Sensex and Nifty climb as Indian markets rally on positive cues

Indian equity markets witnessed a significant surge, buoyed by gains in IT and consumer durable stocks, with the Sensex closing at 65,982.48 and the Nifty at 19,765.20. The rise in indices is attributed to a combination of low US inflation figures, easing bond yields, and a recovery in domestic exports. This confluence of factors has spurred investor optimism, suggesting that the Federal Reserve’s cycle of rate hikes may be nearing its end.

In the banking sector, Axis Bank faced regulatory challenges as it was fined ₹90.92 lakh by the Reserve Bank of India (RBI) for failing to maintain customer identification records and not adhering to ‘Know Your Customer’ (KYC) Directions from 2016.

The infrastructure and energy sectors also saw significant developments. JSW Infrastructure received a nod from the Karnataka Maritime Board for the development of a port at Keni in Karnataka. The project, which carries an estimated cost of ₹4,119 crore, aims to build an initial capacity of 30 million tonnes per annum (MTPA).

State-owned SJVN made strides in renewable energy through a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for a 200-MW wind power project. The project, won by its subsidiary at a competitive tariff bidding of ₹3.24/unit, involves an investment of ₹1,400 crore and is expected to be completed within 24 months.

In corporate finance news, DCX Systems received board approval to raise funds up to ₹500 crore (INR100 crore = approx. USD12 million) through various methods including public issues and private placements.

From the logistics sector, SoftBank (TYO:) is set to reduce its shareholding in Delhivery through a block deal valued at $150 million on Friday. SoftBank currently holds a significant stake of 14.5% in the company.

Lastly, TVS Motor Company is expanding its global footprint by venturing into the European market through an import and distribution agreement with the Emil Frey Group.

Market analysts are keeping an eye on Nifty’s technical levels, anticipating a potential fresh upside at the 19,889 mark if positive momentum continues.

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