Sensex scales Mount 83K, Nifty closes at record high in late blue-chips rally
Mumbai, Sep 12: Benchmark Sensex hit the historic 83,000 level for the first time on Thursday and the Nifty settled at a lifetime high in a late rally in blue-chip shares, surge in global markets and foreign fund inflows.
A sharp fag-end rally drove the 30-share BSE Sensex to the 83,000 level for the first time. The barometer surged 1,593.03 points or 1.95 per cent to hit its lifetime intra-day peak of 83,116.19 in the last hour of trade. The index closed at a record high of 82,962.71, up by 1,439.55 points or 1.77 per cent.
The NSE Nifty surged 470.45 points or 1.89 per cent to settle at a record closing high of 25,388.90. The benchmark hit its fresh all-time intra-day high of 25,433.35, a jump of 514.9 points or 2 per cent. Nifty and Sensex opened higher and traded in a range till late afternoon trade.
"The bulls took charge towards the end of the day and lifted the indices to a new high, mirroring the bullish global trend. The rate-cut optimism across the globe (ECB & US Fed) has provided a positive impetus to the global market," said Vinod Nair, Head of Research, Geojit Financial Services.
Among the 30 Sensex firms, Bharti Airtel, NTPC, JSW Steel, Mahindra & Mahindra, Adani Ports, Tech Mahindra, Larsen & Toubro, Tata Steel, State Bank of India and Kotak Mahindra Bank were the biggest gainers.
Nestle emerged as the only laggard from the blue-chip pack.
While the session remained subdued for the most part, strong buying in heavyweight stocks across sectors propelled the indices sharply upward in the final hours, Ajit Mishra - SVP, Research, Religare Broking Ltd.
In the broader market, the BSE midcap gauge jumped 1.32 per cent and the smallcap index climbed 0.79 per cent.
All indices ended in the positive territory. Metal surged 3.05 per cent, telecommunication (2.61 per cent), power (2.02 per cent), auto (1.99 per cent), utilities (1.93 per cent) and commodities (1.85 per cent).
A total of 2,335 stocks advanced while 1,612 declined and 122 remained unchanged on the BSE.
Also, 278 stocks hit their 52-week highs while 36 declined to their 52-week lows.
In Asian markets, Seoul, Tokyo and Hong Kong settled with significant gains while Shanghai ended marginally lower.
European markets were trading higher. Wall Street ended with sharp gains on Wednesday.
"Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9 per cent earlier.
"This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2 per cent the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,755 crore on Wednesday, according to exchange data.
FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.
Global oil benchmark Brent crude climbed 1.39 per cent to USD 71.59 a barrel.
The BSE benchmark dropped 398.13 points or 0.49 per cent to settle at 81,523.16 on Wednesday. The NSE Nifty declined 122.65 points or 0.49 per cent to 24,918.45.
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Ready to face no-confidence motion, says Karnataka CM Siddaramaiah
Hassan (Karnataka) (PTI): Karnataka Chief Minister Siddaramaiah on Saturday said that the Congress government led by him was ready to face the no-confidence motion if moved by the opposition during the legislature session from December 8.
With Deputy CM D K Shivakumar by his side, he reiterated that they would both abide by the high command's decision on the leadership issue.
"Let them (opposition) bring in a no-confidence motion or adjournment motion or any other motion. We are ready to face it. Ours is an open book, transparent government. We are ready to face anything," Siddaramaiah said in response to a question.
However, BJP state President B Y Vijayendra and Leader of Opposition in the Legislative Assembly R Ashoka, clarified that the party, along with the JD(S) has not discussed or decided anything so far regarding moving a no-confidence motion against the government.
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The winter session of the Karnataka legislature will begin in Belagavi, bordering Maharashtra, on December 8 and will go on till 19th of this month.
Not wanting to react to a question on the leadership issue, the CM said the Congress high command is very strong.
"D K Shivakumar and I will be committed to whatever the high command decides," he said.
Earlier in the day in Bengaluru, Shivakumar accompanied AICC Mallikarjun Kharge till airport from Vidhana Soudha, after paying tributes to B R Ambedkar on his 69th death anniversary, which had led to some speculation about possible discussion between the two on the leadership issue.
The power tussle within the ruling party had intensified amid speculation about a change in chief minister in the state, after the Congress government reached the halfway mark of its five-year term on November 20.
However, both the CM and Deputy CM had recently held breakfast meetings at each others residences, on the instructions of the high command, which is seen as a move to pause the leadership tussle between the two and to signal Siddaramaiah's continuation as the CM for the time being, especially ahead of the Belagavi legislature session.
