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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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
