Stock markets muscle through intense volatility amid buying rush in heavyweights
Mumbai, Jul 4 (PTI): Benchmark indices Sensex and Nifty ended higher on Friday in a highly volatile trade amid a buying rush in banking and other bellwether stocks on the back of a rally in the US markets.
After oscillating between highs and lows in intra-day trade, the 30-share BSE Sensex ended 193.42 points or 0.23 per cent higher at 83,432.89. During the day, it hit a high of 83,477.86 and a low of 83,015.83, gyrating 462.03 points.
The 50-share NSE Nifty inched up by 55.70 points or 0.22 per cent to 25,461.
From the Sensex firms, Bajaj Finance, Infosys, Hindustan Unilever, ICICI Bank, HCL Tech, UltraTech Cement, Bajaj Finserv, State Bank of India, Tata Consultancy Services, Reliance Industries, Axis Bank and Larsen & Toubro were among the major gainers.
However, Trent, Tata Steel, Tech Mahindra and Maruti were among the laggards.
"The tone was negative in the first half; however, a decent recovery in heavyweight stocks pared all the losses as the day progressed, helping the index close near the day's high at the 25,461 level.
"With all eyes on the impending US-India trade deal as the tariff deadline approaches, participants are hopeful for a favourable outcome, which could provide the much-needed trigger for the next leg of the market up move," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
The BSE midcap gauge went up by 0.23 per cent and smallcap index climbed marginally by 0.17 per cent.
Among BSE sectoral indices, oil & gas jumped 1.26 per cent, energy (0.90 per cent), realty (0.87 per cent), IT (0.67 per cent), healthcare (0.64 per cent), BSE Focused IT (0.65 per cent) and teck (0.52 per cent).
Metal, telecommunication, auto, consumer discretionary and commodities were the laggards.
As many as 2,261 stocks advanced while 1,788 declined and 140 remained unchanged on the BSE.
"The Indian market is experiencing a pause as investors adopt a wait-and-watch strategy ahead of the impending US tariff deadline with mixed global cues. Ongoing FII outflows reflect a risk-off approach, while DII inflows are offering partial support.
"Following the recent rally, main indices are hovering near peak valuation levels, limiting further upside, which is highly dependent on Q1 earnings and details of the trade deal," Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled higher while South Korea's Kospi and Hong Kong's Hang Seng ended lower.
European markets were trading in the negative territory.
The US markets ended in the positive territory on Thursday.
Global oil benchmark Brent crude dropped 1.03 per cent to USD 68.03 a barrel.
Meanwhile, markets regulator Sebi has barred US-based Jane Street Group from the securities markets and directed the group to disgorge unlawful gains of Rs 4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment.
This could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (Sebi).
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,481.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,333.06 crore.
On Thursday, the Sensex dropped by 170.22 points or 0.20 per cent to settle at 83,239.47. The Nifty declined by 48.10 points or 0.19 per cent to 25,405.30.
"Indian equity markets opened on a flat note Friday as investors remained cautious ahead of a potential India–US trade agreement and digested regulatory action against a major global trading entity. Both indices dipped during mid-session but recovered to end on a positive note...," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
On the weekly front, the BSE benchmark gauge dropped 626.01 points or 0.74 per cent, and the Nifty declined 176.8 points or 0.68 per cent.
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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.”
