Stock markets rebound after 3-day fall; Sensex recovers 260 points
Mumbai, Jun 4 (PTI): Indian benchmark equity indices Sensex and Nifty snapped the three-day losing streak and settled in the positive territory on Wednesday, mirroring a rally in global markets and supported by buying in blue-chips Reliance Industries and HDFC Bank.
Market analysts said Indian equities closed with gains on better-than-expected US job market data and optimism over trade talks between the US and Chinese President this week also added optimism to markets recovery.
The 30-share BSE Sensex climbed 260.74 points, or 0.32 per cent, to settle at 80,998.25. During the day, it jumped 349.78 points, or 0.43 per cent, to 81,087.29.
The NSE Nifty went up 77.70 points, or 0.32 per cent, to 24,620.20.
From the Sensex firms, Eternal climbed 3.32 per cent. Bharti Airtel, IndusInd Bank, Tech Mahindra, Reliance Industries, Tata Motors, HDFC Bank, Tata Steel and Hindustan Unilever were the other major gainers.
However, Bajaj Finserv, Axis Bank, Tata Consultancy Services, Titan and Larsen & Toubro were among the laggards.
"Indian equities closed with gains following positive global cues with Nifty-50 up 0.32 per cent at 24,620. US markets ended higher on Tuesday after better-than-expected April job openings data, indicating resilience in the US labour market despite concerns over tariff policies.
"Further, Asian indices ended in the positive on optimism over trade talks between the US and Chinese President this week," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
The BSE midcap gauge jumped 0.76 per cent and smallcap index climbed 0.58 per cent.
Among sectoral indices, telecommunication jumped 1.35 per cent, utilities (0.99 per cent), teck (0.75 per cent), energy (0.69 per cent), commodities (0.56 per cent), oil & gas (0.53 per cent) and metal (0.51 per cent).
Bankex and realty were the laggards.
As many as 2,071 stocks advanced while 1,933 declined and 151 remained unchanged on the BSE.
"We expect the market to remain in consolidation mode, tracking global markets and macro-economic cues; while stock-specific action would continue on the back of sectoral developments," Khemka added.
Global oil benchmark Brent crude jumped 0.14 per cent to USD 65.72 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,853.83 crore on Tuesday, according to exchange data.
On Tuesday, the 30-share BSE Sensex tanked 636.24 points, or 0.78 per cent, to settle at 80,737.51. The Nifty plunged 174.10 points, or 0.70 per cent, to 24,542.50.
On the domestic macroeconomic front, the Indian services growth broadly steadied in May and was underpinned by healthy demand conditions, new client wins and greater staffing capacity.
The seasonally adjusted HSBC India Services PMI Business Activity Index was at 58.8 in May, marginally up from April's 58.7 and signalled another sharp rate of expansion.
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LoP Ashoka targets CM govt over corruption, says being 'shameless' in public life not forgivable
Bengaluru (PTI): Targeting Chief Minister Siddaramaiah and the Congress government in Karnataka on corruption, BJP leader R Ashoka on Friday said, being foolish was forgivable, but being "shameless" in public life was not.
The Leader of Opposition in the state Assembly claimed that in just 30 months of its tenure, the Congress administration has broken every previous record on corruption-related controversies.
He was responding to Siddaramaiah's post on 'X' on Thursday hitting back at the BJP, stating that Upa Lokayukta Justice Veerappa's claims of "63 per cent corruption" were based on his report in November 2019, when BJP's B S Yediyurappa was the CM.
"But Ashoka, without understanding the Upa Lokayukta's statement properly, has ended up tying the BJP's own bells of sins onto our heads and has effectively shot himself in the foot," the CM had said, as he accused Ashoka of foolishness for trying to twist Veerappa's statement to target the current government.
Responding, Ashoka said, "it is one thing to be called foolish in politics, that can be forgiven."
"But in public life, especially in the Chief Minister's chair, one must never become shameless," Ashoka posted on 'X' on Friday addressing Siddaramaiah.
Noting that the CM himself had admitted on the floor of the Assembly that a Rs 87 crore scam took place in the Valmiki Development Corporation, he said that when a CM acknowledges such a massive irregularity inside the floor of the House, the natural expectation is immediate action and accountability.
"But instead of taking responsibility, you continue in office as if nothing has happened. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
Pointing out that the CM's Economic Advisor and senior Congress MLA Basavaraja Rayareddy had publicly stated that under Congress rule, Karnataka has become No.1 in corruption, Ashoka said, "Yet, you still cling to the Chief Minister's chair without a moment of introspection. What should the people of Karnataka call this, if not sheer shamelessness."
Senior Congress MLA C R Patil had exposed the "money for House" racket in the Housing Department and even warned that the government would collapse if the details he has were made public, Ashoka said.
"Despite such serious allegations from within your own party (Congress), you neither initiated an inquiry nor acted against the concerned minister. What should the people of Karnataka call this, if not sheer shamelessness," Ashoka asked the CM.
Highlighting the "40 percent commission" allegation Congress made against the previous BJP government, the opposition leader said, the commission that the Siddaramaiah government appointed concluded that the accusation was baseless.
"After your own panel demolished your own claim, what moral right do you have to continue repeating that allegation. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
For the last two and a half years, Karnataka has been 'drowning' in corruption, scandals, irregularities and allegations across departments. Ashoka said, "If I begin listing every case that emerged under your government, even 24 hours would not be enough."
"And the most tragic aspect of your administration is this: the unbearable pressure, corruption demands and administrative harassment under your government pushed several officers and contractors into extreme distress - including the suicide of Chandrasekharan which exposed the Valmiki Development Corporation scam - a sign of how deeply broken the system has become under your watch," he said.
Instead of fixing this hopeless environment, the government has tried to bury every complaint and silence every voice, he charged.
"Being foolish is forgivable, but being shameless in public life is definitely not."
"When your own ministers admit scams, when your own advisors certify Karnataka as No.1 in corruption, and when your own MLAs expose rackets inside your departments - clinging to power without accountability is not leadership. It is shamelessness in its purest form." PTI KSU
Earlier on Thursday Ashoka had demanded that the corruption case and allegations in the state against the Congress government be handed over to a CBI investigation, citing a reported statement by Upalokaykta Justice Veerappa alleging "63 per cent corruption", following which Siddaramaiah hit back at the BJP leader.
