Stock markets rise for 3rd day, Sensex jumps 484.53 pts on gains in banking, oil shares
Mumbai (PTI): Benchmark Sensex spurted by 484 points and Nifty closed at a 52-week high on Friday, extending their winning run to the third consecutive day on buying in blue-chip banking and oil shares and foreign fund inflows.
In a volatile session, the 30-share BSE Sensex jumped 484.53 points or 0.58 per cent to settle at 83,952.19, a level not seen since June 27. During the day, it surged 704.58 points or 0.84 per cent to 84,172.24.
The 50-share NSE Nifty climbed 124.55 points or 0.49 per cent to settle at a 52-week high of 25,709.85.
Among Sensex firms, Asian Paints jumped the most by 4.18 per cent. Mahindra & Mahindra, Bharti Airtel, ITC, Hindustan Unilever, ICICI Bank and Reliance Industries were also among the gainers.
However, Infosys, HCL Tech, Eternal, Tech Mahindra and Tata Steel were among the laggards.
"The Indian markets ended the week on a strong footing, with both the Nifty-50 and Bank Nifty surging past their key psychological resistance levels amid sustained institutional participation and broad-based buying interest. Despite a mixed global backdrop, domestic sentiment remained firm, supported by strength in financials, autos, and FMCG stocks," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
The BSE smallcap gauge declined 0.49 per cent and midcap index dipped 0.43 per cent.
Among sectoral indices, consumer durables climbed 1.48 per cent, FMCG (1.19 per cent), auto (0.59 per cent), healthcare (0.50 per cent), bankex (0.48 per cent), telecommunication (0.36 per cent) and financial services (0.31 per cent) were the gainers.
However, BSE Focused IT, IT, commodities, teck, industrials, metal and services were among the laggards.
On the weekly front, the BSE benchmark jumped 1,451.37 points or 1.75 per cent, and the Nifty surged 424.5 points or 1.67 per cent.
Vinod Nair, Head of Research, Geojit Investments said, "The market has continued its upward momentum, reaching a new 52-week high, largely driven by consumption-oriented stocks, anticipating improved volume growth. Inline earnings from banks and signs of easing asset quality stress have bolstered overall industry optimism.
Foreign Institutional Investors (FIIs) bought equities worth Rs 997.29 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 4,076.20 crore in the previous trade.
In Asian markets, South Korea's Kospi settled in the positive territory while Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
Markets in Europe were trading sharply lower. US markets ended lower on Thursday.
Global oil benchmark Brent crude declined 0.92 per cent to USD 60.50 a barrel.
On Thursday, the Sensex jumped 862.23 points or 1.04 per cent to settle at 83,467.66. The Nifty surged 261.75 points or 1.03 per cent to 25,585.30.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Minister Patil chairs industry meetings to chart growth for key sectors in Karnataka
Bengaluru (PTI): Karnataka Minister M B Patil on Tuesday chaired meetings with industry representatives from the aerospace and defence, machine tools, auto/EV, and green energy sectors to discuss sector growth and government support measures.
The meetings were attended by leading industrialists and their representatives, with some participating virtually.
Speaking on the occasion, the minister for Large and Medium Industries said Karnataka is at the forefront of the country’s aerospace and defence sectors.
He noted that Suzuki and Toyota plan to launch aerial taxi services in Japan by 2028, with Bengaluru-based Sasmos supplying electrical equipment for the project.
Industrialists suggested introducing similar “fly-taxi” services in Karnataka through an appropriate policy, which Patil said would be examined seriously.
The minister highlighted the need to establish testing centres and Common Facility Centres for the aerospace and defence industries and assured that these facilities would be provided.
Suggestions were also made to prepare a comprehensive roadmap for sector growth.
Karnataka has urged the Central Government to approve Defence Corridor projects in the Bengaluru North–Kolar–Chikkaballapur and Dharawada–Vijayapura–Belagavi regions.
Industrialists also suggested a corridor between Bengaluru and Mysuru, Patil said.
He said Karnataka aims to become a hub for defence electronics manufacturing, with plans to establish a 200-acre Defence Electronics Park and a 100-acre Avionics and Sensor Park.
These projects will be implemented once the Special Investment Region is operational, and land availability will not be an issue.
On the machine tools sector, Patil said the industry has recorded an annual turnover of Rs 36,500 crore and is witnessing steady growth.
Large-scale exhibitions have increased demand, and the state must strengthen its capabilities to develop control systems for heavy machinery. One testing unit is already operational in Bengaluru, with another planned for Tumakuru. Expansion of vocational training institutes in industrial areas is also underway.
In the Auto and EV sector, Vision Group members highlighted the need for a network of dry ports and more EV charging stations across the state.
Patil noted that the Tata Group is manufacturing EV buses in Dharawada for nationwide supply. Plans for mini excavator production and export facilitation were also discussed, along with the establishment of a testing facility for two-wheeler EVs.
For the Green Energy sector, the group emphasised the need for a suitable policy on battery-based energy storage and the establishment of data centres.
Patil assured that the government will seriously consider all suggestions and respond positively.
_vb_21.jpeg)