Markets end at new closing high: Sensex up 235 points, Nifty above 10,450
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Benchmark indices ended on closing high on Tuesday as BJP's wins in key state elections continued to boost sentiment, with auto stocks leading the gains, while strength across Asian markets also lent support.
Blue chips benefited after PM Narendra Modi’s Bharatiya Janata Party sealed victories in his home state of Gujarat and Himachal Pradesh, raising hopes of continued reforms.
Auto stocks contributed the most to the indexes’ gains, with NSE Auto index climbing as much as 3.4% to a record high.
Focus will now shifts to macros and earnings recovery now that the aseembly elections in Gujarat and Himachal Pradesh are out of the way.
On Monday, Sensex tanked 867 points (2.6%) on opening as early trends showed Rahul Gandhi-led Congress ahead of the ruling Bharatiya Janata Party (BJP) in Gujarat — a state it has governed for 22 years. The 30-share index, however, settled the day 138 points higher.
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As the results for the Maharashtra polls will be announced tomorrow, Shiv Sena (UBT) leader Sanjay Raut on Friday exuded confidence in the victory of the Maha Vikas Aghadi (MVA), saying that around 160-165 MLAs will be elected from MVA.
Reacting to the speculations of the CM face from Maha Vikas Aghadi, Raut asserted that no formula has been made yet for the selection of the CM face as everyone will sit together and choose the CM.
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The Supreme Court on Friday issued a notice to the Enforcement Directorate (ED) in response to a petition from former Delhi Deputy Chief Minister and Aam Aadmi Party (AAP) leader Manish Sisodia. Sisodia sought a relaxation of the bail condition that mandates him to appear before the investigating officer every Monday and Thursday.
An SC bench of Justices BR Gavai and KV Viswanathan said that it would make a decision on the matter during the next hearing without any adjournment.
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Kenya's president said Thursday he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after US bribery and fraud indictments against one of Asia's richest men.
President William Ruto in a state of the nation address said the decision was made based on new information provided by our investigative agencies and partner nations. He didn't specify the United States.
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Asserting that the relationship between India and the US is built on a strong foundation, the White House has expressed confidence that it can navigate the ongoing crisis surrounding bribery charges against Indian billionaire Gautam Adani.
At her daily news conference, White House Press Secretary Karine Jean-Pierre told reporters on Thursday that the administration is aware of the charges against Adani.
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Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
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