Stock markets snap 3-day decline on buying in banking shares; Sensex jumps 410 pts
Mumbai, May 21 (PTI): Benchmark stock indices Sensex and Nifty rebounded on Wednesday, snapping their three-day falling streak on the back of buying in blue-chips HDFC Bank and ICICI Bank and a firm trend in Asian peers.
The 30-share BSE Sensex jumped 410.19 points or 0.51 per cent to settle at 81,596.63 with 24 of its constituents ending higher and six ending lower. During the day, it surged 835.2 points or 1.02 per cent to a high of 82,021.64.
The NSE Nifty climbed 129.55 points or 0.52 per cent to 24,813.45.
Among Sensex firms, Bajaj Finserv rose the most by 2.02 per cent. Tata Steel, Sun Pharma, Tech Mahindra, Bajaj Finance, NTPC, Nestle, Tata Motors, Hindustan Unilever and Mahindra & Mahindra also advanced.
IndusInd Bank fell the most by 1.39 per cent. Kotak Mahindra Bank, Power Grid and ITC were among the laggards.
Moody's Ratings said on Wednesday said India is well-positioned to deal with the negative effects of US tariffs and global trade disruptions as domestic growth drivers and low dependence on exports anchor the economy.
In a note on India, the agency said government initiatives to boost private consumption, expand manufacturing capacity and increase infrastructure spending will help offset the weakening outlook for global demand.
The BSE midcap gauge advanced 0.90 per cent and smallcap index by 0.51 per cent.
Among sectoral indices, capital goods (1.65 per cent), realty (1.58 per cent), industrials (1.35 per cent), healthcare (0.93 per cent) and teck (0.81 per cent) were the gainers.
Consumer durables emerged as the only laggard.
As many as 2,292 stocks advanced while 1,685 declined and 138 remained unchanged on the BSE.
Among Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng in settled in the positive territory while Japan's Nikkei 225 index ended lower.
Markets in Europe were trading in the negative territory. US markets ended lower on Tuesday.
"Markets exhibited a broadly positive undertone today; however, overall sentiment remained confined within a narrow range, indicating risk of 'sell on rallies' strategy in the near future amid escalating uncertainty around India - US trade negotiations," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Global oil benchmark Brent crude jumped 1.19 per cent to USD 66.16 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,016.10 crore on Tuesday, according to exchange data.
Sensex tanked 872.98 points or 1.06 per cent to settle at 81,186.44 while Nifty tumbled 261.55 points or 1.05 per cent to 24,683.90.
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LoP Ashoka accuses Karnataka govt of 'diverting' SC/ST funds for guarantees
Bengaluru (PTI): Leader of the Opposition in the Karnataka Assembly, R Ashoka, on Tuesday accused the state government of "diverting funds" meant for Scheduled Castes and Scheduled Tribes under the SCSP and TSP components to finance its guarantee schemes. He also alleged that the budget presented by Chief Minister Siddaramaiah has undermined the principle of social justice.
During the discussion on the 2026–27 state budget in the assembly, the BJP leader claimed that substantial portions of funds earmarked for Dalit welfare had been diverted for other schemes over the past four years.
He also questioned the implementation of allocations under the Scheduled Caste Sub-Plan (SCSP) and Tribal Sub-Plan (TSP), saying the government has "failed" to ensure that the money actually reached the intended communities.
“Today, the money here has been diverted. In this diversion of funds, social justice has been ignored. If the money meant for Dalits is looted, can that be called social justice?” he asked while criticising the government’s handling of SC/ST allocations.
According to the opposition leader, around Rs 14,198 crore had been diverted in the current financial year alone from SCSP and TSP allocations to various guarantee schemes announced by the government.
Listing the expenditure under these programmes, the former Deputy CM said Rs 8,296.32 crore had been allocated for the Gruha Lakshmi scheme, Rs 1,537 crore for Shakti, Rs 1,612 crore for Anna Bhagya, Rs 2,591.6 crore for Gruha Jyothi and Rs 1,062 crore for Yuva Nidhi.
“In total, Rs 14,198 crore has been diverted this year,” he said.
He further claimed that the diversion of funds had increased over the years.
“In 2023–24, Rs 11,144 crore was taken from SC/ST funds. In 2024–25, Rs 14,282.68 crore was taken. In 2025–26, Rs 13,343.84 crore was taken. In 2026–27, Rs 14,198.97 crore has been taken.”
“This amount keeps increasing year after year. In total, Rs 53,059.45 crore belonging to SC/ST communities has been taken during Siddaramaiah’s tenure,” he added.
Ashoka said that although the budget documents projected large allocations for Dalit welfare, the actual funds reaching the beneficiaries were significantly lower.
The government had earmarked Rs 44,632 crore for SC/ST communities in 2026–27, but once the diversion towards guarantee schemes was removed, the effective amount available was much less, he added.
The BJP leader also referred to a review meeting on January 31 to examine the utilisation of SCSP and TSP funds.
As per the review, Ashoka said only a part of the sanctioned amount had actually been released and spent.
“For SCSP, Rs 29,872 crore was allocated, but by January 27, only Rs 16,699 crore had been released, and the expenditure was Rs 15,391 crore."
Similarly, under the Tribal Sub-Plan, he alleged that Rs 11,900 crore had been allocated, but only Rs 6,521 crore was released and Rs 6,002 crore spent by the end of January.
“Even after eleven months, only about 50 per cent of the funds were released by the Finance department.”
Ashoka also criticised the allocation of SC/ST funds to departments and schemes that he said had little direct relevance to the welfare of those communities.
These included wildlife conservation programmes in the forest department, the tiger conservation project, maintenance of hospital buildings, and IT policy formulation.
“How are Dalits related to wildlife conservation? Are there SC tigers and ST elephants? How can funds meant for Dalits be used for tiger conservation?” he asked.
He also objected to funds being allocated from SC/ST components to institutions such as the Sanjay Gandhi Trauma and Orthopaedic Institute in Bengaluru and for Public Works Department buildings.
The opposition leader also charged that the government hiked taxes and prices of various commodities and services ranging from milk to petrol, vehicles, drinking water, sewerage cess, electricity, metro rail and bus fare, school and college fees, property taxes in Bengaluru, property e-Khata fee, A-Khata conversion, exam fee and birth and death certificate issuance.
“People are being taxed for digging cellar. The mines and geology department has issued notices to people. This is unheard of for me,” Ashoka said.
