Sensex jumps nearly 540 pts on buying in bluechip banks, oil shares
The 30-share BSE Sensex jumped 539.83 points or 0.66 per cent to settle at 82,726.64. During the day, it surged 599.62 points or 0.72 per cent to 82,786.43.
Mumbai, Jul 23 (PTI) Benchmark Sensex jumped nearly 540 points while Nifty closed above the 25,200 level on Wednesday on heavy buying in banking giants and oil shares and a positive trend in Asian markets after Japan secured a trade deal with the US.
Among Sensex firms, Tata Motors rose the most by 2.51 per cent. Bharti Airtel, Bajaj Finance, Maruti, Bajaj Finserv, ICICI Bank, HDFC Bank and Reliance Industries were also the major gainers.
Private banking giants HDFC Bank and ICICI Bank hit their 52-week high levels intra-day before settling nearly 1 per cent higher.
Value buying in Reliance Industries, following five days of losses, also supported the rally. RIL shares closed higher by 0.83 per cent.
However, Hindustan Unilever, UltraTech Cement, Bharat Electronics and ITC were among the laggards.
'The Indian equity market demonstrated resilience despite a mixed start to Q1 FY26 earnings. Positive global cues, underpinned by optimism surrounding the US-Japan trade agreement, have supported sentiment. Additionally, progress toward finalising the India-UK FTA has further contributed to the constructive outlook.
'Continued advancements in global trade negotiations are expected to alleviate near-term trade tensions and foster greater market stability. While elevated valuations remain a concern, the prevailing market strength indicates potential for near-term earnings recovery. However, the pace and sustainability of this recovery will be critical in shaping the market's forward trajectory,' Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge climbed 0.24 per cent and smallcap index went up by 0.05 per cent.
Among BSE sectoral indices, telecommunication jumped 1.14 per cent, followed by auto (0.86 per cent), bankex (0.75 per cent), teck (0.74 per cent), financial services (0.70 per cent), healthcare (0.70 per cent) and energy (0.65 per cent).
Realty dropped 2.60 per cent, FMCG (0.46 per cent), capital goods (0.31 per cent) and services (0.20 per cent).
In Asian markets, Japan's Nikkei 225 index jumped 3.51 per cent as US President Donald Trump announced a trade deal with Japan, with a 15 per cent tax on goods imported from that country. South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory.
'On the global stage, investor sentiment soared following optimistic developments surrounding the US-Japan trade pact, igniting expectations for further international agreements in the near future,' according to Ashika Institutional Equities.
Markets in Europe were trading in the green. The US markets ended mostly higher on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,548.92 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,239.77 crore in the previous trade.
Global oil benchmark Brent crude dipped 0.45 per cent to USD 68.29 a barrel.
The rupee stayed weak for the sixth consecutive session and settled with a loss of 3 paise at 86.41 against the dollar on Wednesday, amid a strong American currency and outflow of foreign funds. PTI SUM MR
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
8 minutes ago
- Economic Times
RIL announces AGM date, sets August 14 as record date for dividend
Mukesh Ambani-led Reliance Industries (RIL) will hold its 48th Annual General Meeting (AGM) on August 29 at 2 pm. The company has also set August 14 as the record date to determine eligibility of investors for the final dividend for FY25. ADVERTISEMENT On April 25, the company's board had recommended a dividend of Rs 5.50 per equity share for FY25. It was announced along with company's March quarter earnings. The company will pay the dividend within a week of the AGM, RIL said in its filing to the exchanges. The announcement was made after market hours on Thursday and RIL shares today ended at Rs 1,390 on the NSE, declining 1.4%. Reliance shares have rallied 14% on the year-to-date basis. RIL reported a 78% year-on-year increase in its Q1FY26 consolidated net profit to Rs 26,994 crore, compared to Rs 15,138 crore in the year-ago period. The sharp increase in profit was primarily driven by a one-time gain from the sale of the company's stake in Asian Paints, which contributed to Rs 8,924 crore in other income. The profit, attributable to the owners of the company, exceeded Street estimates of Rs 22,069 crore. The company's revenue from operations rose 5.3% to Rs 2,48,660 crore versus Rs 2,36,217 crore in the year ago period. ADVERTISEMENT RIL's earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 58,024 crore in the quarter under review, rising by 36% over Rs 42,748 crore in the corresponding quarter of the last financial the EBITDA margin for the quarter ended June 30, 2025, stood at 21.2%, rising 460 bps over 16.6% in Q1FY25. ADVERTISEMENT RIL's gross revenue increased by 6% YoY to Rs 2,73,252 crore ($ 31.9 billion). The Jio Platform revenue increased by 18.8% YoY due to strong subscriber growth across mobility and homes, increased consumption and sustained positive momentum in digital services. (You can now subscribe to our ETMarkets WhatsApp channel)
