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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Chartered Speed, EKA Mobility to deploy 1,750 electric buses in Bengaluru
Bengaluru (PTI): Chartered Speed Limited and EKA Mobility on Wednesday secured a Letter of Confirmation of Quantity for the deployment of 1,750 electric buses here, officials said.
The development marks a significant milestone in strengthening sustainable public electric transport infrastructure in one of India’s major metropolitan regions.
According to Chartered Speed Limited, a leading player in passenger bus mobility services, the allocation accounts for nearly 39 per cent of Bengaluru’s planned induction of 4,500 electric buses under the PM E-Drive Scheme, underscoring the company’s role in advancing the city’s public transport electrification efforts.
Bengaluru has emerged as one of India’s leading cities in electric public transport adoption, with the Bengaluru Metropolitan Transport Corporation steadily expanding its electric bus network in line with Karnataka’s clean mobility vision and the Centre’s decarbonisation roadmap, the company said in a statement.
Emphasising that safety remains a core pillar of its EV operations, Chartered Speed Limited said it follows structured safety protocols, including preventive maintenance, battery health monitoring, and specialised driver training to ensure reliable and commuter-focused services.
The partnership combines Chartered Speed’s operational expertise with EKA Mobility’s electric vehicle manufacturing and technology capabilities to deliver accessible and dependable urban transport solutions for Bengaluru commuters, it added.
"Bengaluru is a key mobility hub in India, and electric buses are central to efforts to build a cleaner and more efficient public transport system," said Sanyam Gandhi, Whole-Time Director, Chartered Speed Limited.
"As an early adopter of e-mobility, we aim to convert around 25 per cent of our fleet to electric by fiscal 2027, supported by strong infrastructure investments to deliver commuter-centric services with lasting socio-economic impact," he added.
