Sensex, Nifty close marginally up after scaling record highs
Mumbai (PTI): Benchmark stock indices Sensex and Nifty scaled fresh lifetime highs in intra-day trade on Thursday before paring some gains to close marginally higher amid positive global trends on growing hopes of a US Fed rate cut and foreign fund inflows.
Rising for the second day, the 30-share BSE Sensex climbed 110.87 points or 0.13 per cent to settle at 85,720.38. During the day, it hit a record high of 86,055.86, reflecting a jump of 446.35 points or 0.52 per cent. However, profit-taking by investors in the second half dragged the index from record high levels.
The earlier lifetime high of the benchmark was 85,978.25, hit on September 27, 2024.
The 50-share NSE Nifty ended marginally higher by 10.25 points or 0.04 per cent at 26,215.55. During the day, the benchmark rallied 105.15 points or 0.40 per cent to hit an all-time high of 26,310.45. The broader index had earlier scaled its record intra-day high of 26,277.35 on September 27, 2024.
Among Sensex firms, Bajaj Finance, ICICI Bank, Hindustan Unilever, Bajaj Finserv, HCL Tech and HDFC Bank were the major gainers.
However, Maruti, Eternal, UltraTech Cement and State Bank of India were among the laggards.
"Indian markets steadied after a volatile session where both the Nifty and Sensex briefly touched record highs before profit booking ensued," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled in positive territory.
Equity markets in Europe were trading marginally lower. US markets ended higher on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,778.03 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) also purchased stocks worth Rs 6,247.93 crore in the previous trade.
"Indian markets soared to record highs on Thursday, lifted by a sharp improvement in global risk appetite amid rising expectations of an interest-rate cut by the US Federal Reserve. The upbeat sentiment across global equities provided a strong tailwind for domestic markets," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
The BSE smallcap gauge dipped 0.38 per cent and midcap ended marginally down by 0.01 per cent.
BSE Financial Services climbed 0.31 per cent, followed by BSE Focused IT (0.24 per cent), IT (0.20 per cent), bankex (0.15 per cent) and teck (0.03 per cent).
Realty dropped 0.76 per cent, energy (0.55 per cent), consumer discretionary (0.48 per cent), capital goods (0.48 per cent) and consumer durables (0.45 per cent).
So far this year, the BSE benchmark has jumped 7,581.37 points or 9.70 per cent, and the Nifty zoomed 2,570.75 points or 10.87 per cent.
Brent crude, the global oil benchmark, dipped 0.05 per cent to USD 63.10 per barrel.
On Wednesday, the Sensex jumped 1,022.50 points or 1.21 per cent to settle at 85,609.51. The Nifty zoomed 320.50 points or 1.24 per cent to end at 26,205.30.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
News theft is happening in the country, says senior journalist Siddharth Varadarajan
Kalaburagi: Senior journalist and founding editor of The Wire, Siddharth Varadarajan, has said that while there is widespread debate over electoral malpractice, a far more serious phenomenon has already taken place in India, the theft of news.
Speaking at the launch of Vartha Bharati's Kalyana Karnataka edition in Kalaburagi, Varadarajan remarked that since 2014, news has been systematically taken away from the people. “Whether vote theft is happening or not is still debated. But before that, news theft has undoubtedly taken place in this country,” he said.
He observed that information relevant to people’s lives and problems is increasingly being kept away from the public. According to him, it has become difficult to carry people’s concerns to political leaders because mainstream media has distanced itself from its core responsibility. “Mainstream media has largely vanished from the battlefield of news,” he stated.
Varadarajan said that during moments when large media houses were expected to stand with the public and deliver crucial information, they instead chose to remain silent or absent. This vacuum, he noted, has made the emergence of alternative and independent media platforms necessary.
“These platforms may be small in scale, but they play a vital role,” he said, describing Vartha Bharati as one such independent media outlet. He accused large media organisations of contributing to the erosion of people’s lives, culture, and democratic values in the country, while asserting that small, independent journalism continues to offer strong resistance.
Recalling that Vartha Bharati began its journey in Mangaluru and has now expanded to the Kalyana Karnataka region, Varadarajan said independent media outlets are no longer isolated. “We are not alone anymore. Vartha Bharati stands with us,” he said.
The event also marked the release of Vartha Bharati's 23rd annual special issue and a compilation of selected editorials, along with a special Kalyana Karnataka supplement.
