Massive jump in stock market after exit polls predict big BJP win; Adani Ports, Adani Enterprises among top performers

News Network
June 3, 2024

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The share market has posted a massive jump in the early trade, banking on the hopes of political stability as predicted by the exit polls. The 30-share Sensex rallied over 2,000 points this morning while the 50-stock Nifty recorded its biggest jump in four years during the market opening.

Both Sensex and Nifty, the indexes of the Bombay Stock Exchange and the National Stock Exchange, hit their record high levels today. All Sensex and Nifty stocks are now in the green.

At pre-open, Nifty surged over 800 points or 3.58% to 23,227.90 while the Sensex jumped 2,621.98 points or 3.55% to 76,583.29.

Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC are among the top performers that led the market rally with significant gains. The latest GDP data suggesting a robust 8.2% fiscal growth also bolstered the market sentiment. 

"Buoyant sentiments are driven by India's impressive Q4FY24 GDP growth of 7.8 per cent, surpassing expectations, with the fiscal year's growth standing at 8.2 per cent," said Varun Aggarwal, founder and managing director of Profit Idea. He also cautioned that the market will remain volatile in anticipation of the results pending tomorrow.

An aggregate of 12 exit polls on Saturday predicted the BJP will return to power with the ruling NDA alliance with 365 seats. A party or an alliance needs at least 272 seats to form government in the country. The market prefers political stability and a change in government usually risks volatility in the share market, according to analysts. 

The exit polls have also predicted that the BJP is set to break ground in Kerala and Tamil Nadu in the south, and make large gains in Odisha and Bengal in the east. There is, however, a health warning: exit polls do not always get it right. 

While the BJP has welcomed the exit poll predictions, the Opposition has dismissed the forecast and said the counting day will throw a completely different picture. Following a meeting of the Opposition leaders part of the INDIA bloc, Congress chief Mallikarjun Kharge Saturday said that the bloc will win at least 295 seats out of the total 543.

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News Network
October 17,2024

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Israeli media have revealed that a plan is underway to ethnically cleanse northern Gaza and kill any Palestinian who remains there.

Three Israeli reserve soldiers deployed to Gaza told Haaretz this week that they believe the “Generals’ Plan,” also known as the Eiland Plan, is being implemented.

“The goal is to give the residents who live north of the Netzarim area a deadline to move to the south of the Strip. After this date, whoever will remain in the north will be considered an enemy and will be killed,” a soldier stationed in the Netzarim Corridor was quoted as saying.

The soldier said the plan does not conform to any standard of international law. 

“People sat and wrote a systematic order with charts and an operational concept, at the end of which you shoot whoever isn’t willing to leave. The very existence of this idea is unfathomable.”

A second soldier said “the commanders say openly that the Eiland Plan is being promoted by the military.”

There are now signs that even if the policy has not been adopted by top military officials who are reportedly discussing it, the plan is already being carried out, the report said on Wednesday.  

Haaretz journalist Amos Harel wrote, "Ideas such as deliberately opening fire close to a population and even steps towards starving the inhabitants are being debated." 

Major international aid organizations have called on leaders and the international community to stop Israel’s forced displacement in northern Gaza.

“The Israeli forces’ assault on Gaza has escalated to a horrifying level of atrocity,” said organizations such as Oxfam, Medical Aid for Palestinians (Map), ActionAid, Islamic Relief, Christian Aid and other UK-based charities on Tuesday.

“This is not an evacuation; this is forced displacement under gunfire. Since 1 October, no food has been allowed into the area, and civilians are being starved and bombed in their homes and their tents.”

Over the past 10 days, Israeli forces ordered hundreds of thousands of people to flee northern Gaza before launching a new offensive. 

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News Network
October 8,2024

Mangaluru: The by-election to the legislative council from the Dakshina Kannada and Udupi local authorities' constituency will be a contest among four candidates. An independent candidate, Muhammed Riyaz, has withdrawn his nomination on Monday, the last day for withdrawal.

