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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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.
