Sensex up 276 pts on bank-merger plans
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Indian markets continued to climb tracking positive cues from global markets ahead of Jackson Hole meeting which could determine market trajectory in the absence of any domestic triggers.
The BSE Sensex surged 276.16 points, or 0.88%, to close at 31568.01, Nifty ended at 9852.50, after moving up 86.95 points, or 0.89%.
Bank stocks rose spurred by Cabinet decision on consolidation of public banks. Shares of SBI, ICICI Bank, HDFC Bank, Kotak Bank and Axis Bank zoomed.
The government on Wednesday decided to set up an alternative mechanism to oversee proposals for consolidation of public sector banks (PSBs) with a view to creating fewer but stronger lenders.
Adani Ports gained 2.79% emerging as the top gainer, followed by Bharti Airtel that jumped 2.41%. Tata Steel moved up 2.28% and Dr Reddy’s climbed 2.25%. Additionally, Tata Motors, NTPC, Reliance, Lupin, Maruti,, Wipro, Coal India,, ONGC, among others, also stood as gainers on Sensex.
Infosys stock rallied 1.98% on value buying amid speculation that Nandan Nilekani might make a comeback as the company’s head.
Most of the sectoral indices ended in the green given the robust buying momentum.
The BSE realty index jumped the most by rising 3.48%, along with metal, banking and financials.
The BSE mid-cap and small-cap indices gained 1.38% and 1.21%, respectively.
Strengthening global shares and uninterrupted buying by domestic investors supported the upsurge, experts are of the view.
Overnight gains at Wall Street amid growing optimism over a market-friendly US tax reform plan sparked gains in Asian and European markets. Renewed hopes of US tax reform and thawing geopolitical tensions, buoyed sentiment.
Hong Kong’s Hang Seng and Japan’s Nikkei ended with gains while China’s Shanghai Composite closed the day with losses. In Europe, London’s FTSE as well as Frankfurt’s Dax Performance Index dipped.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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