Sensex makes a 136-pt rebound as bad loan fight paces up
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The BSE Sensex made a strong recovery of 136 points at the start on June 22 on the back of a slew of steps by regulator Sebi to make markets more attractive for investments.
Asian cues remained mixed.
The 30-share index rebounded by 136.27 points, or 0.44%, to 31,419.91. Realty, metal, power and auto rose up to 1.09%, staying in the positive zone.
In the previous two sessions, the gauge had lost 27.93 points.
The NSE Nifty also moved up by 33.85 points, or 0.35%, to 9,667.45.
Sebi relaxed its takeover norms for restructuring listed companies with stressed assets, which is expected to bolster efforts in its fight against bad loans, among a host of key decisions made on June 21.
Some short covering helped stocks too bounce back.
HDFC Ltd, PowerGrid, Asian Paints, Tata Motors, Tata Motors DVR, Sun Pharma and Axis Bank were the major contributors to the recovery, gaining up to 1.37%.
Hong Kong's Hang Seng rose 0.18% while Shanghai Composite rose 0.72% in early trade on June 22.
Japan's Nikkei fell 0.10%. The Dow Jones Industrial Average ended 0.27% down on June 21.
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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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