Sensex jumps 1,078 pts to settle at 6-week high on FII buying, gains in banking shares
Mumbai, Mar 24 (PTI): Benchmark BSE Sensex surged by 1,078 points to close at a six-week high on Monday as fresh foreign fund inflows and buying in banking and oil & gas shares helped the index extend the winning run to the sixth day.
The 30-share BSE Sensex jumped 1,078.87 points or 1.40 per cent to settle at 77,984.38, a level not seen since February 6. During the day, it zoomed 1,201.72 points or 1.56 per cent to breach the 78,000 level and touch a high of 78,107.23.
The NSE Nifty surged by 307.95 points or 1.32 per cent to 23,658.35. Intra-day, the benchmark zoomed 358.35 points or 1.53 per cent to 23,708.75.
A positive trend in the US and European markets powered the rally in domestic equities, experts said. A sharp rebound in the rupee also bolstered investor sentiment.
From the Sensex pack, NTPC rose the most by 4.61 per cent amid reports that the power PSUs is likely to gain from Indian Railways' shift to renewable and nuclear power.
Kotak Mahindra Bank was the second biggest gainer, rising by 4.51per cent after the private lender announced the appointment of a chief technology officer.
State Bank of India, Tech Mahindra, Power Grid, Bajaj Finserv, Axis Bank, HCL Tech, Reliance Industries and Bajaj Finance were among the gainers.
Titan fell the most by 2.68 per cent among Sensex shares. IndusInd Bank, Zomato, Mahindra & Mahindra, Bharti Airtel, Nestle and Infosys were the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 7,470.36 crore on Friday, according to exchange data.
"Short covering ahead of monthly F&O expiry later this week fuelled the rally as the Sensex breached the psychological 78k mark intra-day on across-the-board buying.
"Renewed optimism by foreign investors coupled with strong US and European market cues further bolstered the sentiment," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Domestic markets experienced a robust rally, spurred by value buying as valuations returned to long-term averages and early indications of earnings growth recovery emerged.
Increased government spending and expected monetary easing are anticipated to boost optimism in rate-sensitive sectors such as banking, NBFCs, auto, consumer durables, and real estate, leading to potential outperformance, Vinod Nair, Head of Research, Geojit Investments Limited, said.
"The sustainability of this trend will depend on upcoming PMI data, Q4 earnings results, and developments related to reciprocal US tariffs," Nair said further.
The BSE midcap gauge jumped 1.32 per cent and smallcap index climbed 1.17 per cent.
All BSE sectoral indices ended higher, with bankex rallying 2.53 per cent, utilities (2.42 per cent), power (2.31 per cent), industrials (2 per cent), financial services (1.97 per cent), capital goods (1.95 per cent) and realty (1.51 per cent).
As many as 2,496 stocks advanced while 1,640 declined and 162 remained unchanged on the BSE.
In Asian markets, Shanghai and Hong Kong settled higher while Seoul and Tokyo ended lower. European markets were trading in positive territory. US markets ended in green on Friday.
Global oil benchmark Brent crude went up 0.07 per cent to USD 72.21 a barrel.
In the six-day rally to Monday, Sensex has zoomed more than 4,100 points or 5 per cent as FII selling eased. Broader Nifty has climbed 1,260 points or 5.5 per cent since March 17.
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We've got firepower, don't discount us: CSK head coach Stephen Fleming
Chennai, Mar 29 (PTI): A combative CSK head coach Stephen Fleming stoutly countered the criticism that his team's brand of cricket was getting outdated, saying the team had enough "firepower" and no one should make the mistake of discounting them.
Five-time IPL champions CSK lost to RCB by 50 runs, unable to chase a steep 196/7 set by Rajat Patidar's side on Friday.
CSK's defeat to RCB in the 'Southern Derby' in their own den was their first since the inaugural edition of the IPL in 2008 and it was also their biggest reversal at home thus far.
In response to a question if his brand of cricket was getting outdated, the former New Zealand skipper shot back, "What do you mean, my way of playing (cricket)? Like winning the first game, that's a good way to play. We've got firepower all the way through. I don't understand this question."
"Just because we don't swing (the bat) from ball one and have a little bit of luck go our way, we'll see at the end," said the New Zealander after his team was restricted to 146/8 in 20 overs.
The 51-year-added that CSK should not be "discounted" just because they had lost one match.
"It's a positive brand of cricket, no doubt about it, but don't discount us. It's a silly question."
The coach, however, conceded the team's fielding wasn't of the highest standard on Friday, adding that the opponents came really hard at them.
Patidar's fine half-century and Josh Hazlewood (3/21) excellent bowling, which reduced CSK to 30/3 at the end of six overs, took the wind out of the home team's sails.
"No, we didn't get it right. It's so hard to read (the pitch), but we thought it was going to skid on with the dew, but it actually got a bit tacky. So, it certainly made it harder.
"A couple of half chance, one or two, it's a real chance. It's just a little bit clumsy. They came very hard, and we had opportunities to really peg them back, but we just let them off the hook. A score of 175 would have been more realistic, but we just weren't good," added Fleming.
Fleming also credited Hazlewood for RCB's win, saying he played a decisive role in the victory.
"Hazlewood is an excellent new-ball bowler when there's a bit of bounce. If you look at the conditions the last game we played, there wasn't that type of bounce or seam. So again, we scratch our heads as to what we're going to get, and we just have to apply ourselves a bit better. We had some chances, but we were just a bit clumsy in the field," added Fleming.
"What we do have to do is apply ourselves better and make sure that whatever surface we're on, we're in the fight. I don't buy into what's talked about over there. We've got firepower all the way through.
"We just have to create the opportunities. Just because we don't swing from ball one and play with it, a lack of fear factor, we'll just sort of see what teams end up at the end," he added.
Mahendra Singh Dhoni striking three boundaries and two sixes to make 30 not out off 16 balls to go past Suresh Raina as CSK's highest run-scorer in IPL history, was only a minor consolation.
Fleming conceded the former skipper had an uphill task when he came in to bat.
"He's been here (training) well over a month, so he's done a lot of work with the trainers to get himself into shape. He's very professional in that way, and just natural ability. It was far too steep in the end."
