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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India concerned over situation in Gaza; calls for humanitarian aid to affected people
New Delhi, Mar 19 (PTI): India on Wednesday said it is concerned over the situation in Gaza and called for supply of humanitarian assistance to the affected people as Israel resumed bombing in conflict-hit Palestinian territory shattering its fragile ceasefire with Hamas.
New Delhi also underlined the need to release all hostages held by Hamas.
"We are concerned at the situation in Gaza. It is important that all hostages are released," the Ministry of External Affairs (MEA) said.
"We also call for the supply of humanitarian assistance to the people of Gaza to be sustained," it said in a statement.
India's comments came as Israel pounded Hamas targets in Gaza on Tuesday, triggering uncertainty over the ceasefire that came into effect on January 19.
According to the Hamas-run health ministry, over 400 people were killed in the Israeli bombing.
The Israeli action came after Israel and Hamas failed to agree on how to take forward the ceasefire deal from the initial phase. The deal comprised three stages.
The negotiations on the second phase of the ceasefire pact were to start around six weeks back. But the two sides could not hold the talks.
Israeli Prime Minister Benjamin Netanyahu said his country will not "relent" until it achieves all "vital goals".
"In the past two weeks, Israel did not initiate any military action in the hope that Hamas would change course. Well, that didn't happen," he said in a statement on Tuesday.
"While Israel accepted the offer of President Trump's special envoy, Steve Witkoff, Hamas flatly refused to do so," he said.
"This is why I authorised yesterday the renewal of military action against Hamas," Netanyahu added.
India has been pitching for the "two-State solution to the Palestinian issue with Israel and Palestine living side by side in peace and security.
Our statement on the situation in Gaza⬇️
— Randhir Jaiswal (@MEAIndia) March 19, 2025
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