Markets build on gains for fifth day; Sensex surges 936 points to reclaim 56k-mark
The Hindu
Equity indices marched higher for the fifth session on the trot on March 14, propelled by robust buying in banking and IT counters along with a decline in crude oil prices as hopes of headway in Russia-Ukraine talks boosted risk-on sentiment globally.
European bourses opened higher following reports of tentative progress in talks between Russian and Ukrainian officials, even as Moscow continued its military offensive.
After a cautious start, the 30-share BSE Sensex gained momentum as the session progressed to close 935.72 points or 1.68% higher at 56,486.02.
Similarly, the broader NSE Nifty vaulted 240.85 points or 1.45% to settle at 16,871.30.
Infosys topped the Sensex gainers’ chart, spurting 3.76%, while HDFC Bank climbed 3.25% after the RBI on Saturday lifted all restrictions on the private sector lender, permitting it to launch new digital initiatives.
SBI, Maruti Suzuki, Axis Bank, ICICI Bank, Wipro and HDFC were among the other prominent winners.
Only four Sensex constituents closed with losses — HUL, Sun Pharma, Dr. Reddy’s and Tata Steel, dropping up to 1.66%.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
Indian stock markets closed lower amid volatility, with key firms lagging as global trends influenced trading activity.
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