Stock markets extend gains for fifth day; Sensex revisits 66,000 mark
The Hindu
Sensex rises 385 points, reclaims 66,000 mark on buying in HDFC Bank, L&T, SBI; Nifty ends above 19,700.
Equity benchmark Sensex climbed over 385 points to reclaim the 66,000 mark on Thursday (September 7), propelled by robust buying in index majors HDFC Bank, L&T and SBI amid a weak trend in global equities.
A decline in crude oil prices in the international market also supported the domestic equities, traders said.
Rising for the fifth straight day, the BSE Sensex recovered all the early lost ground and finally closed with a gain of 385.04 points or 0.58% at 66,265.56. During the day, it hit a low of 65,672.34 and a high of 66,296.90.
The Nifty advanced 116 points or 0.59% to settle at 19,727.05.
From the Sensex pack, Larsen & Toubro jumped 4.26% to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro.
Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower.
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.
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