Stock markets snap 3-day decline; Sensex jumps 319 pts on gains in IT shares
Mumbai (PTI): Benchmark stock indices Sensex and Nifty bounced back on Monday after three straight days of losses following buying in IT and financial shares and a rally in global peers after a breakthrough in the US government shutdown.
The 30-share BSE Sensex benchmark climbed 319.07 points, or 0.38 per cent, to close at 83,535.35. In the intraday session, the index rallied 538.21 points, or 0.64 per cent, to hit a high of 83,754.49.
The NSE Nifty advanced 82.05 points, or 0.32 per cent, to settle at 25,574.35. During the day, it climbed 161.15 points or 0.63 per cent to hit an intraday high of 25,653.45.
Among the Sensex firms, Infosys, HCL Technologies, Bajaj Finance, Asian Paints, Tata Motors Passenger Vehicles, Tata Consultancy Services, Bharti Airtel, Titan, Bajaj Finserv, Reliance Industries and Larsen & Toubro were the gainers.
Trent Ltd, Eternal, Power Grid, UltraTech Cement, Mahindra & Mahindra, Axis Bank, State Bank of India, Adani Ports, Hindustan Unilever and NTPC were the laggards.
"The potential resolution of the US government shutdown, coupled with renewed FIIs buying driven by a favourable Q2 earnings season, supported a positive sentiment in the market. The rise in the US 10-year Treasury yield reflects improving risk sentiment toward equities with the reopening of the federal government," Vinod Nair, Head of Research, Geojit Investments, said.
Domestically, strengthening macroeconomic indicators are expected to underpin upward revisions in earnings estimates for H2FY26. This reinforces the current valuations and is likely to attract incremental liquidity, Nair added.
The BSE midcap gauge went up by 0.62 per cent, while smallcap ended 0.28 per cent lower.
Focussed IT climbed 1.66 per cent, followed by information technology by 1.57 per cent, Teck by 1.43 per cent, Capital Goods by 1.24 per cent, Industrials by 0.66 per cent, Consumer Durables 0.62 per cent, Metal by 0.51 per cent and Energy by 0.36 per cent.
On the other hand, Utilities slipped by 0.36 per cent, Realty (0.29 per cent), Services(0.25 per cent), Consumer Discretionary (0.13 per cent), FMCG (0.11 per cent), and Telecommunication (0.09 per cent).
A total of 2,372 stocks declined while 1,962 advanced and 179 remained unchanged on the BSE.
"Sentiment improved as foreign investors turned buyers again after six days of selling. Global cues also supported the move, as progress toward avoiding a US government shutdown boosted investor confidence," Bajaj Broking Research said in a note.
In Asian markets, South Korea's Kospi closed 3.02 per cent higher, Hong Kong's Hang Seng rose 1.55 per cent, Japan's Nikkei 225 index went up 1.33 per cent, and Shanghai's Composite Index finished 0.53 per cent.
Markets in Europe were trading mostly higher. The US markets ended largely higher on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,581.34 crore on Friday, while Domestic Institutional Investors outnumbered the FIIs by acquiring the stocks worth Rs 6,674.77 crore, according to the exchange data.
On Friday, the 30-share BSE Sensex declined 94.73 points to settle at 83,216.28. The 50-share NSE Nifty dipped 17.40 points to 25,492.30.
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.
Businessman lured by FB friend, attacked for extortion in K'taka; 4 held
Madikeri (Karnataka) (PTI): Four people were arrested for allegedly assaulting, illegally confining and attempting to extort money from a 39-year-old businessman who was lured through a honeytrap set up on social media, police said on Monday.
The accused have been identified as Rachana, Malati, Darshan and Ravi.
Police said efforts are underway to nab the remaining suspects involved in the incident, which occurred on December 12 in Madikeri, the district headquarters of Kodagu.
According to the complaint, the victim, a resident of Maddur taluk in Mandya district, was befriended by a woman identified as Rachana through Facebook, who later sought financial assistance and received Rs 5,000 from him via PhonePe on November 28.
When he asked her to return the money, the woman allegedly asked him to travel to Mysuru or Kushalnagar, promising to meet him.
The police said the woman later called the victim to Madikeri on December 12 and took him to a house near the market area, where they spent some time and consumed alcohol in the evening.
ALSO READ: Private bus from Kerala gutted on the streets in South Kodagu; no fatality reported
Later that night, citing an emergency, the woman left the house. After her departure, three men allegedly broke into the house and attacked the victim, assaulting him with a stick and the handle of a sword, causing injuries to his face, mouth, chest and leg, the FIR stated.
The complainant alleged that he was forcibly confined, stripped and a nude video of him was recorded. The accused also allegedly threatened him with a toy gun, demanding Rs 50 lakh and warning that the video would be uploaded on social media if the money was not paid.
Police said the victim was held captive and somehow managed to escape in the early hours of December 13. However, after he escaped, the accused allegedly attempted to kidnap him in an autorickshaw, an incident that was captured on CCTV cameras.
Based on his complaint at the Madikeri Town police station, a case was registered under Sections 310(2) (dacoity), 127(2) (wrongful confinement), 118(1) (voluntarily causing hurt or grievous hurt by dangerous weapons or means) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita, a senior police officer said.
“Four accused, including two women, have been arrested. Efforts are on to nab two more absconding accused. Further investigation is on,” he added.
