Sensex bounces back 341 pts on gains in banking shares, global rally; snaps 5-day losing run
Mumbai, Mar 17 (PTI): Benchmark BSE Sensex rebounded by 341 points on Monday, snapping its five-day losing streak following buying in banking stocks and a sharp rally in global shares.
The 30-share BSE Sensex climbed 341.04 points or 0.46 per cent to settle at 74,169.95 as 19 of its constituents ended in the green and 11 in the red. In intra-day trade, the benchmark jumped 547.44 points or 0.74 per cent to 74,376.35.
The NSE Nifty rose by 111.55 points or 0.50 per cent to 22,508.75.
From the Sensex pack, Bajaj Finserv, Mahindra & Mahindra, Axis Bank, Bajaj Finance, Adani Ports, ICICI Bank, Zomato and UltraTech Cement were among the biggest gainers.
However, ITC, Nestle, State Bank of India, Reliance Industries, Asian Paints and Tata Consultancy Services were among the laggards.
Shares of IndusInd Bank jumped 5.30 per cent in intra-day trade after the Reserve Bank on Saturday assured customers that the firm remains 'well-capitalised', even as it directed the bank's board to complete remedial action relating to an estimated Rs 2,100 crore accounting discrepancy within this month. The stock finally ended at Rs 676.95, up 0.72 per cent.
"Markets started the week on a positive note, gaining half a per cent as the consolidation phase continued. Strong global cues, along with buying interest in select heavyweights, particularly from the banking and financial sectors, led to a firm start, followed by a range-bound session," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE midcap gauge climbed 0.77 per cent, while smallcap index dipped 0.02 per cent.
Among BSE sectoral indices, healthcare surged 1.12 per cent, commodities (0.92 per cent), metal (0.91 per cent), financial services (0.83 per cent), auto (0.80 per cent) and bankex (0.71 per cent).
Telecommunication, realty and FMCG were the laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. Stock markets in Europe were trading in the green. US markets ended sharply higher on Friday.
"Despite a small hiccup, markets quickly gained ground to trade in positive territory as optimism across global markets aided recovery in local indices. However, with a lot of uncertainty surrounding the impact of US tariff policies on key economies, including India, investors would be watchful of the global events before taking any call," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Wholesale price inflation rose marginally to 2.38 per cent in February due to expensive manufactured food items like vegetables oil and beverages, government data released on Monday showed.
Foreign institutional investors (FIIs) offloaded equities worth Rs 792.90 crore on Thursday, according to exchange data. Domestic stock markets were closed on Friday for Holi.
The total outflow by foreign investors has reached Rs 1.42 lakh crore (USD 16.5 billion) in 2025 so far, data with the depositories showed.
"The market experienced a positive trading session, driven by strong performance in the healthcare and financial sectors. However, lower participation from domestic investors due to tariff-related uncertainties may cause the market to fluctuate within a range in the near term," Vinod Nair, Head of Research, Geojit Financial Services, said.
A decisive momentum will depend on signs of earnings growth, while improving domestic economic indicators suggest a potential recovery, he said.
"Investors are closely monitoring the upcoming FED and BOJ meetings, with expectations leaning towards maintaining the current stance due to inflation risks associated with tariff uncertainties," Nair added.
Global oil benchmark Brent crude jumped 1.06 per cent to USD 71.33 a barrel.
On Thursday, the Sensex declined by 200.85 points or 0.27 per cent to settle at 73,828.91. The Nifty fell 73.30 points or 0.33 per cent to settle at 22,397.20.
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4% quota for Muslim contractors: BJP to challenge K'taka's 'unconstitutional move' in court
New Delhi/Bengaluru, Mar 17 (PTI): The BJP on Monday termed the Karnataka government’s proposal to provide four per cent reservation to Muslims in government contracts an "unconstitutional misadventure" and said it will oppose the move at all levels, including challenging it in court, until it is rolled back.
The ruling Congress in Karnataka and the BJP hit out at each other over the issue in the Assembly.
Earlier on Friday, the Cabinet approved an amendment to the Karnataka Transparency in Public Procurements (KTPP) Act, reserving four per cent of contracts for Muslims in civil works valued up to Rs two crore and goods/services contracts up to Rs one crore.
"The BJP firmly opposes the proposed unconstitutional move and demands that the Siddaramaiah government immediately roll it back," BJP MP Tejasvi Surya, who represents the Bangalore South Lok Sabha seat, told a press conference at the party headquarters in New Delhi.
He alleged that the Siddaramaiah-led government’s decision was a "calculated move" to appease Muslims, "at the direction and patronage of the Congress top leadership, particularly Rahul Gandhi."
"This patently unconstitutional and prima facie illegal act will be challenged in court. The BJP will fight against the move both inside the Assembly and on the streets. We will also raise the issue in Parliament and protest outside it," Surya said.
The BJP MP said that the Karnataka government’s move is a threat to national integrity, unity, and sovereignty.
"We will fight and oppose this in the courtroom. We will take the fight to the people of Karnataka. Until this unconstitutional move is rolled back, the BJP’s fight will continue," he added.
Meanwhile, in the Karnataka Assembly, the ruling Congress and the BJP once again sparred on Monday over the budgetary provision of four per cent reservation for Muslims in government contracts.
The Congress rejected the BJP’s allegation that religion-based reservation is "against constitutional provisions."
Defending the reservation, Deputy Chief Minister D K Shivakumar said that Muslims, Christians, Sikhs, and Buddhists are citizens of this country.
"We have concerns for minorities and backward communities. When the BJP says it wants to take everyone along, let it appoint Christian and Muslim ministers. Only then does BJP state president B Y Vijayendra have the right to speak about equality. Let him read the state anthem written by Kuvempu—then he will understand what makes Karnataka a peaceful garden," Shivakumar told reporters.
Hitting back at Shivakumar, Vijayendra said that it was the BJP government, not the Congress, that had appointed Dr A P J Abdul Kalam as the President of India.
"We appointed Najma Heptulla, Justice Abdul Nazeer, and Arif Mohammed Khan as governors. Musician Ustad Bismillah Khan was bestowed with the Bharat Ratna by the BJP government," Vijayendra told reporters.
According to him, Congress's appeasement politics is not new.
He questioned the Congress party’s concern for Dalits, asking where it was when its MLA Akhanda Srinivasa Murthy’s house was "torched by Muslim hooligans".
The Leader of the Opposition in the Karnataka Assembly, R Ashoka, claimed that several Supreme Court judgments have stated that there is no provision in the Constitution for religion-based reservations.
"Yet, Chief Minister Siddaramaiah wore a ‘topi’ (skull cap), organised Tipu Jayanti, and introduced Shaadi Bhagya (launched in 2013, it provides financial assistance to economically backward minority women). He gave grants to Muslims beyond what they had asked for. Now, by offering four per cent reservation in contracts to Muslims, the Congress government has made an assault on Hindus," he alleged.
Ashoka argued that there had never been a religion-based contract system in Karnataka, but the government had introduced one, which could lead to conflicts between communities.
In the Karnataka Legislative Council, Leader of the Opposition, Chalavadi Narayanaswamy raised the issue.
He said that religion-based reservation is "not allowed under the Constitution."
"You have granted four per cent reservation to Muslims in contracts. We oppose religion-based reservations. I urge the government through you not to implement it," he stated.
Countering him, Congress MLA B K Hariprasad asserted that the reservation aligns with constitutional provisions.
