Markets climb for 4th day; Sensex jumps 899 pts, Nifty reclaims 23k-mark
Mumbai, Mar 20 (PTI): Rallying for the fourth straight session, stock market benchmarks Sensex and Nifty surged over 1 per cent on Thursday, powered by across-the-board buying amid a mixed trend in global equities after the US Federal Reserve maintained its rate cut projections for this year.
Hectic buying in market heavyweights Reliance Industries, Bharti Airtel and IT stocks bolstered investor sentiment, traders said.
The 30-share BSE benchmark Sensex jumped 899.01 points or 1.19 per cent to settle at 76,348.06, regaining the 76,000 level. During the day, it soared 1,007.2 points or 1.33 per cent to 76,456.25.
As many as 2,410 stocks advanced while 1,606 declined and 129 remained unchanged on the BSE.
The NSE Nifty surged 283.05 points or 1.24 per cent to reclaim the 23,000-mark to finish at 23,190.65.
"Nifty surged by 283 points, marking gains for the fourth consecutive day as all sectors closed in the green. Optimism was driven by signals of two Fed rate cuts in 2025 and hopes of a halt in FII selling," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Bharti Airtel was the biggest gainer in the Sensex pack, rising 4.17 per cent, followed by Titan, Tata Consultancy Services, Hindustan Unilever, Infosys, Nestle, Reliance Industries, Mahindra & Mahindra, HDFC Bank and Tata Motors.
In contrast, IndusInd Bank, Bajaj Finance and UltraTech Cement were the laggards.
Meanwhile, the Federal Reserve said the US economy still looks healthy enough to keep interest rates unchanged. The US central bank pointed out that it is expecting to cut rates twice this year even as inflation stays elevated.
"On Wednesday, the Federal Reserve announced its decision to keep the policy rate in the 4.25-4.50 per cent range. Policymakers anticipate two rate cuts in 2025, with economic growth projected at 1.7 per cent and inflation at 2.7 per cent for the year.
"Overall, this decision has mixed implications for currency movements, capital flows and market sentiment in India. Higher US interest rates could lead to foreign capital outflows from Indian markets, whereas lower rates may attract investment," Ravi Singh, SVP – Retail Research, Religare Broking Ltd, said.
The BSE smallcap gauge climbed 0.73 per cent, and the midcap index rose 0.61 per cent.
All BSE sectoral indices ended higher, where telecommunication jumped 1.94 per cent, teck (1.89 per cent), oil & gas (1.56 per cent), energy (1.42 per cent), auto (1.39 per cent) and BSE Focused IT (1.23 per cent).
"The stability in global markets and moderation in FII selling have significantly improved sentiment. Notably, the recovery in banking and financial stocks, alongside strength in metal, real estate, and energy heavyweights, has played a crucial role in sustaining the momentum.
"Additionally, broader market participation and themes such as defence and railways have further eased pressure," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
In Asian markets, Seoul settled in the positive territory while Shanghai and Hong Kong ended lower. Japan's Nikkei was closed for a holiday.
European equity markets were trading lower. US markets ended significantly higher on Wednesday.
"Consistent falls of the US dollar index (DXY) have reduced the intensity of FII selling while DII buying continues to be strong, thus triggering the recent upside," Vinod Nair, Head of Research, Geojit Financial Services, said.
Global oil benchmark Brent crude rose 0.32 per cent to USD 71.01 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,096.50 crore on Wednesday after a day's breather, according to exchange data. Domestic Institutional Investors (DII) bought equities worth Rs 2,140.76 crore.
"Fed continues to project an additional two rate cuts this year, which may create a tailwind for global equities in the near term," Dhawal Ghanshyam Dhanani, Fund Manager at SAMCO Mutual Fund, said.
On Wednesday, the Sensex climbed 147.79 points or 0.20 per cent to settle at 75,449.05. The Nifty rose 73.30 points or 0.32 per cent to 22,907.60.
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KSCA expresses disappointment over missing IPL playoffs, says it was ready to host matches in B’luru
Bengaluru: The Karnataka State Cricket Association (KSCA) has issued a clarification stating that it was fully prepared to host the IPL playoffs and final matches in Bengaluru but the fixtures were allotted to other venues.
In a media note, KSCA said it was disappointed with the decision. The association stated that its president, former India cricketer Venkatesh Prasad, had been in touch with the Board of Control for Cricket in India (BCCI) and had formally conveyed the association’s readiness and interest in hosting the matches at the M. Chinnaswamy Stadium.
KSCA said the IPL matches held in Bengaluru this season were appreciated for smooth conduct, crowd management and overall experience for spectators. It said this reflected its ability to handle high-profile matches.
The association also stated that it had sent a detailed communication to the BCCI explaining its preparedness and the operational arrangements followed during the current IPL season. According to KSCA, these systems have been in place since the start of the Indian Premier League in 2008 and were followed consistently, including during previous playoff matches hosted in Bengaluru.
The clarification added that the communication sent to the BCCI was only meant to provide factual and operational details and to bring clarity on logistical and stakeholder-related requirements involved in hosting such matches.
KSCA said that although it had shown willingness and preparedness, the BCCI has decided to allocate the playoff matches to other venues. It added that the reasons for this decision have not been formally shared with the association, but it respects the authority of the board in taking such decisions.
The association further said it remains ready to host matches of national and international importance and will continue to cooperate with the BCCI, franchises, government authorities and other stakeholders for conducting cricket events.
The statement was issued by KSCA official spokesperson Vinay Mruthyunjaya, who also thanked the media and cricket fans for their continued support.
