Sensex rallies 610 pts to reclaim 74,000 on buying in RIL, global equity gains
Mumbai, Mar 6 (PTI): Benchmark stock index Sensex rallied nearly 610 points to reclaim the 74,000 mark while Nifty closed above 22,500 in their second day of gains on Thursday following heavy buying in Reliance Industries on easing crude oil prices.
Recovering from early losses, the 30-share BSE Sensex jumped 609.86 points or 0.83 per cent to settle at 74,340.09. During the day, it surged 660.57 points or 0.89 per cent to hit a high of 74,390.80.
The broader Nifty of NSE advanced 207.40 points or 0.93 per cent to close at 22,544.70. In the session, the 50-share barometer jumped 219.15 points or 0.98 per cent to hit an intraday high of 22,556.45.
From the Sensex pack, Asian Paints, NTPC, Reliance Industries, Tata Steel, Bajaj Finserv, Hindustan Unilever, Sun Pharmaceuticals, Adani Ports & SEZ, Axis Bank, Tata Consultancy Services, Titan and Bajaj Finance were the major gainers.
Tech Mahindra, Kotak Mahindra Bank, Zomato, Tata Motors, and IndusInd Bank were the laggards.
"The Indian indices exhibited resilience, owing to positive global cues following Trump’s softened tariff stance on automakers from Canada & Mexico amidst the weakening dollar index," Vinod Nair, Head of Research, Geojit Financial Services said.
A correction in crude oil prices, influenced by a slowdown in demand and further economic stimulus from China, ignited optimism in the energy and metals sectors, Nair added.
Broader markets also closed higher with the BSE smallcap gauge climbing 1.63 per cent and midcap index advancing 0.65 per cent.
Among the BSE sectoral indices, Energy, metal, Oil & Gas, Commodities, Utilities, Services, Power, healthcare, FMCG and Industrials were the gainers.
Telecommunication and Realty were the laggards.
As many as 3,007 stocks advanced while 989 declined and 107 remained unchanged on the BSE.
In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul ended higher.
European markets in the mid-session deals were trading on a mixed note. Wall Street ended in the positive zone on Wednesday.
Global oil benchmark Brent crude rose by 0.52 per cent to USD 69.66 a barrel.
Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,895.04 crore on Wednesday, according to exchange data.
On Wednesday, the BSE Sensex surged by 740.30 points to close at 73,730.23. Cutting short its record 10-day falling streak, the broader Nifty of NSE rebounded by 254.65 points to settle at 22,337.30.
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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