Deputy commissioner Mullai Muhilan MP stated that candidates Kishore BR (BJP), Raju Poojary (Congress), Anwar Sadat S (SDPI), and Dinakar Ullal (independent) will be in the fray. 

Polling will be held at 392 booths in Dakshina Kannada and Udupi districts between 8am and 4pm on Oct 21.

A total of 6,032 voters from Dakshina Kannada and Udupi are eligible to vote. While there will be 234 polling booths in Dakshina Kannada, Udupi will have 158 stations. Gram panchayat members, corporators of the Mangaluru City Corporation, members of city municipal councils, town municipal councils, town panchayats, MLAs, MLCs, and Lok Sabha members are eligible to vote.

Election observer of the Election Commission of India (ECI), Pankaj Kumar Pandey, reviewed the poll preparations at the deputy commissioner's office on Monday. He issued directions to officials regarding arrangements to be made during the election and counting of votes.

The deputy commissioner stated that out of 6,032 voters, 3,127 are women and 2,905 are men. He said the counting of votes will be held at St Aloysius PU College in the city on Oct 24.

Udupi deputy commissioner Vidya Kumari K, city police commissioner Anupam Agrawal, Dakshina Kannada ZP CEO Anandh K, Dakshina Kannada SP Yathish N, Udupi SP Arun K, and additional deputy commissioners Santhosh Kumar G and Mamatha Devi were present.

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News Network
October 8,2024

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New Delhi: The Congress on Tuesday afternoon filed a formal complaint with the Election Commission regarding a delay in publishing the leads and results of the Haryana poll. In a brief letter the opposition party said that between 9 and 11 am there was "an unexplained slowdown in updating of results".

"As you can imagine this allows bad faith actors to spin out narratives that undermine the process. You can see examples of it already playing out on social media. Our fear is also that such narratives can then be used by these mala fide actors to influence processes where counting is still underway, i.e., in most of the counting centres," the Congress told the Election Commission.

"We request you to issue immediate directions to your officials to update the website with true and accurate figures, so that false news and malicious narratives can be countered immediately."

Minutes earlier the Congress' Jairam Ramesh said, "... we hope the Election Commission will answer our questions. The results of 10-11 rounds are out... but only four to five rounds are updated on the site." He also flagged those "trying to build pressure by sharing outdated and misleading trends..."

The Congress had raced into an early lead in Haryana as postal votes were counted, only for the BJP to stage a thrilling comeback late morning as ballots were opened. The ruling party then raced into a lead of its own, which it has held since; at noon the BJP held 48 seats - two over the majority mark.

Early celebrations at the Congress' Delhi HQ ground to a halt as the party - which is set to win the first Jammu and Kashmir election in a decade - contemplated a third straight defeat in Haryana.

The party's senior leader in the state - Kumari Selja, who is also in the Congress' chief ministerial race - told NDTV the Election Commission will "have to answer" the question posed.

 "Why is the counting going slowly? It was fine during the Lok Sabha election... so why is the counting going slowly now? It is the responsibility of the EC to tell the world why counting has slowed," she said.

Mr Ramesh, however, insisted the party remains confident.

"There is no need to be disheartened..." he told ANI, "Mind games are being played. There is no need to be disheartened. We are going to get the mandate. Congress will form the government."

The BJP's Sudhanshu Trivedi responded swiftly, declaring the complaining meant the Congress had "accepted defeat". "If Congress has started pointing fingers at Election Commission then we should understand they have accepted defeat..." he told reporters, "Per current trends I feel we are moving to an important win and Congress has started taking precautionary measures for future defeat."

The Congress had made similar complaints in June, when votes were being counted for the general election. Then Mr Ramesh implied the poll panel may have received "orders" to slow down counting.

In that case he had flagged apparent delays in publishing results for seats in Uttar Pradesh and Bihar, which account for over 120 seats between them and in which the ruling BJP (and its ally, the Janata Dal United) was facing a tough challenge from the Congress-led INDIA bloc and its allies. 

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