Sensex jumps over 1,100 points; reclaims 75k-mark on firm global markets
Mumbai, Mar 18 (PTI): The BSE benchmark index Sensex jumped 1,131 points to revisit the 75,000 level on Tuesday, and the NSE Nifty surged 1.45 per cent, tracking a bullish trend in global equities and intense buying in market majors ICICI Bank, L&T and M&M counters.
Besides, lower crude oil prices in the international markets and a weak dollar against major currencies overseas also bolstered sentiment, traders said.
Rising for the second day on the trot, the 30-share BSE Sensex jumped 1,131.31 points or 1.53 per cent to settle at 75,301.26. During the day, it soared 1,215.81 points or 1.63 per cent to 75,385.76.
As many as 2,815 stocks advanced while 1,221 declined and 123 remained unchanged on the BSE.
The NSE Nifty surged 325.55 points or 1.45 per cent to 22,834.30.
"Buoyancy across global equities boosted the confidence of local investors, which translated into value buying across the sectors. As markets were in a bearish mode over the past few weeks and valuations had become a bit attractive, investors seized opportunity in the beaten-down sectors.
"But the recovery would be difficult to hold on due to global challenges and fears of slowing domestic growth due to Trump's threat to impose tariffs on key economies including India," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In the Sensex pack, Zomato emerged as the biggest gainer with over 7 per cent jump, followed by ICICI Bank, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, Asian Paints, Titan, Kotak Mahindra Bank and State Bank of India were among the gainers.
In contrast, Bajaj Finserv, Bharti Airtel, Tech Mahindra and Reliance Industries were the laggards.
Shares of Bajaj Finserv declined over 1 per cent after the financial services firm signed share purchase agreements to acquire a 26 per cent stake owned by Allianz SE of Germany in its insurance businesses Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
The BSE small-cap gauge soared 2.73 per cent, and the midcap index jumped 2.10 per cent.
"Broad-based buying across all sectors elevated investor sentiment, pushing all sectoral indices into positive territory. The Nifty Media, Realty, and Financial Services sectors led the charge, each advancing by more than 3 per cent," Devarsh Vakil, Head of Prime Research, HDFC Securities, said.
All BSE sectoral indices ended higher, where realty surged 2.95 per cent, industrials (2.79 per cent), consumer discretionary (2.76 per cent), capital goods (2.44 per cent), auto (2.42 per cent), power (2.27 per cent), financial services (2.09 per cent) and bankex (1.98 per cent).
Among Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.
European equity markets were trading with gains. US markets ended higher on Monday.
"The benchmarks witnessed a strong recovery, driven by favourable global trends and domestic tailwinds. Improved retail sales data from the US and China boosted investor confidence, while mid and small-cap stocks outperformed, with all major sectors registering gains.
"The anticipated rebound in domestic earnings, along with a recent decline in the dollar index and lower crude prices, is expected to support this recovery," Vinod Nair, Head of Research, Geojit Financial Services, said.
However, continued FII outflows, driven by higher risk-free rates and the appeal of markets like China, along with tariff uncertainties, keep investors cautious during this phase, he added.
Global oil benchmark Brent crude climbed 1.48 per cent to USD 72.12 a barrel.
Foreign institutional investors (FIIs) offloaded equities worth Rs 4,488.45 crore on Monday, while Domestic Institutional Investors (DII) bought worth Rs 6,000.60 crore, according to exchange data.
The Sensex climbed 341.04 points or 0.46 per cent to settle at 74,169.95 on Monday, snapping its five-day losing run. The Nifty rose by 111.55 points or 0.50 per cent to 22,508.75.
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Eggs safe for consumption, cancer risk claims unfounded: FSSAI
New Delhi (PTI): The Food Safety and Standards Authority of India (FSSAI) has categorically dismissed recent claims linking eggs to cancer risk, terming them "misleading, scientifically unsupported and capable of creating unnecessary public alarm".
In a statement issued on Saturday, the food safety regulator clarified that eggs available in the country are safe for human consumption and that reports alleging the presence of carcinogenic substances in eggs lack a scientific basis.
The clarification comes in response to media reports and social media posts claiming detection of nitrofuran metabolites (AOZ) -- substances purportedly linked to cancer -- in eggs sold in India.
FSSAI officials emphasised that the use of nitrofurans is strictly prohibited at all stages of poultry and egg production under the Food Safety and Standards (Contaminants, Toxins and Residues) Regulations, 2011.
The regulator explained that an Extraneous Maximum Residue Limit (EMRL) of 1.0 µg/kg has been prescribed for nitrofuran metabolites -- but solely for regulatory enforcement purposes. This limit represents the minimum level that can be reliably detected by advanced laboratory methods and does not indicate that the substance is permitted for use.
"Detection of trace residues below the EMRL does not constitute a food safety violation nor does it imply any health risk," an FSSAI official said.
FSSAI said India's regulatory framework is aligned with international practices. The European Union and the United States also prohibit the use of nitrofurans in food-producing animals and employ reference points for action or guideline values only as enforcement tools.
Differences in numerical benchmarks across countries reflect variations in analytical and regulatory approaches, not differences in consumer safety standards, the authority noted.
On public health concerns, FSSAI cited scientific evidence indicating that there is no established causal link between trace-level dietary exposure to nitrofuran metabolites and cancer or other adverse health outcomes in humans.
"No national or international health authority has associated normal egg consumption with increased cancer risk," the regulator reiterated.
Addressing reports related to the testing of a specific egg brand, officials explained that such detections are isolated and batch-specific, often arising from inadvertent contamination or feed-related factors, and are not representative of the overall egg supply chain in the country.
"Generalising isolated laboratory findings to label eggs as unsafe is scientifically incorrect," the statement said.
FSSAI urged consumers to rely on verified scientific evidence and official advisories, reiterating that eggs remain a safe, nutritious, and valuable component of a balanced diet when produced and consumed in compliance with food safety regulations.
