Sensex jumps 1,078 pts to settle at 6-week high on FII buying, gains in banking shares
Mumbai, Mar 24 (PTI): Benchmark BSE Sensex surged by 1,078 points to close at a six-week high on Monday as fresh foreign fund inflows and buying in banking and oil & gas shares helped the index extend the winning run to the sixth day.
The 30-share BSE Sensex jumped 1,078.87 points or 1.40 per cent to settle at 77,984.38, a level not seen since February 6. During the day, it zoomed 1,201.72 points or 1.56 per cent to breach the 78,000 level and touch a high of 78,107.23.
The NSE Nifty surged by 307.95 points or 1.32 per cent to 23,658.35. Intra-day, the benchmark zoomed 358.35 points or 1.53 per cent to 23,708.75.
A positive trend in the US and European markets powered the rally in domestic equities, experts said. A sharp rebound in the rupee also bolstered investor sentiment.
From the Sensex pack, NTPC rose the most by 4.61 per cent amid reports that the power PSUs is likely to gain from Indian Railways' shift to renewable and nuclear power.
Kotak Mahindra Bank was the second biggest gainer, rising by 4.51per cent after the private lender announced the appointment of a chief technology officer.
State Bank of India, Tech Mahindra, Power Grid, Bajaj Finserv, Axis Bank, HCL Tech, Reliance Industries and Bajaj Finance were among the gainers.
Titan fell the most by 2.68 per cent among Sensex shares. IndusInd Bank, Zomato, Mahindra & Mahindra, Bharti Airtel, Nestle and Infosys were the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 7,470.36 crore on Friday, according to exchange data.
"Short covering ahead of monthly F&O expiry later this week fuelled the rally as the Sensex breached the psychological 78k mark intra-day on across-the-board buying.
"Renewed optimism by foreign investors coupled with strong US and European market cues further bolstered the sentiment," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Domestic markets experienced a robust rally, spurred by value buying as valuations returned to long-term averages and early indications of earnings growth recovery emerged.
Increased government spending and expected monetary easing are anticipated to boost optimism in rate-sensitive sectors such as banking, NBFCs, auto, consumer durables, and real estate, leading to potential outperformance, Vinod Nair, Head of Research, Geojit Investments Limited, said.
"The sustainability of this trend will depend on upcoming PMI data, Q4 earnings results, and developments related to reciprocal US tariffs," Nair said further.
The BSE midcap gauge jumped 1.32 per cent and smallcap index climbed 1.17 per cent.
All BSE sectoral indices ended higher, with bankex rallying 2.53 per cent, utilities (2.42 per cent), power (2.31 per cent), industrials (2 per cent), financial services (1.97 per cent), capital goods (1.95 per cent) and realty (1.51 per cent).
As many as 2,496 stocks advanced while 1,640 declined and 162 remained unchanged on the BSE.
In Asian markets, Shanghai and Hong Kong settled higher while Seoul and Tokyo ended lower. European markets were trading in positive territory. US markets ended in green on Friday.
Global oil benchmark Brent crude went up 0.07 per cent to USD 72.21 a barrel.
In the six-day rally to Monday, Sensex has zoomed more than 4,100 points or 5 per cent as FII selling eased. Broader Nifty has climbed 1,260 points or 5.5 per cent since March 17.
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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.
