Sensex ends 260 points higher on FII buying, hopes of India-US trade deal
Mumbai, May 2 (PTI): BSE benchmark index Sensex ended 260 points higher on Friday buoyed by optimism surrounding a potential India-US trade deal, record high GST collection in April, and continuous foreign fund inflows.
Moreover, a firm trend in global markets also added to the positive momentum in domestic equities.
After a sharp rally in intra-day trade the 30-share BSE benchmark gauge later trimmed most of the gains and settled 259.75 points or 0.32 per cent higher at 80,501.99. During the day, the benchmark jumped 935.69 points or 1.16 per cent to 81,177.93.
In a volatile trade, the NSE Nifty eked out a marginal gain of 12.50 points or 0.05 per cent to settle at 24,346.70.
"The Nifty-50 surged over 1 per cent during today's session, hitting a high of 24,589 -- its highest level in CY25. However, profit-booking set in, causing the index to pare gains and close marginally higher. Optimism prevails in market sentiments over potential India-US trade deal, sustained foreign fund inflows and record high GST collection in April," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
From the Sensex firms, Adani Ports jumped over 4 per cent after the firm reported a 50 per cent jump in its March quarter net profit and issued a higher year-on-year revenue growth forecast for the current fiscal, citing strong growth in port volumes and a robust rise in the logistics business.
Bajaj Finance, IndusInd Bank, State Bank of India, Maruti, Tata Motors, ITC, Tata Steel and Reliance Industries were also among the gainers.
Nestle, NTPC, Kotak Mahindra Bank, Power Grid and Titan were among the laggards.
"Markets were extremely volatile in the first half and gyrated nearly 1,000 points before turning range-bound to end higher due to selective buying in banking and IT stocks. After the recent upsurge, investors resorted to profit-taking with broader markets ending weak. Due to the fragile global environment amid geopolitical tensions and the ongoing tariff war, investors are not betting big on equities," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The BSE midcap gauge declined 0.41 per cent and smallcap index dipped 0.07 per cent.
Among sectoral indices, services jumped 1.67 per cent, oil & gas (0.69 per cent), energy (0.57 per cent), BSE Focused IT (0.49 per cent) and IT (0.45 per cent).
Telecommunication declined 2.06 per cent, consumer durables (1.66 per cent), power (0.96 per cent), utilities (0.93 per cent), metal (0.62 per cent) and realty (0.56 per cent).
According to Vinod Nair, Head of Research, Geojit Investments Limited, the recent rally triggered profit-booking and rotation across sectors from broad indices to IT stocks. "Nevertheless, renewed momentum in US-China trade negotiations and a weakening dollar are seen as positive drivers for EMs like India in the medium-term."
Goods and Services Tax (GST) collection rose 12.6 per cent Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April, which the government said shows the resilience of the Indian economy and the effectiveness of cooperative federalism.
Meanwhile, the growth momentum in the Indian manufacturing sector improved in April, with output increasing at the fastest pace since June 2024, on the back of another strong expansion in order books, a monthly survey said on Friday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) rose from 58.1 in March to 58.2 in April, indicating the strongest improvement in the health of the sector for ten months.
In Asian markets, South Korea's Kospi index, Tokyo's Nikkei 225 and Hong Kong's Hang Seng settled in the positive territory while Shanghai SSE Composite index ended marginally lower.
European markets were trading higher. US markets ended in the positive zone on Thursday.
Global oil benchmark Brent crude declined 0.82 per cent to USD 61.62 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 50.57 crore on Wednesday, according to exchange data.
Equity markets were closed on Thursday for 'Maharashtra Day'.
The Sensex declined 46.14 points or 0.06 per cent to settle at 80,242.24 on Wednesday. The Nifty ended marginally lower by 1.75 points or 0.01 per cent at 24,334.20.
On the weekly front, the BSE benchmark jumped 1,289.46 points or 1.62 per cent, and the Nifty climbed 307.35 points or 1.27 per cent.
