Stock markets close higher on buying in Reliance, HDFC Bank
Mumbai, Jul 1 (PTI): Benchmark stock indices Sensex and Nifty closed higher in a range-bound trade on Tuesday, helped by gains in index heavyweight Reliance Industries and HDFC Bank.
The 30-share BSE Sensex rose by 90.83 points or 0.11 per cent to settle at 83,697.29 with 13 of its constituents closing higher and 17 in the red. During the day, it rallied 267.83 points or 0.32 per cent to 83,874.29.
The 50-share NSE Nifty gained 24.75 points or 0.10 per cent to close at 25,541.80.
Among Sensex firms, Bharat Electronics was the lead gainer, rising by 2.51 per cent after the company announced securing orders worth Rs 528 crore.
Reliance Industries advanced 1.84 per cent as analysts expressed optimism over the launch of a solar manufacturing facility.
Asian Paints, UltraTech Cement, Kotak Mahindra Bank and HDFC Bank were also among the major gainers.
Axis Bank, Trent, Eternal and Tech Mahindra were among the laggards.
"Markets traded lacklustre and ended almost unchanged, taking a breather after Monday’s decline. Following an initial uptick, the Nifty moved in a narrow range and eventually settled at 25,541.80. Buoyancy in global markets—especially the US—along with stable domestic cues suggests that the prevailing trend is likely to continue," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE smallcap gauge dipped 0.18 per cent and midcap index dipped 0.07 per cent.
Among BSE sectoral indices, telecommunication rose by 0.52 per cent, energy by 0.46 per cent, consumer durables by 0.43 per cent and metal by 0.30 per cent.
FMCG declined 0.68 per cent, power (0.41 per cent), utilities (0.32 per cent), IT (0.24 per cent) and BSE Focused IT (0.25 per cent).
As many as 2,025 stocks advanced while 1,985 declined and 154 remained unchanged on the BSE.
"Domestic indices traded within a narrow range, following last week's strong rally. Investors are closely monitoring developments, seeking clarity on U.S. tariffs as the 90-day pause approaches its end," Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index settled in the positive territory while Japan's Nikkei 225 index ended lower. Markets in Hong Kong were closed. European markets were trading mostly lower.
The US markets ended higher on Monday.
Global oil benchmark Brent crude dipped 0.22 per cent to USD 66.56 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 831.50 crore on Monday, according to exchange data.
On Monday, the Sensex dropped 452.44 points or 0.54 per cent to settle at 83,606.46. The Nifty declined 120.75 points or 0.47 per cent to 25,517.05.
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Ensure paid holiday for postal staff on polling day in Kerala: John Brittas writes to Scindia
New Delhi (PTI): CPI(M) Rajya Sabha MP John Brittas on Sunday wrote to Union Minister of Communications Jyotiraditya Scindia, seeking his urgent intervention to ensure that postal employees in Kerala are granted a statutory paid holiday on April 9 for the Assembly elections in the southern state.
In his letter, Brittas expressed serious concern over the Kerala Postal Circle’s instructions to treat all postal employees as “absentee voters in essential services (AVES)”, directing them to opt for a postal ballot within an “extremely limited” timeframe.
The Department of Posts operates under the Ministry of Communications. Along with the Department of Telecommunications, it is one of the two main sections within the ministry headed by Scindia.
In his letter, Brittas pointed out that the circular dated March 19 required the collection of Form 12D by March 20 (Eid al-Fitr), and submission of the compiled details at the respective collectorates by March 22 (Sunday), both holidays in Kerala, making meaningful compliance difficult and raising apprehensions about the “arbitrary” nature of the directions.
The CPI(M) leader also pointed out that the Election Commission, in a communication dated March 16, reiterated the requirement under Section 135B of the Representation of the People Act, 1951, that every person employed in any establishment and entitled to vote shall be granted a paid holiday on the polling day, without any deduction or abatement of wages.
He said even where certain services are treated as essential, the long-standing administrative practice has been to maintain only minimal required operations on polling day, without denying employees the opportunity to vote in person.
Brittas argued that in some other states going to polls this month, including Assam, most postal employees have been granted a holiday on polling day, in accordance with the statutory provisions.
During the 2021 Kerala polls, postal establishments had observed a holiday on polling day, subject only to limited essential arrangements, he claimed.
The present deviation, Brittas said, raises concerns about inconsistency in the application of law and the avoidable curtailment of the democratic rights of employees.
Stating that the right to vote lies at the core of India's democratic framework, Brittas urged Scindia to examine the matter urgently.
“Given the proximity of the polling date, I earnestly seek your kind indulgence to have the matter examined on priority, and to issue urgent directions to the postal authorities in Kerala to ensure that the statutory entitlement of postal employees in Kerala to a paid holiday on the day of polling is duly ensured,” Brittas said in the letter.
The 140 seats in the Kerala Assembly will go to polls on April 9, and the results will be out on May 4.
