Stock markets snap 3-day decline; Sensex jumps 319 pts on gains in IT shares
Mumbai (PTI): Benchmark stock indices Sensex and Nifty bounced back on Monday after three straight days of losses following buying in IT and financial shares and a rally in global peers after a breakthrough in the US government shutdown.
The 30-share BSE Sensex benchmark climbed 319.07 points, or 0.38 per cent, to close at 83,535.35. In the intraday session, the index rallied 538.21 points, or 0.64 per cent, to hit a high of 83,754.49.
The NSE Nifty advanced 82.05 points, or 0.32 per cent, to settle at 25,574.35. During the day, it climbed 161.15 points or 0.63 per cent to hit an intraday high of 25,653.45.
Among the Sensex firms, Infosys, HCL Technologies, Bajaj Finance, Asian Paints, Tata Motors Passenger Vehicles, Tata Consultancy Services, Bharti Airtel, Titan, Bajaj Finserv, Reliance Industries and Larsen & Toubro were the gainers.
Trent Ltd, Eternal, Power Grid, UltraTech Cement, Mahindra & Mahindra, Axis Bank, State Bank of India, Adani Ports, Hindustan Unilever and NTPC were the laggards.
"The potential resolution of the US government shutdown, coupled with renewed FIIs buying driven by a favourable Q2 earnings season, supported a positive sentiment in the market. The rise in the US 10-year Treasury yield reflects improving risk sentiment toward equities with the reopening of the federal government," Vinod Nair, Head of Research, Geojit Investments, said.
Domestically, strengthening macroeconomic indicators are expected to underpin upward revisions in earnings estimates for H2FY26. This reinforces the current valuations and is likely to attract incremental liquidity, Nair added.
The BSE midcap gauge went up by 0.62 per cent, while smallcap ended 0.28 per cent lower.
Focussed IT climbed 1.66 per cent, followed by information technology by 1.57 per cent, Teck by 1.43 per cent, Capital Goods by 1.24 per cent, Industrials by 0.66 per cent, Consumer Durables 0.62 per cent, Metal by 0.51 per cent and Energy by 0.36 per cent.
On the other hand, Utilities slipped by 0.36 per cent, Realty (0.29 per cent), Services(0.25 per cent), Consumer Discretionary (0.13 per cent), FMCG (0.11 per cent), and Telecommunication (0.09 per cent).
A total of 2,372 stocks declined while 1,962 advanced and 179 remained unchanged on the BSE.
"Sentiment improved as foreign investors turned buyers again after six days of selling. Global cues also supported the move, as progress toward avoiding a US government shutdown boosted investor confidence," Bajaj Broking Research said in a note.
In Asian markets, South Korea's Kospi closed 3.02 per cent higher, Hong Kong's Hang Seng rose 1.55 per cent, Japan's Nikkei 225 index went up 1.33 per cent, and Shanghai's Composite Index finished 0.53 per cent.
Markets in Europe were trading mostly higher. The US markets ended largely higher on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,581.34 crore on Friday, while Domestic Institutional Investors outnumbered the FIIs by acquiring the stocks worth Rs 6,674.77 crore, according to the exchange data.
On Friday, the 30-share BSE Sensex declined 94.73 points to settle at 83,216.28. The 50-share NSE Nifty dipped 17.40 points to 25,492.30.
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Nothing wrong in MLAs aspiring for ministerial position: K'taka HM Parameshwara
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Bengaluru (PTI): Amid a group of ruling Congress MLAs camping in Delhi with a cabinet rejig demand for their inclusion, Karnataka Home Minister G Parameshwara on Monday said there was nothing wrong in legislators aspiring for ministerial positions.
He asserted that experienced MLAs were capable of handling such responsibilities.
His remarks came a day after senior and first-time MLAs stepped up lobbying efforts in the national capital with the party high command, seeking a cabinet reshuffle and greater representation.
"There is nothing wrong in them asking for it (ministerial position)," Parameshwara, a senior Congress leader, said
He added that the MLAs, some of who have been elected thrice, are capable to take up the ministerial positions.
He maintained that the final call on any cabinet reshuffle rests with the party high command.
"Our Chief Minister (Siddaramaiah), the high command, and our party (state) president (DK Shivakumar) decide about reshuffle. These three sit together and take a decision," he said.
The minister also indicated that the established procedure for cabinet formation was likely being followed.
"Earlier too, when I was the (state Congress) president, during cabinet formation, the Pradesh Congress Committee president, the Congress Legislative Party (CLP) leader, and our in-charge general secretaries would take decisions that would then be presented before our AICC president, approval would be obtained, and then it would be announced," he said.
He added that even today the same procedure is followed.
Responding to questions on whether senior ministers would make way for newcomers, Parameshwara said they would abide by the party's decision.
"If the high command decides then we have to accept it. There is no question of not accepting it," he said.
Stressing on party discipline, he added, "Whether it is me, Transport Minister Ramalinga Reddy, or Energy Minister K J George, we all are seniors. If they (high command) decide that we should be replaced and make changes, then there is no question of us opposing it."
Clarifying that discussions were limited to a possible cabinet reshuffle, he said decisions on leadership matters were entirely in the hands of the high command.
He said the discussions were limited only to the Cabinet rejig and not changing the party state president, a post being held by Deputy Chief Minister Shivakumar for the past six years.
"Right now we are discussing cabinet reshuffle, not about the party president. All such matters are left to the high command," he said.
Recalling his own appointment as state Congress president in the past, Parameshwara said he had not lobbied for the post. "When I was made president, I did not lobby for it. Our leader Sonia Gandhi took the decision. It came as a surprise to me. I had not asked for it," he said.
On Sunday, several senior MLAs travelled to Delhi to press for a cabinet reshuffle, while first-time legislators renewed their demand for representation, seeking at least five berths in the Siddaramaiah-led ministry.
The push for a rejig comes amid internal rumblings within the ruling party and speculation over leadership issues, even as the high command is yet to take a final call.
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