Stock markets close higher on firm global trends, foreign fund inflows
Mumbai, Jun 11 (PTI): Benchmark Sensex closed higher by 123 points while Nifty rose for a sixth consecutive day on Wednesday following a rally in global markets amid optimism over US-China trade talks and foreign fund inflows.
In a volatile session, the 30-share BSE Sensex rose by 123.42 points or 0.15 per cent to settle at 82,515.14. During the day, it climbed 391.79 points or 0.47 per cent to 82,783.50 , driven by gains in IT and energy shares.
In its sixth straight day of gains, the 50-share NSE Nifty ended 37.15 points or 0.15 per cent up at 25,141.40. The index moved between a low of 25,081.30 and a high of 25,222.40 during the day. In the six sessions to Wednesday, Nifty gained 598 points or 2.42 per cent.
After a flat start, the Nifty gradually moved higher in the first half and tested the resistance at 25,200, but failed to sustain the momentum at close, Ajit Mishra – SVP, Research, Religare Broking Ltd said.
From the Sensex pack, HCL Tech, Infosys, Tech Mahindra, Reliance Industries, Bajaj Finserv, ICICI Bank, Tata Motors and Eternal were the lead gainers.
Power Grid, Adani Ports, IndusInd Bank, Nestle, HDFC Bank and Hindustan Unilever were among the laggards.
"Profit-booking continues in the broader markets, driven by elevated domestic valuations. However, large-cap resilience is supporting the indices, with institutional investors favouring companies with stable earnings outlooks.
"Auto and IT sectors remain in focus - auto stocks are gaining on improved monthly sales, while IT shares are benefiting from optimism around a potential US-China trade resolution," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
The BSE smallcap gauge went up by 0.06 per cent while midcap index dipped 0.12 per cent.
"Benchmarks ended with marginal gains on Wednesday extending their consolidation phase. Positive developments in US-China trade talks and a steady global equity environment helped buoy sentiment, though gains were tempered by profit-booking in certain sectors," Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.
Among sectoral indices, oil & gas surged the most by 1.83 per cent, followed by energy (1.33 per cent), BSE Focused IT
(1.30 per cent), IT (1.25 per cent), teck (1.01 per cent), healthcare (0.74 per cent) and auto (0.19 per cent).
Financial Services, FMCG, industrials, power, utilities, services, capital goods and bankex were among the laggards.
As many as 2,227 stocks advanced while 1,821 declined and 132 remained unchanged on the BSE.
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 equity markets were trading higher. US markets closed higher on Tuesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,301.87 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude climbed 0.43 per cent to USD 67.16 a barrel.
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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.