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UDF leaders see local body poll trends as pointer to 2026 Assembly elections in Kerala
Thiruvananthapuram (PTI): Buoyed by the strong performance of the Congress-led UDF in the local body polls, KPCC president Sunny Joseph said on Saturday that the front's results indicated the people had rejected the LDF government.
According to early trends, the UDF was leading in more grama panchayats, block panchayats, municipalities and corporations than the LDF.
The local body polls were held in two phases in the state earlier this week.
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Speaking to reporters here, Joseph said the people of Kerala had extended their support to the UDF.
"We could expose the LDF government’s anti-people stance and the people understood it. The LDF’s fake propaganda was rejected by the people. The UDF is moving towards a historic victory," he said.
He said a united effort, proper preparations, good candidate selection and hard work had resulted in the Congress and the UDF’s victory in the elections.
Asked about the prospects in the Thiruvananthapuram Corporation, Joseph said the party was studying the matter and would comment later.
LDF convenor T P Ramakrishnan said the results would be closely examined.
According to him, the government had done everything possible for the people.
"Why such a verdict happened will be examined at the micro level. People’s opinion will be considered and further steps will be taken," he said.
He added that decisions would be taken after analysing the results. "If any corrective measures are required, we will initiate them and move forward," he said.
AICC leader K C Venugopal said the results showed that people had begun ousting those who, he alleged, were responsible for the loss of gold at Lord Ayyappa’s temple.
"This trend will continue in the Assembly elections as well. It is an indication that the people are ready to bring down the LDF government," he said.
Venugopal said the UDF had registered victories even in CPI(M) and LDF strongholds.
"I congratulate all UDF workers for their hard work. Congress workers and leaders worked unitedly," he said.
Referring to remarks made by Chief Minister Pinarayi Vijayan against the Congress on polling day, Venugopal said the voters had responded through the verdict.
"I do not know whether the chief minister understands that the people are against him. Otherwise, he does not know the sentiment of the people. The state government cannot move an inch further," he said.
He said the results indicated a strong comeback for the UDF in Kerala.
Asked whether the Sabarimala gold loss issue had affected the LDF in the local polls, Venugopal said the CM and the CPI(M) state secretary did not take the issue seriously.
"We took a strong stand on the matter. The BJP played a foul game in it," he alleged.
On the BJP's role in the local body elections, Venugopal alleged that the party operated with the CPI(M) 's tacit support.
"The CPI(M) supported the central government on issues such as PM-SHRI, labour codes and corruption in national highway construction. The CPI(M) is facing ideological decline, and the state government’s policies are against the party’s own decisions," he said.
Meanwhile, LDF ally Kerala Congress (M) leader Jose K Mani said the party could not win all the wards it had expected in the elections.
He congratulated winners from all parties and said the party would closely examine the losses and identify shortcomings. "Later, we will take corrective measures," he added.
Senior Congress leader and MP Rajmohan Unnithan said the trends in the local body elections indicated that the UDF would return to power in the 2026 Assembly elections.
"We will win 111 seats as in 1977 and return to power in 2026. The anti-government sentiment of the people is reflected in the elections," he said.
Unnithan said the people were disturbed and unhappy with the present government.
"The trend indicates the end of the LDF government," he added.
CPI(M) MLA M M Mani said the people had shown ingratitude towards the LDF despite benefiting from welfare schemes.
"After receiving all welfare schemes and living comfortably, people voted against us due to some temporary sentiments. Is that not ingratitude," he asked.
Mani said no such welfare initiatives had taken place in Kerala earlier.
"People are receiving pensions and have enough to eat. Even after getting all this, they voted against us. This is what can be called ingratitude," he said.
Muslim League state president Panakkad Sayyid Sadiq Ali Shihab Thangal said the results were beyond expectations.
"The outcome points towards the Secretariat in Thiruvananthapuram, indicating that a change of government is imminent. We are going to win the Assembly election," he said.
