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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Another incident of alleged insult to Islamic prayer reported in Belthangady
case lodged against 47 individuals
Belthangady: Another incident involving individuals allegedly dancing indecently, dressed in a denigrating manner, and insulting the Azan (Islamic call to prayer) has come to light under the jurisdiction of the Venoor Police Station. A case has been lodged against 17 accused persons and 20 to 30 others who were allegedly involved in the act.
Based on a complaint filed by Mohammed Rafiq, a resident of Poyyegudde house in Padangady village, a case has been registered at Venoor police station against Savya residents Vasantha, Rajesh, Harish, Peradi residents Dayanand, Ranganath, Mohan, Shamit, Ravi, Ramesh Kulal, Suresh, Ashoka Kulal, Dhanush Haradottu, Harish Banthottu, Ramesh R.K, Suresh Barottu, Pramod, Prakash Peradi and 20 to 30 other individuals.
A case has been registered under Section 353(2) along with Section 3(5) Bharatiya Nyaya Sanhita 2023 for disrespecting Islam, Prophet Muhammad and the Islamic prayer Azhan by wearing Muslim attire during a 'Purusha Kattuna' event on April 14th.
A video of the incident is reportedly circulating on various social media platforms. In the purported video, a group of individuals can be seen wearing traditional Muslim attire and allegedly insulting the Azan by dancing indecently during a 'Purusha Kattuna' (a ritualistic dance performed by men of different castes, typically marking the end of agricultural activities) event held in Peradi near Venoor.
This incident follows a similar episode reported just days ago during a Purushara Puja ceremony, where Islam was allegedly disrespected. A complaint had already been filed with the Venoor police regarding that incident.
Leaders from the Social Democratic Party of India (SDPI) had also approached the Venoor police and submitted an official complaint, and demanded immediate action against those who are responsible for creating unrest in the society by wearing Muslim attire and hurting religious sentiments.
The Venoor police have now registered a case following widespread outrage over the alleged video denigrating Islam.
