Sensex, Nifty rebound nearly 1 pc on value buying, global share rally
Mumbai, Jun 16 (PTI): Shrugging off geopolitical concerns amid escalating tensions between Israel and Iran, stock markets rebounded by nearly 1 per cent on Monday following value buying in oil & gas and IT shares and gains in other Asian markets as Brent crude oil prices dropped.
The 30-share BSE Sensex jumped 677.55 points or 0.84 per cent to settle at 81,796.15 with 27 of its constituents ending in the green and three with losses. During the day, it surged 747.22 points or 0.92 per cent to 81,865.82.
The 50-share NSE Nifty climbed 227.90 points or 0.92 per cent to 24,946.50.
Among Sensex firms, UltraTech Cement rose the most by 2.39 per cent. Tech Mahindra, HCL Tech, Tata Consultancy Services, Eternal, Asian Paints, Tata Steel and Kotak Mahindra Bank were among the gainers.
Tata Motors, Adani Ports and Sun Pharma were the laggards.
"Despite ongoing geopolitical tensions between Israel and Iran, the market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations. Geopolitical developments in the Middle East are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored," Vinod Nair, Head of Research, Geojit Investments Limited, said.
"Among sectors, oil and gas recorded strong gains, while the IT sector outperformed in anticipation of the upcoming US Fed policy meeting, which is expected to provide further clarity on the interest rate outlook," Nair added.
The BSE midcap gauge jumped 0.93 per cent and smallcap index climbed 0.38 per cent.
All BSE sectoral indices ended higher. IT jumped 1.50 per cent, followed by BSE Focused IT (1.50 per cent), teck (1.35 per cent), oil & gas (1.22 per cent), realty (1.21 per cent), services (1.10 per cent) and consumer durables (1.05 per cent).
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in the positive territory. European markets were quoting in the green. US markets ended lower on Friday.
Global oil benchmark Brent crude declined 0.81 per cent to USD 73.63 a barrel.
Wholesale price inflation (WPI) declined to a 14-month low of 0.39 per cent in May on easing prices of food articles and fuel.
"Despite mounting global uncertainty triggered by escalating tensions in the Middle East, Indian markets remained resilient," Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity – Ashika Stock Broking part of Ashika Group, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,263.52 crore on Friday, according to exchange data.
In the previous two sessions, the BSE Sensex lost 1,396.54 points or 1.69 per cent, and the Nifty dropped 422.8 points or 1.68 per cent.
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Rohit identifies Arshdeep, Hardik as key to India's chances in T20 World Cup
New Delhi (PTI): T20 World Cup-winning captain Rohit Sharma reckons all-rounder Hardik Pandya and left-arm seamer Arshdeep Singh will hold the key to India's prospects in the upcoming edition of the tournament.
Defending champions India will enter the T20 showpiece as one of the overwhelming favourites due to their massive depth and quality.
Rohit highlighted Arshdeep's effectiveness with the new ball and at the death.
"It is a big positive to have both Jasprit Bumrah and Arshdeep Singh together because they always attack for wickets. Arshdeep's biggest strength is swinging the new ball and taking early wickets. He mainly bowls with the new ball and at the death. Starting and finishing are the most important phases, and he is strong in both," Rohit told JioHotstar.
"With the new ball, he swings it to get left-handers caught in the slips and targets the pads of right-handers. He has also started taking the ball away from right-handers. These skills are key for a new-ball bowler. He always tries to take wickets, which is why he bowls the first over."
Rohit added, "In the 2024 T20 World Cup final against South Africa, he did a great job. I still remember he dismissed Quinton de Kock when he was set and batting well. In the 19th over, he gave away just two or three runs, which built pressure on the South Africans.
"That is his game, bowling with the new ball and at the death, and he will play a key role for India in the 2026 T20 World Cup."
India won the last edition of the tournament in the Americas under Rohit's captaincy, after which the dashing opener retired from the T20 format internationally.
Rohit also spoke about how Hardik's dual role as a finisher and multi-phase bowler provides crucial balance to the Indian team.
"Whenever Hardik Pandya is in the team, his role is huge. He bats and bowls very consistently. His batting is crucial when the team is stuck. If we have a score of 160 on the board in 15-16 overs and Hardik is batting, then he's the one who can help the team reach 210-220 from there or if we are 50 for 4, he has to build the innings.
"Batting in the middle order at 5, 6, or 7 is very tough. That is why Hardik's role is critical in any format. We know his bowling. He bowls in key phases, with the new ball, in the middle and in the death as well. His role is very important because he gives the team balance, letting us play six bowlers and keep our batting deep."
Rohit said accommodating both Kuldeep Yadav and Varun Chakravarthy together in the playing XI is going to be a big challenge for the Indian team management.
"The biggest challenge for captain Suryakumar Yadav and coach Gautam Gambhir will be how to play both Kuldeep Yadav and Varun Chakaravarthy together. If you want that combination, you can only do it if you play with two seamers, which is a big challenge.
"But honestly, I would be tempted to play both Varun and Kuldeep because they are wicket-takers and batters struggle to read them. I would surely pick them."
The former India skipper added, "Looking at the conditions in India, like in this New Zealand series, there is a lot of dew. In February and March, dew will be heavy across most parts as winter ends.
"Even in Mumbai, which doesn't get cold, there's still dew. I'd say 90-95 percent of grounds in India have dew. That's the challenge. What do the coach and captain think? Are they comfortable with three spinners? Then they can play spin, but there's no fixed rule. It depends on the team leaders' thinking."
Rohit also urged Kuldeep to stop appealing on every ball and to rely on the wicketkeeper's judgment for reviews.
"My one simple advice to Kuldeep is to just bowl quietly and go back to his mark. You can't appeal on every ball. This is basic. I keep saying it, but it still happens often. Even after telling him many times, he appeals at every chance. You have to use your head. Just because it touches the pad, it doesn't mean it's out every time. This isn't gully cricket.
"I get he is enthusiastic, but think of the team first. Each team only gets two DRS reviews. If I was the keeper, I could see where the ball pitched and if it was hitting, I could tell the bowler.
"But from covers or slip, you don't know the angle. You have to listen to what the keeper and bowler say. That's why when there's a review off Kuldeep's bowling, I don't look at him, I look at the keeper to decide."
The T20 World Cup is scheduled to be held in venues across India and Sri Lanka from February 7 to March 8.
