Stock markets close higher on buying in Reliance, HDFC Bank
Mumbai, Jul 1 (PTI): Benchmark stock indices Sensex and Nifty closed higher in a range-bound trade on Tuesday, helped by gains in index heavyweight Reliance Industries and HDFC Bank.
The 30-share BSE Sensex rose by 90.83 points or 0.11 per cent to settle at 83,697.29 with 13 of its constituents closing higher and 17 in the red. During the day, it rallied 267.83 points or 0.32 per cent to 83,874.29.
The 50-share NSE Nifty gained 24.75 points or 0.10 per cent to close at 25,541.80.
Among Sensex firms, Bharat Electronics was the lead gainer, rising by 2.51 per cent after the company announced securing orders worth Rs 528 crore.
Reliance Industries advanced 1.84 per cent as analysts expressed optimism over the launch of a solar manufacturing facility.
Asian Paints, UltraTech Cement, Kotak Mahindra Bank and HDFC Bank were also among the major gainers.
Axis Bank, Trent, Eternal and Tech Mahindra were among the laggards.
"Markets traded lacklustre and ended almost unchanged, taking a breather after Monday’s decline. Following an initial uptick, the Nifty moved in a narrow range and eventually settled at 25,541.80. Buoyancy in global markets—especially the US—along with stable domestic cues suggests that the prevailing trend is likely to continue," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE smallcap gauge dipped 0.18 per cent and midcap index dipped 0.07 per cent.
Among BSE sectoral indices, telecommunication rose by 0.52 per cent, energy by 0.46 per cent, consumer durables by 0.43 per cent and metal by 0.30 per cent.
FMCG declined 0.68 per cent, power (0.41 per cent), utilities (0.32 per cent), IT (0.24 per cent) and BSE Focused IT (0.25 per cent).
As many as 2,025 stocks advanced while 1,985 declined and 154 remained unchanged on the BSE.
"Domestic indices traded within a narrow range, following last week's strong rally. Investors are closely monitoring developments, seeking clarity on U.S. tariffs as the 90-day pause approaches its end," Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index settled in the positive territory while Japan's Nikkei 225 index ended lower. Markets in Hong Kong were closed. European markets were trading mostly lower.
The US markets ended higher on Monday.
Global oil benchmark Brent crude dipped 0.22 per cent to USD 66.56 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 831.50 crore on Monday, according to exchange data.
On Monday, the Sensex dropped 452.44 points or 0.54 per cent to settle at 83,606.46. The Nifty declined 120.75 points or 0.47 per cent to 25,517.05.
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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.”
