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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Comedian Shyam Rangeela files nomination from Varanasi LS seat on last day
Varanasi: Comedian Shyam Rangeela has finally filed his nomination papers as an independent candidate from the Varanasi parliamentary constituency on Tuesday, May 14, the last day of filing papers.
Rangeela, who intended to contest against Prime Minister Narendra Modi had alleged on Monday that he was being denied a nomination from the seat, as he along with several other candidates were reportedly made to wait for filling papers on May 10th and May 13th.
Shyam Rangeela, taking to his official ‘X’ handle, wrote, "With your love and support, I have completed all the requirements as per the rules and submitted the nomination. I also have full faith in the democracy of this country. Now the next two-three days are crucial. Thank you all very much for your cooperation. My electoral future rests in the hands of all election officials who are the custodians of our democracy. With the hope that they all strengthen our faith, Yours Shyam Rangeela.”
Alongside, Shyam, BJP candidate Narendra Modi, Log Party's Vinay Kumar Tripathi, BJP's Surendra Narayan Singh, independent candidates Dinesh Kumar Yadav, Reena Rai, Neha Jaiswal, Ajit Kumar Jaiswal, Ashok Kumar Pandey, Sandeep Tripathi filed their nomination papers on Tuesday.
According to the Election Commision of India, a total of 41 candidates have filed nomination papers from the Varanasi constituency.
आप सभी के प्यार और सहयोग से नियमानुसार सभी आवश्यकताओं की पूर्ति करते हुए मैंने नामांकन दाखिल कर दिया है, मेरा इस देश के लोकतंत्र पर अभी भी पुरा भरोसा है । अब आगे के दो तीन दिन महत्वपूर्ण होंगे।
— Shyam Rangeela (@ShyamRangeela) May 14, 2024
आप सभी का सहयोग के लिए बहुत धन्यवाद ।
हमारे लोकतंत्र के पहरी सभी चुनाव अधिकारीयों के… pic.twitter.com/JyIoFGDNli
