oppn parties Stock Indices Scale New Closing Heights

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  • Supreme Court questions the continuing relevance of two-child norms. The Court observed that falling fertility rates have weakened the population-control rationale behind laws disqualifying people with more than two children from contesting local body elections. It referred the issue to a larger Bench for consideration
  • Supreme Court declines to shift Tirupati laddu case outside Andhra Pradesh. The Court rejected a plea seeking transfer of the trial, despite arguments that political statements by Andhra Pradesh's Chief Minister and Deputy Chief Minister could affect the fairness of proceedings
  • Supreme Court transfers Azam Khan's fresh ED bail plea to Allahabad High Court. The apex court declined to consider the Samajwadi Party leader's bail request in a fresh Enforcement Directorate case and directed that it be listed before a division Bench of the High Court on November 16
  • Two killed in Delhi building collapse; contractor booked. Two bodies were recovered after a building collapsed in Chawri Bazaar. Delhi Chief Minister Rekha Gupta said the contractor had been booked and the concerned junior and assistant engineers suspended
  • Uttar Pradesh voter rolls show a 2.4-crore discrepancy. A difference of approximately 2.4 crore names has been reported between the state's panchayat and rural Assembly voter lists. The Election Commission has ordered the two sets of rolls to be matched
  • Gujarat announces 3% dearness allowance hike. The state government announced a three-percentage-point increase in dearness allowance for government employees and pensioners ahead of Diwali
  • Sensex and Nifty post their strongest single-day gains in months. The Sensex surged 2,008.61 points, or 2.60%, to close at 79,310.01, while the Nifty 50 climbed 576 points, or 2.40%, to 24,536.60. Financial and automobile stocks led the rally, supported by falling crude prices and renewed foreign investor buying
  • Maaya Rajeshwaran reaches WTA-level quarter-final. The 17-year-old Indian defeated Poland's Weronika Falkowska 6-4, 6-3, becoming the first Indian woman since Sania Mirza in 2012 to reach a quarter-final at a WTA Tour-level singles event
  • Tanvi Patri reaches Youth Olympics badminton final. The 15-year-old defeated Japan's Yuzuno Watanabe in the semi-final, assuring India of a medal and becoming the first Indian badminton player to reach the girls' singles final at the Youth Olympics
  • India beat Pakistan 3-2 in SAFF Championship. India defeated Pakistan in a closely contested match, having led 3-0 before conceding two late goals. The victory was reported as a significant result for India's second-string side
  • India beat Japan 4-1 to win a record sixth Asian Champions Trophy. India recovered from an early deficit to defeat Japan in the final at Mohali, extending its record as the tournament's most successful men's team
  • The Supreme Court issued notice to the Centre and the Election Commission on a petition challenging Section 16 of the Chief Election Commissioner and Other Election Commissioners Act, 2023, which grants the CEC and Election Commissioners protection from legal proceedings for acts performed in their official duties. The petition argues that such blanket immunity could leave citizens without an effective remedy for alleged wrongdoing by the Commission
  • The Supreme Court told voters whose names were deleted from Delhi's draft electoral rolls not to be apprehensive about seeking re-enrolment through Form 6, after the Election Commission assured it that such applicants would not be prosecuted merely because their names had appeared in earlier rolls
  • Congress leader Rahul Gandhi opened the party's campaign for the 2027 Punjab Assembly elections with an Insaaf rally in Sangrur, Chief Minister Bhagwant Mann's home district, accusing the AAP government of failing to control drugs, gangster violence and corruption. Congress president Mallikarjun Kharge outlined six commitments, including a drug-free Punjab, protection of farmers, employment for young people and action against corruption
  • Rahul Gandhi accused the AAP government of running Punjab through a remote control from Delhi and questioned Bhagwant Mann's ability to tackle drug abuse, making personal allegations about the Chief Minister's conduct during their time together in Parliament
Stock markets on fire due to US results, Sensex gains 2008 points to reach its highest level in 8 months
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Stock Indices Scale New Closing Heights

By Linus Garg
First publised on 2024-04-11 03:31:30

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The stock indices in India - Nifty and Sensex - breached an important psychological barrier on Tuesday and Wednesday. On Tuesday, both indices achieved new life-time highs in intra-day trading. The Sensex breached the 75000 barrier and the Nifty 22750 but they closed lower due to profit-taking in closing trades. But the momentum was too strong and on Wednesday, buyers emerged to push back the sellers and Sensex gained 354 points to close at 75038 and Nifty 111 points to end at 22754, the first time ever that the indices had closed above 75000 and 22750.

With reports of inflation picking up in the US reducing the chances of an early rate cut by the US Fed, this rally in Indian markets is going to continue. On Wednesday too, foreign funds were more active than domestic ones. The BSE market capitalization stood at Rs 402 lakh crore at the close of Wednesday's trading, another life-time high. The Sensex was 25000 in 2015 and has trebled in just a little over 9 years.

The rally in the market is due to a host of factors - upbeat domestic growth figures, rising rural demand, good earnings in several sectors, a huge jump in new retail investors, a general perception that the Indian economy is resilient and the best bet for growth in a situation where other economies, including that of China, are reporting slowdowns, and foreign funds' continued support as US interest rates are not likely to be reduced anytime soon.

On Wednesday, although the Indian markets rose to scale new heights, they could not match the bull run at their Asian peers. Metal shares rose on the day to propel the indices. The Indian markets will remain closed today (April 11) due to Id Ul Fitr but the Asian markets (except Shanghai) are all enjoying an extended rally. Hence, is is safe to assume that the rally in the Indian markets will continue on Friday if foreign funds remain net buyers and there is no inordinately high level of profit-taking. 

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