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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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.
