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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UAE-based Indian doctor Shamsheer Vayalil announces Rs 6 crore aid for Air India crash victims
Dubai, Jun 17 (PTI): UAE-based Indian doctor and philanthropist Dr Shamsheer Vayalil has announced Rs 6 crore in financial aid for the families of medical students and doctors affected by the Air India plane crash in Ahmedabad last week.
The ill-fated aircraft struck the BJ Medical College's Atulyam hostel complex during lunch hour, reducing student residences and the dining hall to rubble.
All but one of the 242 passengers and crew on board the Boeing 787-8(AI 171) and another 29 persons, including five MBBS students, on the ground were killed when the London-bound aircraft crashed, moments after it took off from the Sardar Vallabhbhai Patel International Airport.
Announcing the relief from the UAE capital of Abu Dhabi, Dr Shamsheer, founder and chairman of Burjeel Holdings and managing director of VPS Health, said he was deeply shaken when he saw the aftermath of the crash.
As someone who had lived in similar hostels during his medical education at Kasturba Medical College in Mangalore and Sri Ramachandra Medical College in Chennai, the images struck a chord, he said.
“I saw the footage from the mess and the hostel, and it truly shook me. It reminded me of the places I once called home, the corridors, the beds, the laughter, the pressure of exams, and the anticipation of a call from family,” he said.
“No one expects a commercial aircraft to come crashing into that world,” he added.
“Those students started the day thinking about lectures, assignments, and patients. Their lives ended in a way none of us could ever imagine. It hit close. Too close,” he said.
Dr Shamsheer’s relief package includes Rs 1 crore for each of the four deceased students’ families, Rs 20 lakh each for five seriously injured students, and Rs 20 lakh each for the families of doctors who lost loved ones.
The financial assistance will be delivered in coordination with the Junior Doctors’ Association at BJ Medical College, ensuring that those in need receive support swiftly.
This is not the first time Dr Shamsheer has responded to such a crisis. In 2010, following the Mangalore air crash, he provided financial assistance and employment opportunities to affected families at Burjeel Holdings, a leading healthcare provider in the Middle East.
