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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