&w=3840&q=100)
First Post
11 minutes ago
- First Post
The US has taken in $125 billion in tariffs in 2025. Here's why experts are worried
US President Donald Trump shocked many when he announced 'reciprocal tariffs' on US trading partners in April. The declaration, which came on 'Liberation Day', sent tremors through the world markets. The US in 2025 has taken in $125.6 billion in tariffs thus far – a massive increase from 2024 when tariffs generated $79 billion over the entire year. So why are experts worried? read more The US is raking it in from tariffs. US President Donald Trump shocked many when he announced 'reciprocal tariffs' on US trading partners including China and India in April. The declaration, which came on 'Liberation Day', sent tremors through the world markets. Trump has been obsessed with tariffs since his first term. He has mused about tariffs paying down the federal debt and even potentially replacing income tax. But how much money is America taking in from tariffs? STORY CONTINUES BELOW THIS AD Let's take a closer look: What do we know? As of July 29, America has taken in $125.6 billion in tariffs. The data show tariffs have been steadily climbing the entire year. In January, tariff revenues were at around $8 billion. In April, the levies had generated $16.3 billion. By June, tariffs added another $26.6 billion to the kitty. In July, that figure increased by another $28 billion. That's a massive increase from 2024 when America took in $79 billion in tariffs over the entire year. In 2022, tariffs were at $98 billion. The Yale University Budget Lab has said that the average tariff rate on imported goods currently stands at 18.2 per cent. This is the highest rate since 1934. Before Trump returned to office, that figure was at 2.4 per cent. Treasury Secretary Scott Bessent has predicted that tariffs could generate over $300 billion in revenue. While this seems like a good thing, it is American companies who are having to pay the costs to the government. Businesses will also likely pass on the escalating costs to the consumer, who could experience sticker shock. Treasury Secretary Scott Bessent has predicted that tariffs could generate over $300 billion in revenue. Reuters Experts say Trump's tariffs will inevitably cause prices to rise. According to the Federal Reserve, inflation ought to be at two per cent. Inflation was at 2.7 per cent in January, 2.4 per cent in May and 3 per cent in June. They say a number of firms stockpiling products has thus far resulted in consumers having to avoid shelling out extra. STORY CONTINUES BELOW THIS AD But they say there are signs that the US customer will soon start paying the price for Trump's tariffs. From major appliances to sports equipment and toys, many products that Trump has levied tariffs on have witnessed price increases. While some in the administration have argued that tariffs could eventually replace income tax, this is still far short of the $2.4 trillion income tax the federal government took in last year. Trump tears up post WW-II playbook Since his return to the White House US President Donald Trump tore up the US post-WWII economic policy playbook of favouring free trade, slapping tariffs on trading partners and on certain products like steel. The US has subsequently reached deals with a number of countries that will see considerably higher tariffs apply than were in place, but for the most part also considerably lower than the highest rates that Trump threatened to impose. Trump said Thursday that sweeping tariffs he has imposed on nations around the world were making the country 'great & rich again' as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline. 'ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST' COUNTRY ANYWHERE IN THE WORLD,' he wrote on his Truth Social platform. STORY CONTINUES BELOW THIS AD The deals that the US reached with trading partners will also go into effect on August one, as will a 50 percent levy on copper imports. For around 80 countries, including the 27 members of the European Union, rates of between 11 and 50 percent are set to come into force.
Indian Express
11 minutes ago
- Indian Express
Trump says Mexico trade deal extended for 90 days
US President Donald Trump said on Thursday he had agreed with Mexican President Claudia Sheinbaum to extend an existing trade deal with Mexico for 90 days and continue talks over that period with the goal of signing a new deal. 'Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper. Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many,' Trump said in a Truth Social post.
