Stock markets rally in early trade tracking firm global peers, fresh foreign fund inflows
Mumbai (PTI): Equity benchmark indices Sensex and Nifty were trading higher in early trade on Thursday, mirroring a rally in global equity markets with fresh foreign fund inflows also adding to the optimistic trend.
The 30-share BSE Sensex climbed 284.49 points to hit its 52-week high of 85,470.96 in early trade. The 50-share NSE Nifty went up by 83.35 points to 26,136 -- its 52-week peak.
From the Sensex firms, Adani Ports, Reliance Industries, Tata Motors Passenger Vehicles, Axis Bank, Mahindra & Mahindra and Power Grid were among the gainers.
However, HCL Tech, Tech Mahindra, ICICI Bank and Maruti were among the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading higher. The Kospi and the Nikkei 225 index were trading over 3 per cent higher.
US markets ended in positive territory on Wednesday.
"Global markets continue to offer a steady and supportive backdrop for India, with no fresh negative triggers emerging overnight. US equities ended firmly in the green, led by a sharp rebound in technology shares after Nvidia's strong earnings guidance reignited optimism across AI and semiconductor-linked sectors. All three major indices — the S&P 500, Dow Jones, and Nasdaq — posted healthy gains," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Foreign institutional investors (FIIs) turned buyers on Wednesday. They bought equities worth Rs 1,580.72 crore in the previous trade, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 1,360.27 crore on Wednesday.
Brent crude, the global oil benchmark, climbed 0.27 per cent to USD 63.68 per barrel.
On Wednesday, the Sensex jumped 513.45 points or 0.61 per cent to settle at 85,186.47. The Nifty climbed 142.60 points or 0.55 per cent to 26,052.65.
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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.”
