Sensex, Nifty rebound nearly 1 pc on value buying, global share rally
Mumbai, Jun 16 (PTI): Shrugging off geopolitical concerns amid escalating tensions between Israel and Iran, stock markets rebounded by nearly 1 per cent on Monday following value buying in oil & gas and IT shares and gains in other Asian markets as Brent crude oil prices dropped.
The 30-share BSE Sensex jumped 677.55 points or 0.84 per cent to settle at 81,796.15 with 27 of its constituents ending in the green and three with losses. During the day, it surged 747.22 points or 0.92 per cent to 81,865.82.
The 50-share NSE Nifty climbed 227.90 points or 0.92 per cent to 24,946.50.
Among Sensex firms, UltraTech Cement rose the most by 2.39 per cent. Tech Mahindra, HCL Tech, Tata Consultancy Services, Eternal, Asian Paints, Tata Steel and Kotak Mahindra Bank were among the gainers.
Tata Motors, Adani Ports and Sun Pharma were the laggards.
"Despite ongoing geopolitical tensions between Israel and Iran, the market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations. Geopolitical developments in the Middle East are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored," Vinod Nair, Head of Research, Geojit Investments Limited, said.
"Among sectors, oil and gas recorded strong gains, while the IT sector outperformed in anticipation of the upcoming US Fed policy meeting, which is expected to provide further clarity on the interest rate outlook," Nair added.
The BSE midcap gauge jumped 0.93 per cent and smallcap index climbed 0.38 per cent.
All BSE sectoral indices ended higher. IT jumped 1.50 per cent, followed by BSE Focused IT (1.50 per cent), teck (1.35 per cent), oil & gas (1.22 per cent), realty (1.21 per cent), services (1.10 per cent) and consumer durables (1.05 per cent).
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in the positive territory. European markets were quoting in the green. US markets ended lower on Friday.
Global oil benchmark Brent crude declined 0.81 per cent to USD 73.63 a barrel.
Wholesale price inflation (WPI) declined to a 14-month low of 0.39 per cent in May on easing prices of food articles and fuel.
"Despite mounting global uncertainty triggered by escalating tensions in the Middle East, Indian markets remained resilient," Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity – Ashika Stock Broking part of Ashika Group, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,263.52 crore on Friday, according to exchange data.
In the previous two sessions, the BSE Sensex lost 1,396.54 points or 1.69 per cent, and the Nifty dropped 422.8 points or 1.68 per cent.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Maldivian military diver dead while searching for bodies of four Italian divers
Colombo (AP): A Maldivian military diver died Saturday while searching for the bodies of four Italian divers believed to be deep inside an underwater cave.
The group of five Italian divers is believed to have died while exploring a cave at a depth of about 50 metres in Vaavu Atoll on Thursday, according to Italy's Foreign Ministry. The recreational diving limit in the Maldives is 30 metres.
Maldives Presidential Spokesman Mohammed Hussain Shareef said that Mohamed Mahudhee, a member of the Maldivian National Defence Force, died of underwater decompression sickness after being transferred to a hospital in the capital.
“The death goes to show the difficulty of the mission,” he said.
Earlier, Shareef said the searchers had prepared a plan based on their progress exploring the cave on Friday. Mahudhee was part of the group that briefed Maldives President Mohamed Muizzu on the rescue plan when he visited the search site on Friday.
Rough weather has repeatedly hampered rescue efforts.
The Italian Foreign Minister Antonio Tajani said everything possible would be done to bring the victims home. His ministry stated it was coordinating with Divers Alert Network, a specialist diving organisation, to support recovery operations and the repatriation of the bodies. The cause of the deaths remains under investigation.
The victims have been identified as Monica Montefalcone, an associate professor of ecology at the University of Genoa; her daughter, Giorgia Sommacal; marine biologist Federico Gualtieri; researcher Muriel Oddenino; and diving instructor Gianluca Benedetti, according to the Maldivian government.
Benedetti's body was recovered on Thursday.
Montefalcone and Oddenino were in the Maldives on an official scientific mission to monitor marine environments and study the effects of climate change on tropical biodiversity, the University of Genoa said in a statement Friday. However, the scuba diving activity during which the deadly accident occurred was not part of the planned research and was “undertaken privately,” it said.
The statement also said the two other victims — student Sommacal and recent graduate Gualtieri — were not involved in the scientific mission.
Cave diving is a highly technical and dangerous activity that requires specialised training, equipment and strict safety protocols. Risks increase sharply in environments where divers cannot head straight up and at depth, particularly when conditions are poor.
Experts say it's easy to become disoriented or lost inside caves, particularly as sediment clouds can sharply reduce visibility.
Diving at 50 metres also exceeds the maximum depth recommended for recreational divers by most major established scuba certifying agencies, with depths beyond 40 metres considered technical diving and requiring specialised training and equipment.
Shareef said Benedetti's body was found near the mouth of the cave and authorities believed the remaining four had entered the cave.
Two Italians, a deep-sea rescue expert and a cave diving expert, are expected to join the recovery effort, Shareef said.
Italian officials said that around 20 other Italians on the same expedition aboard the vessel “Duke of York” were safe. Italy's embassy in Colombo was providing assistance to those onboard and had contacted the Red Crescent, which offered to deploy volunteers to help provide psychological aid.
The Maldives tourism ministry said it has suspended the operating license of the “Duke of York” pending an investigation.
The Italian foreign ministry said the cave is divided into three large chambers connected by narrow passages. Recovery teams explored two of the three chambers on Friday, but the search was limited due to considerations over oxygen and decompression.
On Saturday, they will explore the third chamber, the ministry added.
Italian officials and the honourary consul are in contact with the victims' families to provide assistance.
