Sensex rises 419 pts to close above 81k level on gains in metal, auto shares
Mumbai, Aug 4 (PTI): Benchmark BSE Sensex rose by nearly 419 points to close above the 81,000 level on Monday following gains in metal, commodities and auto shares amid a firm trend in global markets.
Snapping the two-day falling streak, the 30-share Sensex gained 418.81 points or 0.52 per cent to settle at 81,018.72 with 26 of its constituents ending higher and four down. During the day, it climbed 493.28 points or 0.61 per cent to hit an intraday high of 81,093.19.
The 50-share NSE Nifty jumped by 157.40 points or 0.64 per cent to close at 24,722.75. In the intraday session, it rose 169.3 points or 0.6 per cent to hit a high of 24,734.65
Among Sensex firms, Tata Steel was the lead gainer, humping by 4.31 per cent. BEL, Adani Ports, Tata Consultancy Services, Tech Mahindra, Bharti Airtel, HCL Technologies, Trent, Mahindra & Mahindra, Reliance Industries, UltraTech Cement and Larsen & Toubro were the major gainers.
However, Power Grid, HDFC Bank, ICICI Bank, Hindustan Unilever were among the laggards.
"The domestic equity market edged higher, supported by strong performance in the metal and auto sectors. A weakening US Dollar, along with robust monthly auto sales and encouraging quarterly results from leading automakers, helped renew investor interest in these sectors.
"The Q1 earnings summary indicates that consumption-driven companies are benefiting from a rebound in volume demand. Meanwhile, rising unemployment and slower job creation in the US have reinforced expectations of a potential Fed rate cut. However, there still remains room for caution due to high US tariffs," Vinod Nair, Head of Research, Geojit Investments, said.
The BSE smallcap gauge rose 0.76 per cent and the midcap index by 1.11 per cent
Among sectoral indices, metal rose by 2.58 per cent, realty by 1.88 per cent, commodities by 1.79 per cent, services by 1.74 per cent, auto by 1.54 per cent, focussed IT by 1.48 per cent, teck by 1.46 per cent and IT by 1.38 per cent.
FMCG and Bankex were the only laggards.
"Markets started the week on a positive note, gaining over half a percent amid mixed cues. Despite a weak handover from the US markets, the Nifty opened slightly in the green and gradually moved higher throughout the session, eventually settling near the day’s high at 24,722.75. Sector-wise, most indices contributed to the rebound, with metals, realty, and auto emerging as the top gainers.
"The broader markets also found some relief after the recent correction, as both the midcap and smallcap indices posted gains of nearly 1.5 per cent," Ajit Mishra – SVP, Research, Religare Broking, said.
In Asian markets, Hong Kong's Hang Seng, South Korea's Kospi and Shanghai's SSE Composite index closed in the positive territory while Japan's Nikkei 225 index in the red territory.
Markets in Europe were trading in the green. The US markets ended in negative territory on Friday.
Global oil benchmark Brent crude declined 1.15 per cent to USD 68.87 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,366.40 crore on Friday, according to exchange data.and the 50-share NSE Nifty declined 203 points to close at 24,565.35.
The rupee depreciated 52 paise to close at 87.70 (provisional) against the US dollar on Monday, as sustained foreign fund outflows and trade tariff uncertainties dented investors' sentiment.
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Jai Bhim: Slogan that energised Dalits was first given at this central Maharashtra village
Chhatrapati Sambhajinagar (PTI): 'Jai Bhim': These two words have come to symbolise the awakening and empowerment of the Dalit community in independent India, but not many people know how it originated.
The slogan, which also encapsulates the immense reverence in which Dr Bhimrao Ramji Ambedkar is held, was first raised at the Makranpur Parishad, a conference organised at Makranpur village in Kannad teshil of today's Chhatrapati Sambhajinagar district in Maharashtra.
Ambedkar, the chief architect of India's Constitution, died on December 6, 1956.
Bhausaheb More, the first president of the Scheduled Castes Federation of Marathwada, organised the first Makranpur Parishad on December 30, 1938.
Dr Ambedkar spoke at the conference and asked the people not to support the princely state of Hyderabad under which much of central Maharashtra then fell, said Assistant Commissioner of Police Pravin More, Bhausaheb's son.
"When Bhausaheb stood up to speak, he said every community has its own deity and they greet each other using the name of that deity. Dr Ambedkar showed us the path of progress, and he is like God to us. So henceforth, we should say 'Jai Bhim' while meeting each other. The people responded enthusiastically. A resolution accepting 'Jai Bhim' as the community's slogan was also passed," More told PTI.
"My father came in contact with Dr Babasaheb Ambedkar in his early years. Bhausaheb was aware of the atrocities the Nizam state committed on Dalits. He told Ambedkar about these atrocities, including the pressure to convert. Dr Ambedkar was strongly against these atrocities, and he decided to attend the 1938 conference," he said.
As Ambedkar was against the princely states, he was banned from giving speeches in the Hyderabad state but was allowed to travel through its territories. The Shivna river formed the border between Hyderabad and British India. Makranpur was chosen as the venue for the first conference because it was on the banks of Shivna but lay in the British territory, ACP More said.
The stage made of bricks, from where Dr Ambedkar addressed the conference, still stands. The conference is organised on December 30 every year to carry forward Ambedkar's thought, and the tradition was not discontinued even in 1972 when Maharashtra experienced one of the worst droughts in it history.
"My grandmother pledged her jewellery for the conference expenses. People from Khandesh, Vidarbha and Marathwada attended it. Despite a ban imposed by the Nizam's police, Ambedkar's followers crossed the river to attend the event," said ACP More.
"This is the 87th year of Makranpur Parishad. We have deliberately retained the venue as it helps spread Ambedkar's thought in rural areas," he added.
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