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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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.”
