Stock markets rally: Sensex jumps 1,200 pts, Nifty reclaims 25K peak after 7 months
Mumbai, May 15 (PTI): Benchmark BSE Sensex soared by 1,200 points while NSE Nifty closed above the 25,000 mark for the first time in seven months on Thursday following across-the-board buying triggered by expectations of potential trade deal between India and the US.
Rising for the second day, the 30-share BSE Sensex jumped 1,200.18 points or 1.48 per cent to settle at a seven-month high of 82,530.74 with 29 of constituents ending higher.
The index moved in a range in the first half but picked up momentum in the afternoon session following sharp gains in banking, auto, IT and oil & gas shares. Sensex rallied 1,387.58 points or 1.70 per cent to hit a day's high of 82,718.14 in the second half of the session.
The NSE Nifty surged 395.20 points or 1.60 per cent to settle at a seven-month high of 25,062.10. The 50-issue index had closed above 25,000 on October 15, 2024, previously.
"The market staged a robust rebound, closing with substantial gains, driven by a decline in domestic inflation and positive signals from the US regarding a potential trade agreement with India," Vinod Nair, Head of Research, Geojit Investments said.
Rate-sensitive sectors such as automobiles and real estate led the rally, supported by upbeat industry forecasts, Nair said adding that investor attention is now turning to the upcoming speech by the Federal Reserve Chair, which is anticipated to provide further clarity on the future policy trajectory, particularly in light of the recent easing in U.S. inflation data.
US President Donald Trump on Thursday claimed that India has offered to drop all tariffs on American goods.
Among Sensex shares, Tata Motors was the biggest gainer climbing by over 4 per cent. HCL Tech, Adani Ports, Eternal, Maruti, Reliance Industries and Asian Paints were among the gainers. HDFC Bank, ICICI Bank, Bharti Airtel and Infosys added to the rally.
IndusInd Bank emerged as the only laggard.
Broader markets also closed higher with the BSE smallcap gauge climbing 0.94 per cent and midcap index by 0.67 per cent.
All sectoral indices ended higher, with realty surging 1.87 per cent, auto (1.86 per cent), services (1.85 per cent), industrials (1.62 per cent), metal (1.60 per cent), consumer discretionary (1.57 per cent) and commodities (1.51 per cent).
"While benchmark indices gyrated sharply in early trades, it quickly regained the lost momentum and rallied sharply thereafter on all-around buying support despite pessimism in European and other Asian bourses," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
As many as 2,639 stocks advanced while 1,325 declined and 150 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower. Markets in Europe were trading on a mixed note.
US markets ended on a mixed note on Wednesday.
Global oil benchmark Brent crude dropped 3.65 per cent to USD 63.68 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 931.80 crore on Wednesday, according to exchange data.
On Wednesday, the BSE Sensex climbed 182.34 points or 0.22 per cent to settle at 81,330.56. The Nifty rose by 88.55 points or 0.36 per cent to 24,666.90.
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Beauty of democracy: Tharoor congratulates BJP on civic body poll win in his constituency
New Delhi (PTI): Congress leader Shashi Tharoor on Saturday, while lauding the win of the UDF in Kerala local bodies elections, also congratulated the BJP for its historic performance in his Thiruvananthapuram constituency, calling it the "beauty of democracy".
In a post on X, he said the people's verdict must be respected, whether for the UDF overall or for the BJP in his constituency.
"What a day of amazing results in the Kerala local self-government elections! The mandate is clear, and the democratic spirit of the state shines through.
"A huge congratulations to @UDFKerala for a truly impressive win across various local bodies! This is a massive endorsement and a powerful signal ahead of the state legislative elections. Hard work, a strong message and anti-incumbency have all clearly paid off to achieve a much better result than in 2020," Tharoor said.
He said he also acknowledges the historic performance of the BJP in Thiruvananthapuram, and "offer humble congratulations on their significant victory in the city corporation - a strong showing that marks a notable shift in the capital's political landscape."
Tharoor said he campaigned for a change from 45 years of the LDF "misrule", but the voters have ultimately rewarded another party that also sought a clear change in governance.
"That is the beauty of democracy. The people's verdict must be respected, whether for the UDF overall or for the BJP in my constituency.
"We will continue to work for the betterment of Kerala, advocating for the people's needs and upholding the principles of good governance. Onwards and upwards!" Tharoor, who is the MP from Thiruvananthapuram, said.
The lotus bloomed in the state capital as the BJP-led NDA achieved a resounding win in the polls for the Thiruvananthapuram Corporation, snatching it from the CPI(M)-led LDF and marking an end to 45 years of continuous Left rule in the local body.
The win in the Thiruvananthapuram Corporation will act as a boost for the BJP in the 2026 Assembly polls, especially in the state capital.
Of the 101 wards in the Thiruvananthapuram Corporation, the BJP won 50, LDF 29, UDF 19 and two wards were won by independent candidates.
The BJP is one seat short of a decisive majority in the corporation.
Besides this, the NDA retained the Palakkad municipality after a close battle with the Congress-led UDF and wrested the Thrippunithura Municipality from the grand old party.
In Thrissur, from where Suresh Gopi won in the Lok Sabha polls last year, the BJP won 18 out of the 46 wards in Kodungallur Municipality, eight in Thrissur Corporation, two each in Guruvayoor and Vadakkancherry municipalities, seven in Kunnamkulam Municipality, six in Irinjalakuda Municipality and one in Chalakudy Municipality.
