Sensex hits record peak of 40,435; Nifty nears 12,000
Mumbai: Market benchmark BSE Sensex rallied over 269 points to hit its intra-day peak of 40,434.83 in early trade on Monday led by gains in ICICI Bank, RIL, ITC, TCS and HDFC Bank amid positive global cues and unabated foreign fund inflow.
Similarly, the broader NSE Nifty advanced 75.85 points to 11,966.45, inching closed to the 12,000 mark.
Top gainers in the Sensex pack included Vedanta, Tata Steel, ICICI Bank, Tata Motors, SBI, HCL Tech, Sun Pharma and Bharti Airtel, rising up to 3.20 per cent.
On the other hand, Yes Bank, Infosys, Hero MotoCorp, Bajaj Auto and HUL fell up to 4.80 per cent.
In the previous session, the 30-share Sensex settled 35.98 points, or 0.09 per cent, higher at 40,165.03. The Nifty advanced 13.15 points, or 0.11 per cent, to close at 11,890.60.
Foreign institutional investors (FIIs) purchased a Rs 533.37 crore in the capital market, on Friday, while domestic institutional investors sold shares worth Rs 136.50 crore, data available with stock exchange showed.
According to experts, better liquidity from FIIs and mutual funds will maintain a positive sentiment in the market given de-escalation in geopolitical risks and focus on upcoming reforms to revive growth.
Globally, bourses in Shanghai, Hong Kong and Seoul were trading higher on optimism over the US-China trade deal after China's commerce ministry on Saturday announced that top Chinese and US trade negotiators "reached consensus on principles".
Indices in Tokyo, however, were in the red.
Shares on Wall Street too ended higher after data showing the US economy continued to add jobs at a steady clip despite turbulence from the trade war with China.
On the currency front, the rupee appreciated 16 paise against the US dollar to trade at 70.65 in early session. Brent futures, the global oil benchmark, fell 0.53 per cent to USD 61.36 per barrel.
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TN CM Vijay calls fuel price hike ‘unacceptable’, seeks rollback
Chennai (PTI): Tamil Nadu Chief Minister C Joseph Vijay on Friday slammed the increase of Rs 3 per litre in petrol and diesel prices, calling it "unacceptable", and demanded its immediate rollback, claiming the revision would affect various sections of society.
He said oil marketing companies do not reduce prices in line with global crude price trends and "take the profits".
"Union government oil marketing companies have increased the price of petrol and diesel by Rs 3 per litre. This is not acceptable," Vijay said in a statement.
The hike has been effected after the "five-state polls" (four states and one union territory), he added.
This price rise will largely affect the income of the poor and middle class using two-wheelers and small vehicles, as well as others dependent on vehicles for their livelihood, the CM said.
It will ultimately result in an increase in the prices of daily commodities and also "affect the purchasing power of the poor," he added.
Citing the chain effect of the price revision, such as increased input costs for small units, he said it could lead to a "slowdown" in the market and exports.
"Therefore, I urge the union government to immediately roll back the price hike that will affect the poor and middle-class people and SMEs," Vijay added.
Global crude oil prices have surged more than 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran’s subsequent retaliation, which disrupted energy flows through the Strait of Hormuz, a key artery for global oil shipments.
Petrol and diesel prices are now at their highest level since May 2022.
