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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Samrat Samprati Museum's message important for world facing instability & unrest: PM Modi
Gandhinagar (PTI): Prime Minister Narendra Modi on Tuesday said the newly built Samrat Samprati Museum in Gujarat sends a strong message of peace and non-violence at a time when the world is "engulfed in the flames of instability and unrest".
Referring to the current global situation, Modi said the legacy and message of the museum are significant not just for India but for humanity.
"We are correcting the mistakes of previous governments, which failed to preserve valuable manuscripts," he said after inaugurating the museum located on Shri Mahavir Jain Aradhana Kendra campus at Koba village near Gandhinagar on the occasion of Mahavir Jayanti.
"Given the current global scenario - the way the world is being scorched in the fires of instability and unrest - the legacy and message of this museum hold immense significance," he said.
The museum reflects India's core strength of diversity and unity, bringing together traditions such as the Vedas, Puranas, Ayurveda, Yoga and other philosophical streams, he noted.
"This is something that could happen only in India," he added.
The museum is named after Samrat Samprati Maharaj (224-215 BC), the grandson of Samrat Ashoka and a Mauryan ruler known for propagating Jainism and the principle of non-violence.
Highlighting the concept behind the museum, the prime minister said Samrat Samprati represents the link between philosophy and governance.
"Samrat Samprati is not merely the name of a historical king. He serves as a bridge that connects India's philosophy with its practice," he said.
The museum preserves this legacy and has been designed to showcase India's identity at every step, Modi noted. He pointed to its seven galleries, saying they "proclaim India's diversity and cultural richness".
Referring to preservation of heritage, Modi said India had lost a vast treasure of knowledge in the past when ancient centres of learning like Takshashila and Nalanda were destroyed by foreign invaders.
Valuable manuscripts were burnt by invaders, leading to an immense heritage of humanity being lost, he pointed out.
In later years, people protected whatever remained by passing manuscripts from one generation to another, the PM said.
However, after Independence, the responsibility of preserving such knowledge was not taken up seriously by earlier governments, he said.
"After Independence, this should have been a national priority. Regrettably, due to a colonial mindset, no attention was paid to this vital cause," he said, in an apparent reference to Congress-led governments before 2014.
Modi credited saints and scholars for preserving India's heritage, mentioning the efforts of Jain seers who travelled across the country to collect manuscripts over decades. He said lakhs of manuscripts written on palm leaves and bark have now been preserved.
"We are today rectifying the mistakes committed by previous governments, which had neglected these manuscripts," he said.
The PM also said his government has launched the 'Gyan Bharatam Mission' to preserve and digitise ancient manuscripts using modern technology.
"Under this mission, manuscripts are being digitised, scientifically preserved and archived. People are also uploading manuscripts kept in their personal custody," he informed.
The initiative would help collect scattered manuscripts from across the country and make them accessible for future generations, he said.
Modi said the government is making large-scale efforts to promote India's cultural heritage globally, including restoration of temples, development of pilgrimage sites and promotion of traditional knowledge systems like Ayurveda and Yoga.
He also cited projects such as the upcoming maritime museum at Lothal and plans for a national museum in Delhi to present India's history comprehensively.
Taking a swipe at previous regimes, Modi said earlier efforts to present history were influenced by political considerations.
"You may recall that in the past, such endeavours were often viewed through a political lens. Everything revolved around setting a specific narrative for a particular political family," he said, in an apparent reference to the Gandhi-Nehru family.
"We have put an end to this mindset," the PM said, adding the government is working with the vision of 'Sabka Saath, Sabka Vikas'.
Modi also called for encouraging students and researchers from across the world to visit the museum and carry India's message of non-violence and knowledge globally.
"When we rise above personal aspirations and work for the nation, the pace of progress increases," he stressed.
The museum houses rare artefacts, ancient manuscripts and sculptures spread across seven galleries, offering a glimpse into India's spiritual and cultural legacy, a release by the Jain Aradhana Kendra said.
It showcases centuries-old Jain art, including stone and metal idols, illustrated manuscripts, coins and traditional artefacts, while also using modern audio-visual technology to create an immersive experience for visitors.
