Sensex, Nifty rebound over 1 pc after six sessions of losses
Mumbai (PTI): Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value-buying in auto, IT, financial and energy stocks.
Better-than-expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts.
In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points. During the session, it swung between a high of 63,913.13 points and a low of 63,393.37 points.
Likewise, the wider gauge Nifty surged 202.45 points or 1.07 per cent to 19,059.70 points.
"Domestic equities ended higher following positive global cues. The US Q3 GDP data came in at a two-year high of 4.9 per cent, which was better than the expectation of 4.2 per cent and shows strong US economy resilience.
"Even on the domestic front, heavyweights like Maruti, Cipla and Dr Reddy came out with robust results during the session, which boosted investor sentiments," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.
Axis Bank was the biggest gainer in the Sensex pack, rising 3.07 per cent, followed by HCL Tech, SBI, NTPC, Tata Motors, Nestle India, and Infosys.
Shares of index heavyweight Reliance Industries witnessed heavy buying as it surged 1.75 per cent to close at Rs 2,265.25 apiece. The company will announce its quarterly financial numbers after market hours.
Maruti Suzuki India on Friday reported a whopping 80.3 per cent increase in net profit at Rs 3,716.5 crore in the July-September quarter driven by better sales, softening commodity prices, cost reduction efforts and higher non-operating income.
On the other hand, Asian Paints, Ultratech Cement and ITC were the laggards.
"The domestic market recovered well compared to yesterday's sharp corrections, due to restrained FII selling, along with moderation in currency and global bond yield volatility.
"To date, the Q2 results outcome is decent, which is in line with the buoyant estimate. Yet, the market is not enthusiastic as we are at the cusp of earnings downgrade in anticipation of a further slowdown in the world economy due to elevated interest rates and geopolitical risk," Vinod Nair, Head of Research at Geojit Financial Services, said.
In the broader market, the BSE midcap gauge gained 1.70 per cent, and the smallcap index rose 1.89 per cent.
All the sectoral indices ended in the green, utility gained 2.22 per cent, power jumped 2.04 per cent, services (1.79 per cent), industrial (1.63 per cent), realty (1.63 per cent) and IT (1.36 per cent).
In six trading sessions till October 26, Sensex had declined 3,279.94 points.
"Asian markets mostly rose after data showed the US economy was growing robustly and as robust forecasts from Amazon.com and Intel, along with a pullback in Treasury yields lifted megacaps.
"European stocks were mixed on Friday as weak corporate earnings offset robust US economic data released overnight. Energy stocks outperformed as oil prices surged on concerns over a widening of the Israel-Hamas conflict," Deepak Jasani, Head of Retail Research, HDFC Securities, said.
In Asian markets, Seoul, Shanghai, Tokyo and Hong Kong ended with significant gains on Friday.
European markets were trading on a mixed note. The US equity indices ended in negative territory on Thursday.
Global oil benchmark Brent crude rose 2.50 per cent to USD 90.13 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,500.13 crore on Friday, according to exchange data.
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India's neighbours wanted to break up Assam but Modi govt shattered their dreams: Fadnavis
Dibrugarh/Jorhat (PTI): Maharashtra Chief Minister Devendra Fadnavis on Tuesday claimed India's neighbours wanted to "break up" Assam by taking advantage of the unrest here earlier, but their "dreams were shattered" as the Narendra Modi government brought peace to the region.
Militancy has come to an end, and 92 per cent of the assurances made in the peace agreements with various groups have already been implemented, he told a poll rally.
Fadnavis maintained that the BJP-led government in Assam has not only ensured the state's development but also protected its identity.
He accused the Congress of having neglected the state and the northeastern region by adopting a "step-motherly attitude" towards them, while Modi has put the region at the centre of development.
Addressing a rally in support of BJP's Dibrugarh candidate Prasanta Phukan, Fadnavis said, "Due to the unrest in the state earlier, neighbouring countries thought they would break Assam someday. But their dreams were shattered by Modi ji, and Assam is progressing fast today."
Crediting the BJP government for bringing the militant groups to the mainstream, the Maharashtra chief minister said not only were peace accords signed with them, but 92 per cent of the assurances made have been implemented.
"Work is on for implementing the remaining eight per cent of promises also," he added.
Highlighting the various welfare measures of the state government, Fadnavis said special emphasis was being given on women's empowerment in line with the Centre's thrust on it.
"Women have benefited the most under Modiji's government. It will be 'Mahila raaj' from 2029 when 33 per cent reservation is implemented in Parliament and state Assemblies," he added.
Speaking at another rally in support of the BJP's Jorhat candidate Hitendra Nath Goswami earlier, the Maharashtra chief minister alleged that infiltration was at its peak in Assam under Congress governments.
"People had to launch a movement against it, and scores were martyred. But the influx did not stop, and the state was burning. It was staring at a full demographic change."
"But the situation changed when Modi came to power. Infiltration has been stopped, and almost all militant groups in the state are returning to the mainstream," he claimed.
Fadnavis claimed that the state's demography would have changed and Assam's history would have been rewritten under the Congress rule.
"But the Modi government works not just for development, but also protects the state's identity, culture, history, and tradition," he said.
He told the gathering that the BJP-led government has ensured massive infrastructure development for the state.
Mentioning the Tata Group's semiconductor unit at Jagiroad, Fadnavis said, "It is a gift of Modi ji to Assam. It will place the state on the global map."
He added that countries with the ability to manufacture semiconductors will be global leaders in the future, and India has joined the elite ranks of a handful of nations.
Taking a dig at the Congress, Fadnavis alleged it had always adopted a "step-motherly attitude" towards the northeast, due to which the region did not see much development, and was embroiled in unrest.
He also criticised the opposition party for its "anti-national stance" during the West Asia crisis, claiming it was trying to create discontentment among the people by raising false doubts over the availability of LPG and fuel.
"We had also been in the opposition, but we had never acted in such a shameful manner," he said.
Taking a dig at state Congress president Gaurav Gogoi, who is also the opposition party's candidate in Jorhat, Fadnavis said, "Those in Lok Sabha should remain there. BJP will return to power, and he will have no work here."
Gogoi is also the opposition party's deputy leader in the Lok Sabha.
