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Business Standard
an hour ago
- Business Standard
Sensex reclaims 84K level for first time since October, nears peak
Benchmark indices rose for a fourth straight session on Friday, with the Sensex closing above the 84,000 mark for the first time since October 1, 2024. The rally was fuelled by improving sentiment amid easing geopolitical tensions and optimism over potential trade deals between the US and its trading partners. Both indices posted weekly gains of 2 per cent, the most since the week ended May 16. The Nifty rose 0.35 per cent, or 89 points, to settle at 25,638, while the BSE Sensex climbed 0.36 per cent, or 303 points, to close at 84,059. Both benchmarks ended at their highest levels since October 1. In the broader market, the Nifty Smallcap 100 and Midcap 100 indices gained 4.3 per cent and 2.4 per cent, respectively, over the week. Most of the week's gains were driven by HDFC Bank and Reliance Industries (RIL), the top two weights in the Sensex and Nifty. RIL rose 3.5 per cent this week, supported by upbeat earnings forecasts from multiple brokerages. HDFC Bank gained 2.5 per cent during the week on expectations of lower funding costs and strong gross domestic product growth. The Nifty and Sensex are now trading less than 3 per cent below their all-time highs, last seen on September 27. The week's gains followed the announcement of a ceasefire between Israel and Iran, which led to a decline in oil prices. The Nifty Metal index outperformed this week, jumping nearly 5 per cent as a weaker dollar lifted the global outlook for commodities by making them more affordable. Expectations of deeper US rate cuts and uncertainty ahead of former President Donald Trump's July 9 tariff deadline weighed on the dollar. 'Things are looking better on the geopolitical front, and there is hope that the US and its key trading partners will reach a deal,' said Ambareesh Baliga, independent equity analyst. Even if a deal doesn't materialise before the July 9 deadline, there's a chance of an extension, Baliga said. Market breadth was positive, with 2,165 stocks advancing and 1,846 declining. Foreign portfolio investors were net buyers to the tune of ₹1,397 crore, while domestic institutional investors were net sellers to the tune of ₹589 crore. The total market capitalisation of BSE-listed firms rose by ₹2.5 trillion to ₹460 trillion ($5.4 trillion). 'For trend-following traders, 25,500–25,300 on the Nifty and 83,300-82,700 on the Sensex would act as crucial retracement support zones. As long as the market remains above these levels, the uptrend is likely to continue on the higher side, with 25,850/84,400 serving as the immediate resistance level,' said Amol Athawale, VP-Technical Research, Kotak Securities. Meanwhile, the rupee strengthened for the second consecutive day on Friday, supported by likely inflows from global funds and a weaker dollar index. The domestic currency closed 22 paise higher at 85.49, a day after closing at 86.71 against the dollar. The currency saw its best week since January 2023, driven mainly by a plunge in crude oil prices amid Israel-Iran conflicts.
New Indian Express
an hour ago
- New Indian Express
Pump and dump scam: Sebi says has raided many shell companies
The raids primarily involved 15-20 shell companies which were allegedly created by promoters of some listed companies to pump and dump their own shares. At least two listed agro-tech companies along with their promoters are said to be at the helm of the alleged network, sources had said. 'Sebi has seized several documents including company documents, rubber stamps. Preliminary assessment suggests the scam was at least Rs 300 crore, however more details would emerge once the seized documents are analysed,' a source was quoted by one such report. Generally, in cases of pump and dump schemes, Sebi issues an order against the entities. In in very few cases, Sebi also uses its search and seizure powers against the entities like in the current case. The pump and dump scam works in the following manner: promoters create shell companies and register them as proprietary traders which will buy and sell the company stocks later. In the past, there have many instances where Sebi has gone after promoters of small and mid-cap companies for manipulating their stocks. In a pump and dump scheme, entities related to the scamsters first start buying shares of own companies in large numbers to drive up the stock price and once the price has gone up significantly, it catches the attention of retail investors and the manipulators then exit the stock at a profit by selling the shares to gullible retail investors. In one such case the Sebi investigators have found that the stock price of a little known company rose from below Re 1 to Rs 40 in a span of less than a year and then the stock again fell back to about Rs 2-3. This happened despite there being any change in terms of business of the company or its earnings, clearly indicating a fraudulent scheme. The Sebi is also said to be monitoring some Telegram channels where these stocks are being advertised by non-Sebi registered analysts and is looking at whether these Telegram groups are also part of the manipulation scheme.
New Indian Express
an hour ago
- New Indian Express
Sensex tops 84K mark as markets hit 9-month high
India's equity markets extended their winning streak to a fourth consecutive session on Friday, with benchmark indices - the BSE Sensex and NSE Nifty - scaling a nine-month high. The rally was fueled by easing geopolitical tensions following the Israel-Iran ceasefire and optimism over a potential delay in US tariff deadlines. Sentiments received a further boost after US President Donald Trump hinted at a possible trade deal with India. The Sensex advanced 303.03 points or 0.36% to settle at 84,058.90 on Friday, while the Nifty50 added 88.80 points or 0.35% to end at 25,637.80, marking its highest level since October 1st, 2024. On a weekly basis, both frontline indices logged gains of over 2%. The broader markets outperformed, with the Nifty Midcap 100 and Smallcap 100 extending their winning streak to six consecutive sessions. The midcap index rallied more than 2% during the week, while the smallcap index surged 4%. The overall market capitalisation of BSE-listed firms rose to ₹460 lakh crore on Friday from ₹448.7 lakh crore on June 23, making investors richer by ₹11.3 lakh crore.
