Markets climb for 4th day; Sensex jumps 899 pts, Nifty reclaims 23k-mark
Mumbai, Mar 20 (PTI): Rallying for the fourth straight session, stock market benchmarks Sensex and Nifty surged over 1 per cent on Thursday, powered by across-the-board buying amid a mixed trend in global equities after the US Federal Reserve maintained its rate cut projections for this year.
Hectic buying in market heavyweights Reliance Industries, Bharti Airtel and IT stocks bolstered investor sentiment, traders said.
The 30-share BSE benchmark Sensex jumped 899.01 points or 1.19 per cent to settle at 76,348.06, regaining the 76,000 level. During the day, it soared 1,007.2 points or 1.33 per cent to 76,456.25.
As many as 2,410 stocks advanced while 1,606 declined and 129 remained unchanged on the BSE.
The NSE Nifty surged 283.05 points or 1.24 per cent to reclaim the 23,000-mark to finish at 23,190.65.
"Nifty surged by 283 points, marking gains for the fourth consecutive day as all sectors closed in the green. Optimism was driven by signals of two Fed rate cuts in 2025 and hopes of a halt in FII selling," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Bharti Airtel was the biggest gainer in the Sensex pack, rising 4.17 per cent, followed by Titan, Tata Consultancy Services, Hindustan Unilever, Infosys, Nestle, Reliance Industries, Mahindra & Mahindra, HDFC Bank and Tata Motors.
In contrast, IndusInd Bank, Bajaj Finance and UltraTech Cement were the laggards.
Meanwhile, the Federal Reserve said the US economy still looks healthy enough to keep interest rates unchanged. The US central bank pointed out that it is expecting to cut rates twice this year even as inflation stays elevated.
"On Wednesday, the Federal Reserve announced its decision to keep the policy rate in the 4.25-4.50 per cent range. Policymakers anticipate two rate cuts in 2025, with economic growth projected at 1.7 per cent and inflation at 2.7 per cent for the year.
"Overall, this decision has mixed implications for currency movements, capital flows and market sentiment in India. Higher US interest rates could lead to foreign capital outflows from Indian markets, whereas lower rates may attract investment," Ravi Singh, SVP – Retail Research, Religare Broking Ltd, said.
The BSE smallcap gauge climbed 0.73 per cent, and the midcap index rose 0.61 per cent.
All BSE sectoral indices ended higher, where telecommunication jumped 1.94 per cent, teck (1.89 per cent), oil & gas (1.56 per cent), energy (1.42 per cent), auto (1.39 per cent) and BSE Focused IT (1.23 per cent).
"The stability in global markets and moderation in FII selling have significantly improved sentiment. Notably, the recovery in banking and financial stocks, alongside strength in metal, real estate, and energy heavyweights, has played a crucial role in sustaining the momentum.
"Additionally, broader market participation and themes such as defence and railways have further eased pressure," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
In Asian markets, Seoul settled in the positive territory while Shanghai and Hong Kong ended lower. Japan's Nikkei was closed for a holiday.
European equity markets were trading lower. US markets ended significantly higher on Wednesday.
"Consistent falls of the US dollar index (DXY) have reduced the intensity of FII selling while DII buying continues to be strong, thus triggering the recent upside," Vinod Nair, Head of Research, Geojit Financial Services, said.
Global oil benchmark Brent crude rose 0.32 per cent to USD 71.01 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,096.50 crore on Wednesday after a day's breather, according to exchange data. Domestic Institutional Investors (DII) bought equities worth Rs 2,140.76 crore.
"Fed continues to project an additional two rate cuts this year, which may create a tailwind for global equities in the near term," Dhawal Ghanshyam Dhanani, Fund Manager at SAMCO Mutual Fund, said.
On Wednesday, the Sensex climbed 147.79 points or 0.20 per cent to settle at 75,449.05. The Nifty rose 73.30 points or 0.32 per cent to 22,907.60.
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CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
