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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Porsche car crash case exposed systemic corruption: Pune police commissioner
Pune (PTI): The Porsche car crash case exposed "systemic corruption," but the Pune Police have successfully uncovered the nexus behind the replacement of the accused juvenile's blood samples with those of his mother, Police Commissioner Amitesh Kumar said on Wednesday.
The case made national headlines after the high-end car allegedly driven by the 17-year-old boy in an inebriated state mowed down motorcycle-borne IT professionals Anish Awadhiya and Ashwini Costa in the Kalyani Nagar area on May 19 last year.
"Last year’s Porsche car crash case sparked widespread discussions about Pune’s deteriorating social culture, alleged police corruption, and several other issues. Amid all the criticism, one positive aspect stood out: the case exposed systemic corruption.
"It also demonstrated how the police, working within the same system, managed to uncover the entire nexus behind the replacement of the juvenile’s blood samples with those of his mother," Kumar said while addressing Nasha Mukt Bharat Abhiyan, an initiative aimed at raising awareness against drug addiction, organised at Modern College.
He added that the juvenile has been released since he was a minor.
"However, his mother has remained in jail for over a year, and his father continues to be behind bars. Doctors from Sassoon Hospital and others involved are also still in jail," Kumar said, adding that one mistake by a child, and an attempt by his parents to cover it up, destroyed an entire family.
He said the police will follow up on this case until every guilty person is punished.
Kumar also appealed to students to stay away from intoxicating substances and drugs.
"You are not only endangering your own life but also putting your entire family at risk," he said, urging the youth not to fall prey to harmful addictions.
"Instead, stand strong and act as a force to ensure that drug abuse is curbed in your surroundings. We assure you of full police support," he added.
He further stated that if youth from all colleges unite and decide to end this menace, "the day is not far when not even one gram of drug will be sold in the city".
The investigation into the car crash had revealed that the juvenile's blood samples were replaced with those of his mother.
The roles of Dr Ajay Taware, head of the forensic department, Medical Officer Shreehari Halnor, and a hospital staffer came under scrutiny.
While the mother is currently out on bail, the juvenile’s father, Sassoon Hospital doctors Taware and Halnor, staffer Atul Ghatkamble, two middlemen, Ashpak Makandar and Amar Gaikwad, and others remain in jail for the alleged blood sample swap.
