0.47 per cent, to close at 25,694.95.
"The domestic market opened on a subdued note amid concerns over potential implications of the Delhi explosion. However, it recovered smartly and closed at the day's high, supported by global cues as the US Senate passed a bill to end the longest-ever federal shutdown.
"Importantly, the Q2 results season is nearing its end and is expected to conclude on a positive note, driven by better-than-expected performance by the broader market. The rally was sustained by gains in IT, auto, metal, and FMCG sectors," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
Among the Sensex firms, Bharat Electronics Ltd, Mahindra & Mahindra, Adani Ports, HCL Technologies, Eternal, Infosys, Bharti Airtel, Sun Pharmaceuticals, Larsen & Toubro, Hindustan Unilever and UltraTech Cement were the gainers.
Bajaj Finance, Tata Motors Passenger Vehicles, Kotak Mahindra Bank, PowerGrid and Tata Steel were among the laggards.
Bajaj Finance ended over 7 per cent lower as investors turned cautious after the company's lower Assets Under Management (AUM) growth guidance and rising signs of asset stress. Bajaj Finserv fell 6.26 per cent.
"Investors are now awaiting the upcoming domestic inflation data, with expectations of continued moderation due to a steady decline in food prices -- raising prospects of further policy easing by the RBI. Looking ahead, earnings are expected to witness a robust rebound in the third quarter, underpinned by multiple domestic tailwinds, though much will depend on the successful finalization of a trade deal with the US," Nair said.
The BSE midcap gauge went up by 0.20 per cent while smallcap closed 0.09 per cent lower.
Sector-wise, Services climbed 1.65 per cent, followed by Telecommunication by 1.59 per cent, Focussed IT by 1.21 per cent, Teck by 1.12 per cent, Capital Goods by 1.19 per cent, IT by 1.07 per cent, Auto by 1 per cent, Industrials by 0.75 per cent, and Oil & Gas by 0.71 per cent.
"Markets witnessed a volatile session on the weekly expiry day but eventually ended in the green, extending Monday's rebound. After an initial uptick, the Nifty drifted lower during the early hours; however, strong buying across heavyweights in the latter half lifted the index to close near the day's high at 25,694.95.
"Sectorally, a mixed trend kept traders engaged -- IT, auto, and metal stocks outperformed, while financials, realty, and pharma ended subdued. In the broader market, the midcap index gained over half a per cent, whereas the smallcap index closed marginally lower, reflecting selective participation," Ajit Mishra - SVP, Research, Religare Broking, said.
Mishra further stated the early weakness was primarily driven by cautious global cues and continued FII selling.
"However, renewed buying interest in index heavyweights helped markets recover, supported by optimism following Goldman Sachs' recent upgrade of India's rating outlook. Additionally, some short-covering on weekly expiry further strengthened the momentum in the latter part of the session," he said.
On the other hand, healthcare dropped 0.33 per cent, financial services by 0.21 per cent, and realty by 0.17 per cent.
A total of 2,245 stocks declined while 1,936 advanced and 182 remained unchanged on the BSE.
President Donald Trump announced on Monday that the US will soon reduce the tariffs imposed on India, as the two nations moved closer to finalising a trade deal.
Meanwhile in Asian markets, South Korea's Kospi, Hong Kong's Hang Seng, and Japan's Nikkei 225 index settled higher while Shanghai's SSE Composite index closed in the red territory.
Markets in Europe were trading higher. The US markets ended higher on Monday.
Brent crude, the global oil benchmark, increased by 0.33 per cent to USD 64.27 per barrel.
Foreign Institutional Investors offloaded equities worth Rs 4,114.85 crore on Monday while Domestic Institutional Investors remained the net buyer of stocks worth Rs 5,805.26 crore, according to the exchange data.
On Monday, the 30-share BSE Sensex benchmark climbed 319.07 points to close at 83,535.35. The 50-share NSE Nifty advanced 82.05 points to settle at 25,574.35.
Meanwhile, the net inflows into mutual funds' equity schemes dropped by nearly 19 per cent to Rs 24,690 crore in October, making it the third consecutive month of a decline in the number, an industry body said on Tuesday.
On the systematic investment plans (SIPs), the preferred vehicle of retail investors, the overall inflows grew to Rs 29,529 crore from September's record high of Rs 29,631 crore.
Amid the rally in gold prices, gold exchange traded funds saw net inflows at Rs 7,743 crore during the month taking the overall assets under management (AUM) in the category to above Rs 1 lakh crore, as per data disclosed by the Association of Mutual Funds of India (Amfi).
The net flows into equity MFs had declined 9 per cent on-month to Rs 30,421 crore in September, after August's 22 per cent decline to Rs 33,430 crore, amid corrections in the equity benchmarks.
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.
Two arrested in K'taka for assaulting minors, uploading CSAM content
Bengaluru (PTI): Two men were arrested for allegedly sexually assaulting two minor girls, recording the acts on mobile phones and uploading the videos online as child sexual abuse material, police said on Thursday.
The accused have been identified as Kiran Kumar (29), hailing from Chitradurga district, and Aditya M K (20), hailing from Shivamogga district, they said.
A probe was initiated after information was received from the NCRP portal regarding a suspected instance of creation of Child Sexual Abuse Material (CSAM) for online dissemination, police said.
Accordingly, a case was registered at Kaggalipura Police Station under relevant sections of the IT Act on May 10, they added.
Investigation revealed that two minor girl victims were exploited and videos were created and uploaded to the internet. The child victims have subsequently recorded their statements as per procedure and further necessary legal steps have been taken, Pronab Mohanty Director General of Police, Cyber Command, said in a statement.
Based on the statements of the victims, the accused persons, who allegedly assaulted the minors, recorded the acts on mobile phones and uploaded the videos online, were arrested, he said.
Following the probe, sections 65(2) (rape) and 70 (gangrape) of the Bharatiya Nyaya Sanhita, along with relevant sections of the POCSO Act, have been added to the FIR, police said.
Officials collected relevant information and on May 12, arrested the accused persons and seized three mobile phones belonging to them, in which the videos had allegedly been recorded, he said.
The accused were later produced before the court and taken into police custody for further investigation, he added.
According to him, in CSAM cases, police usually apprehend offenders who have downloaded such content or have kept them in their possession after obtaining them from elsewhere, usually the internet.
"The present case is one of the very few instances where content creators and uploaders have been apprehended," Mohanty added.
