Business
Sensex, Nifty rally over 3%; 27 stocks in BSE 500 rise 10-30%
After a decent correction, bulls came roaring back this truncated week pushing benchmark indices higher by 3 percent, the best weekly gain since May.
The action was not limited to benchmark indices as small and midcap stocks also participated equally in the holiday-shortened week. Indian market remained shut on Friday on account of a public holiday.
The S&P BSE Sensex rose 3.5 percent while the Nifty50 was up 3.3 percent in the week ended October 1. S&P BSE Midcap index and the S&P BSE Smallcap index closed with gains of about 3.3 percent each in the same period.
As many as 27 stocks that rallied 10-30 percent in just four trading sessions. These include KEC International, Delta Corp, L&T Finance Holding, Dish TV, Welspun India, PVR, and Himatsingka Seide Ltd among others .
A large part of the rally was led by global cues amid expectations of another round of stimulus from the US government. Domestic cues such as upbeat September auto sales numbers, robust GST collections as well as Unlock 5 also supported market sentiment.
“Markets posted decent gains last week, thanks to upbeat global markets and favourable local cues. Among the key factors, rising hope of a stimulus package in the US and guidelines on Unlock 5 boosted the sentiment,” Ajit Mishra, VP – Research, Religare Broking Ltd told Moneycontrol.
“Besides, the rising trend of auto sales numbers in September month for the passenger vehicles and tractor segments also cheered investors,” he said.
The action in the coming week is likely to be dominated by September quarter earnings, Supreme Court’s decision on the interest waiver. On the global front, any update on the US President’s COVID situation will also be closely monitored.
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Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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