Stock markets rally for 4th day; Sensex climbs nearly 371 points on GST reform bid
Mumbai, Aug 19 (PTI): Rising for the fourth consecutive day, benchmark stock indices Sensex and Nifty closed higher on Tuesday following gains in oil major Reliance Industries and Tata Motors amid prevailing optimism over sweeping GST reforms and easing geopolitical worries.
The 30-share BSE Sensex jumped by 370.64 points or 0.46 per cent to settle at 81,644.39. During the day, it spurted by 482.13 points or 0.59 per cent to 81,755.88.
The 50-share NSE Nifty climbed 103.70 points or 0.42 per cent to 24,980.65.
Optimism prevailed in the market, buoyed by plans for big bang reforms in the GST regime by Diwali and easing geopolitical worries, analysts said.
Among Sensex firms, Tata Motors rose the most by 3.5 per cent while Adani Ports gained 3.16 per cent. Reliance Industries rose by 2.82 per cent. Eternal, Tech Mahindra, Kotak Mahindra Bank, Hindustan Unilever and Maruti were also among the gainers.
However, Bajaj Finserv, Power Grid, Mahindra & Mahindra and HCL Tech were among the laggards.
"The national market continued the renewed momentum, buoyed by expectations of GST rationalisation and a recent upgrade in India's credit rating. Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the near-term outlook from consolidation to a more constructive stance," Vinod Nair, Head of Research, Geojit Investments, said.
The BSE midcap and smallcap indices jumped 0.97 per cent each.
All BSE sectoral indices ended higher. Oil & Gas climbed 1.49 per cent, followed by energy (1.48 per cent), auto (1.45 per cent), consumer discretionary (1.25 per cent), services (1.12 per cent) and telecommunication (1.04 per cent).
As many as 2,630 advanced while 1,437 declined and 165 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite and Hong Kong's Hang Seng settled lower.
Markets in Europe were trading higher. The US markets ended on a flat note on Monday.
Global oil benchmark Brent crude declined 0.93 per cent to USD 65.98 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 550.85 crore on Monday, according to exchange data.
On Monday, the Sensex jumped 676.09 points or 0.84 per cent to settle at 81,273.75. The Nifty climbed 245.65 points or 1 per cent to end at 24,876.95.
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Jai Bhim: Slogan that energised Dalits was first given at this central Maharashtra village
Chhatrapati Sambhajinagar (PTI): 'Jai Bhim': These two words have come to symbolise the awakening and empowerment of the Dalit community in independent India, but not many people know how it originated.
The slogan, which also encapsulates the immense reverence in which Dr Bhimrao Ramji Ambedkar is held, was first raised at the Makranpur Parishad, a conference organised at Makranpur village in Kannad teshil of today's Chhatrapati Sambhajinagar district in Maharashtra.
Ambedkar, the chief architect of India's Constitution, died on December 6, 1956.
Bhausaheb More, the first president of the Scheduled Castes Federation of Marathwada, organised the first Makranpur Parishad on December 30, 1938.
Dr Ambedkar spoke at the conference and asked the people not to support the princely state of Hyderabad under which much of central Maharashtra then fell, said Assistant Commissioner of Police Pravin More, Bhausaheb's son.
"When Bhausaheb stood up to speak, he said every community has its own deity and they greet each other using the name of that deity. Dr Ambedkar showed us the path of progress, and he is like God to us. So henceforth, we should say 'Jai Bhim' while meeting each other. The people responded enthusiastically. A resolution accepting 'Jai Bhim' as the community's slogan was also passed," More told PTI.
"My father came in contact with Dr Babasaheb Ambedkar in his early years. Bhausaheb was aware of the atrocities the Nizam state committed on Dalits. He told Ambedkar about these atrocities, including the pressure to convert. Dr Ambedkar was strongly against these atrocities, and he decided to attend the 1938 conference," he said.
As Ambedkar was against the princely states, he was banned from giving speeches in the Hyderabad state but was allowed to travel through its territories. The Shivna river formed the border between Hyderabad and British India. Makranpur was chosen as the venue for the first conference because it was on the banks of Shivna but lay in the British territory, ACP More said.
The stage made of bricks, from where Dr Ambedkar addressed the conference, still stands. The conference is organised on December 30 every year to carry forward Ambedkar's thought, and the tradition was not discontinued even in 1972 when Maharashtra experienced one of the worst droughts in it history.
"My grandmother pledged her jewellery for the conference expenses. People from Khandesh, Vidarbha and Marathwada attended it. Despite a ban imposed by the Nizam's police, Ambedkar's followers crossed the river to attend the event," said ACP More.
"This is the 87th year of Makranpur Parishad. We have deliberately retained the venue as it helps spread Ambedkar's thought in rural areas," he added.
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