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.
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Kulkarni became victim of BJP conspiracy as he grew politically in North Karnataka: Shivakumar
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Bengaluru (PTI): Deputy Chief Minister D K Shivakumar claimed on Friday that Congress MLA Vinay Kulkarni, who was sentenced to life imprisonment in a murder case, has become a victim of a BJP conspiracy because he was growing politically in the north Karnataka region.
Stating that he has faith in Kulkarni and believes he has done nothing wrong, he said the former minister will fight the case legally by filing an appeal.
A Bengaluru court on Friday sentenced Kulkarni and fifteen others to life imprisonment in the BJP leader Yogeshgouda Goudar murder case.
On Wednesday, Santhosh Gajanan Bhat, Judge of the Special Court for cases involving elected representatives, convicted Kulkarni and others under various IPC sections, including criminal conspiracy and murder.
“I respect the court. But there was a big conspiracy in this case. When the police were about to file a B-report, the CBI was given the case to harass him (Kulkarni). Vinay Kulkarni has become a victim of a BJP conspiracy as he was growing politically in north Karnataka,” Shivakumar said.
Speaking to reporters in New Delhi, he said Kulkarni has several legal options.
“I have spoken to his family. He swore on God and told me that he had not done anything wrong. I still have faith in him. I feel that he has not done anything wrong. He has an opportunity to file an appeal,” he said, adding that he stands with Kulkarni’s family and supporters and believes he will get justice.
The case pertains to the killing of Goudar, a BJP zilla panchayat member, in Dharwad on June 15, 2016. Kulkarni was a minister at the time. Hired assailants allegedly attacked and hacked Goudar to death in his gym in Saptapur, Dharwad.
Following demands from Goudar’s family and others, the then-BJP government transferred the case to the CBI in 2019.
Veteran BJP leader and former Chief Minister B S Yeddyurappa, under whose tenure the case was handed over to the CBI, told reporters in Chikkamagaluru, “I said what I needed to say when the crime happened, and what I said—that the guilty should be punished and justice should be served—has proven true.”
Speaking to reporters in Bengaluru, BJP leader and MLC C T Ravi, reacting to the court order, said, “Justice delayed, but not denied.”
