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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IPL final shifted for bigger stadium, not ticket issue: Shivakumar
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Wednesday rubbished allegations that the IPL final venue was shifted from Bengaluru to Ahmedabad due to the distribution of tickets to MLAs.
Speaking to reporters, Shivakumar said the reason for the shift could be the availability of a larger stadium in Ahmedabad.
“Ahmedabad has a large stadium and can accommodate more spectators. That must be the reason the IPL final was shifted there. There is no connection between ticket distribution to MLAs and the venue change,” he said.
When asked about reports linking the venue shift to MLAs demanding tickets, he quipped, “In some places, 50 per cent of tickets are reserved.”
When reporters said the BCCI had indicated that the decision was linked to ticket issues, he responded, “Let them make such statements. I will respond appropriately.”
Bengaluru was originally expected to host the final as the Royal Challengers Bengaluru were the defending champions.
Ahmedabad will host the IPL final for a second successive season on May 31, the BCCI announced earlier in the day, while allotting Qualifier 1 to Dharamsala and two other playoff games to New Chandigarh.
The board, however, said the final venue was shifted “owing to certain requirements from the local association and authorities that were beyond the scope of BCCI’s established guidelines and protocols.”
Shivakumar declined to comment on the revocation of the suspension of Muslim leaders in Davanagere, saying it was a party decision.
Regarding the removal of MLC Naseer Ahmed as CM Siddaramaiah’s political secretary, he said the chief minister had already spoken on the matter.
“The CM has his own information. Party office-bearers have provided guidance. He was given certain responsibilities, which he did not handle properly, which is why he was removed,” Shivakumar said.
On MLC Abdul Jabbar, who resigned as the state Congress minority cell chief and was later expelled from the party, he said Jabbar had submitted his resignation, which the party accepted.
The Congress in Karnataka faced internal dissent in April when several Muslim leaders objected to the party fielding Samarth Shamanur as its candidate for the recently held Davanagere South Assembly bypoll.
They demanded that a Muslim candidate be fielded, citing the constituency’s substantial Muslim population. The party subsequently took disciplinary action against three leaders, including Jabbar and MLC Ahmed.
When asked about his and the CM’s visit to Delhi, he said, “We will go when the high command calls us. It is not appropriate to go without being called.”
On Congress supporting TVK in Tamil Nadu, Shivakumar said the decision was taken to keep the "BJP out of power and strengthen secular forces." Elections to the 234 Assembly constituencies were held on April 23, and the results were announced on May 4.
The Congress party, a long-time ally of the DMK, announced its support for TVK to form a government in Tamil Nadu and severed ties with the Dravidian major.
The incumbent DMK was trounced by the fledgling Tamilaga Vettri Kazhagam, led by Vijay, who secured 108 seats. “Despite pressure from the AIADMK and BJP, TVK did not align with them. Our party has taken this decision in the interest of secular forces and the welfare of Tamil Nadu,” Shivakumar said.
