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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UDF leaders see local body poll trends as pointer to 2026 Assembly elections in Kerala
Thiruvananthapuram (PTI): Buoyed by the strong performance of the Congress-led UDF in the local body polls, KPCC president Sunny Joseph said on Saturday that the front's results indicated the people had rejected the LDF government.
According to early trends, the UDF was leading in more grama panchayats, block panchayats, municipalities and corporations than the LDF.
The local body polls were held in two phases in the state earlier this week.
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Speaking to reporters here, Joseph said the people of Kerala had extended their support to the UDF.
"We could expose the LDF government’s anti-people stance and the people understood it. The LDF’s fake propaganda was rejected by the people. The UDF is moving towards a historic victory," he said.
He said a united effort, proper preparations, good candidate selection and hard work had resulted in the Congress and the UDF’s victory in the elections.
Asked about the prospects in the Thiruvananthapuram Corporation, Joseph said the party was studying the matter and would comment later.
LDF convenor T P Ramakrishnan said the results would be closely examined.
According to him, the government had done everything possible for the people.
"Why such a verdict happened will be examined at the micro level. People’s opinion will be considered and further steps will be taken," he said.
He added that decisions would be taken after analysing the results. "If any corrective measures are required, we will initiate them and move forward," he said.
AICC leader K C Venugopal said the results showed that people had begun ousting those who, he alleged, were responsible for the loss of gold at Lord Ayyappa’s temple.
"This trend will continue in the Assembly elections as well. It is an indication that the people are ready to bring down the LDF government," he said.
Venugopal said the UDF had registered victories even in CPI(M) and LDF strongholds.
"I congratulate all UDF workers for their hard work. Congress workers and leaders worked unitedly," he said.
Referring to remarks made by Chief Minister Pinarayi Vijayan against the Congress on polling day, Venugopal said the voters had responded through the verdict.
"I do not know whether the chief minister understands that the people are against him. Otherwise, he does not know the sentiment of the people. The state government cannot move an inch further," he said.
He said the results indicated a strong comeback for the UDF in Kerala.
Asked whether the Sabarimala gold loss issue had affected the LDF in the local polls, Venugopal said the CM and the CPI(M) state secretary did not take the issue seriously.
"We took a strong stand on the matter. The BJP played a foul game in it," he alleged.
On the BJP's role in the local body elections, Venugopal alleged that the party operated with the CPI(M) 's tacit support.
"The CPI(M) supported the central government on issues such as PM-SHRI, labour codes and corruption in national highway construction. The CPI(M) is facing ideological decline, and the state government’s policies are against the party’s own decisions," he said.
Meanwhile, LDF ally Kerala Congress (M) leader Jose K Mani said the party could not win all the wards it had expected in the elections.
He congratulated winners from all parties and said the party would closely examine the losses and identify shortcomings. "Later, we will take corrective measures," he added.
Senior Congress leader and MP Rajmohan Unnithan said the trends in the local body elections indicated that the UDF would return to power in the 2026 Assembly elections.
"We will win 111 seats as in 1977 and return to power in 2026. The anti-government sentiment of the people is reflected in the elections," he said.
Unnithan said the people were disturbed and unhappy with the present government.
"The trend indicates the end of the LDF government," he added.
CPI(M) MLA M M Mani said the people had shown ingratitude towards the LDF despite benefiting from welfare schemes.
"After receiving all welfare schemes and living comfortably, people voted against us due to some temporary sentiments. Is that not ingratitude," he asked.
Mani said no such welfare initiatives had taken place in Kerala earlier.
"People are receiving pensions and have enough to eat. Even after getting all this, they voted against us. This is what can be called ingratitude," he said.
Muslim League state president Panakkad Sayyid Sadiq Ali Shihab Thangal said the results were beyond expectations.
"The outcome points towards the Secretariat in Thiruvananthapuram, indicating that a change of government is imminent. We are going to win the Assembly election," he said.
