Stock markets rebound after Monday's crash: Sensex jumps 1,089 pts tracking firm global trends
Mumbai, Apr 8 (PTI): Stock markets rebounded sharply on Tuesday, a day after facing the worst drubbing in 10 months, as benchmark Sensex recouped 1,089 points after across-the-board buying amid a rally in Asian and European markets.
Snapping its three-day decline, the 30-share BSE Sensex jumped 1,089.18 points or 1.49 per cent to settle at 74,227.08 with 29 of its components ending in the green. During the day, it climbed 1,721.49 points or 2.35 per cent to 74,859.39.
The NSE Nifty surged 374.25 points or 1.69 per cent to 22,535.85, snapping the three-day losing run. Intra-day, the benchmark soared 535.6 points or 2.41 per cent to 22,697.20.
Sensex tanked 2,226.79 points or 2.95 per cent and Nifty tumbled 742.85 points or 3.24 per cent, marking their worst single day decline in 10 months as global equity markets went into a tailspin on recession fears after US tariff war.
"Positive global market cues aided massive recovery in local benchmarks, as concerns over US trade tariffs faded a bit on hopes that most of the nations would work out ways to overcome the challenge. With India largely being a consumption-led economy, the US tariff impact may not hurt the country in a major way when compared to some of the other nations," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
All Sensex firms, except Power Grid, ended in the positive territory. Titan, Bajaj Finance, State Bank of India, Larsen & Toubro, Axis Bank, Bajaj Finserv, Asian Paints and Zomato were the biggest gainers.
World markets also staged a comeback after Monday's collapse.
In Asian markets, Tokyo's Nikkei 225 index, Hong Kong's Hang Seng, Shanghai SSE Composite index and South Korea's Kospi settled in the positive territory after falling sharply on Monday. Nikkei 225 index jumped 6 per cent.
European markets were quoting higher. US markets ended mostly lower on Monday.
The BSE smallcap gauge jumped 2.18 per cent and midcap index surged 1.87 per cent.
All BSE sectoral indices ended higher.
Oil & Gas index jumped the most by 2.58 per cent, followed by consumer durables (2.38 per cent), telecommunication (2.32 per cent), industrials (2.04 per cent), energy (2.03 per cent), consumer discretionary (2.02 per cent), teck (1.97 per cent), healthcare (1.94 per cent) and IT (1.77 per cent).
As many as 3,093 stocks advanced while 871 declined and 119 remained unchanged on the BSE.
"Following positive global cues, led by the interest of many nations to enter into bilateral agreements with the US, the domestic market witnessed a recovery," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,040.01 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 12,122.45 crore, according to exchange data.
Global oil benchmark Brent crude climbed 0.22 per cent to USD 64.35 a barrel.
Benchmark indices Sensex and Nifty logged their worst single-day decline in 10 months on Monday, as fears that Trump's policies on reciprocal tariffs may lead to recession and higher inflation in the US going ahead unnerved investors.
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Anyone speaking in favour of Pakistan is wrong, it amounts to treason: Siddaramaiah
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Wednesday said that anyone speaking in favour of Pakistan is wrong and it amounts to treason.
He however said that inquiry is on in connection with alleged "mob lynching" of a man, accused of of shouting 'Pakistan Zindabad' slogan, in Mangaluru.
"If the Pakistan Zindabad slogan was shouted, it is wrong, whoever it is. Inquiry is still going on, a case has been registered, let the report come. It will be clear as to what action should be taken against whom," Siddaramaiah said, responding to a question by reporters on killing of a person in Mangaluru allegedly for shouting 'Pakistan Zindabad' slogan.
"If anyone speaks in favour of Pakistan, it is wrong, it is treason," he added.
Home Minister G Parameshwara said, a person was "lynched" in Mangaluru, and while interogating those behind the incident, they have claimed that the victim shouted 'Pakistan Zindabad' slogan.
"It is being further investigated. Only those arrested said this. Nearly 20 people have been arrested now. Police are also finding out about the person (deceased) and his origins. We have taken the incident seriously. Further investigations are on and there were many people who had gone to play the cricket match. They are all being questioned to gather information. Investigation is very serious," he said.
When asked if the deceased person was from Kerala's Wayanad, Parameshwara said, there is such information and it needs to be verified, by establishing his identity and contacting his parents.
To a question, were there any failure on the part of the police as there are reports that they allegedly tried to project it as suicide initially, he said, "We have no such information. If any such thing is there it will come out from the investigation. If any police failures are identified, appropriate action will be taken,"
The Home Minister assured that the case has been taken seriously and there should be no apprehensions that it is being taken lightly.
However, according to police, the deceased has been identified as Ashraf from Pulpalli village in Sultan Bathery Taluk of Wayanad district in Kerala.
The incident had happened during a local cricket match near the Bhatra Kallurti temple in Kudupu village on the outskirts of Mangaluru, on April 27, police said.
Ashraf was allegedly assaulted with sticks, resulting in multiple injuries that led to internal bleeding and shock, police said adding he was declared dead at the hospital.
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