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

Mangaluru: In a shocking case of cyber fraud, an engineer from Mangaluru lost ₹30 lakh after being deceived by a scammer posing as a Mumbai police head constable.

On October 10, the engineer received a phone call, during which the scammer falsely claimed that 25 fraudulent bank accounts had been opened in his name. The caller alleged these accounts were being used for illegal transactions and urged the victim to act immediately to avoid legal trouble.

The scammer manipulated the engineer into believing that all funds in his personal bank account needed to be transferred for "verification" by the Reserve Bank of India (RBI). In a state of panic, the victim complied, transferring ₹30 lakh to multiple accounts provided by the fraudster.

Adding to the deception, the victim was told to send WhatsApp updates every 20 minutes to track the "progress." Realizing the fraud only after the transfers were completed, the victim filed a complaint, and a case has been registered at the Bajpe police station.

This incident serves as a stark reminder for the public to stay cautious and verify information before acting on unsolicited calls, especially those involving sensitive financial details.

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News Network
October 8,2024

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National Conference leader Omar Abdullah will become Jammu and Kashmir's Chief Minister, declared Farooq Abdullah in Srinagar today as his party races ahead of the winning mark in assembly elections in the Union territory. The veteran politician made the announcement after it became obvious that the Congress-NC alliance would win the first assembly elections in Jammu and Kashmir in 10 years.

"After 10 years, the people have given their mandate to us. We pray to Allah that we meet their expectations. It will not be 'police raj' here but public here. We will try to release the innocent from jail. Media will be free. We have to develop trust between Hindus and Muslims," Mr Abdullah told reporters.

The former chief minister also hoped that INDIA alliance partners would help the NC fight to restore the statehood of Jammu and Kashmir, which became a Union territory following the repeal of its special status. On being asked who will be given the top post, the veteran politician declared, "Omar Abdullah banega Chief Minister."

The Congress-National Conference alliance is leading in 52 out of the total 90 seats, comfortably past the halfway mark of 46, while the BJP is ahead in 27 seats. Mehbooba Mufti's People's Democratic Party (PDP) may end up with just two seats, the trends show.

Omar Abdullah, who had earlier served in the top post from 2009 to 2015, said in an online post this morning that he hopes the counting day will end well for him. "Last time around it didn't end well for me personally. InshaAllah this time around it will be better," said the 54-year-old NC leader.

He is yet to comment on being named as the next chief minister by his father.

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News Network
October 12,2024

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The Palestinian Civil Defense in the Gaza Strip says at least 30 people were killed by Israeli strikes in the northern Gaza Strip city of Jabalia and its refugee camp Friday.

The agency’s spokesman Mahmud Bassal said the Israeli regime targeted Jabalia before 9:40 p.m. local time (1840 GMT) and left “12 dead, including women and children” in the city.

Bassal added that 14 people were still missing and likely trapped under the rubble.

Before that incident, Ahmad al-Kahlut, the director of the agency in northern Gaza, said 18 people had been killed by several Israeli strikes, including hits on “eight schools” in the camp that were serving as shelters for displaced Palestinian people.

The day’s aggression left at least 110 injured, according to figures provided by Bassal and Kahlut.

Human rights organizations have repeatedly warned against Israel’s fresh round of aggression on the Gaza Strip’s northern areas, home to hundreds of thousands of Palestinians having sought refuge from the regime’s year-long genocide in the south.

The Israeli regime announced earlier in the week that one of its largest forced displacement orders since October last year, calling for the expulsion of 37 neighborhoods across northern Gaza, which targets over 400,000 Palestinians in the entirety of the blockaded area.

In a statement, the medical humanitarian organization Doctors Without Borders, also known as MSF, said the Israeli regime’s forced expulsion orders in the northern Gaza Strip were turning the war-ravaged besieged area into a “lifeless desert.”

The Geneva-based Euro-Mediterranean Human Rights Monitor also warned earlier that the Israeli regime was subjecting the northern part of the Gaza Strip to “one of the most violent campaigns of genocide.”

The aggression comes as part of the regime’s October 7, 2023-present war on the coastal sliver, which has so far claimed the lives of more than 42,000 people and wounded over 97,500 others, most of them women and children.

Most of Gaza’s 2.3 million people have since been displaced and humanitarian conditions have deteriorated sharply.

Israel’s expulsion plan ‘could last several months’

An Israeli report based on conversations with military officials said the regime is enacting a plan that will effectively ethnically cleanse the Palestinian population in northern Gaza after a siege that could last months.

Conceived by retired Major-General Giora Eiland, the plan aims to empty northern Gaza of its 400,000 residents to make way for a “closed military zone.”

“The general’s plan,” which was launched in an Israeli TV campaign in September, called for the ethnic cleansing of northern Gaza, warning that those that remain will face starvation.

“The right thing to do is to inform the approximately 300,000 residents who remained in the northern Gaza Strip… we are ordering you to leave,” Eiland said last month.

“In a week, the entire territory of the northern Gaza Strip will become military territory.”

According to a report published on Friday in the Israeli daily newspaper Yedioth Ahronoth, the occupation is now implementing a “scaled-down” version of the plan in the Jabalia refugee camp.

Even though the “general’s plan” aims to create conditions to force the population in Jabalia and nearby Beit Hanoun and Beit Lahia to flee south, most people have refused to leave their homes so far, the report added.

Hamas ‘remains steadfast’ in face of Jabalia aggression

Hamas political bureau member Izzat al-Rishq said on Friday that the Gaza-based resistance movement “remains steadfast” in the face of the Israeli aggression on the Jabalia refugee camp, which has continued for the past six days.

“Our people’s choice will always remain … steadfastness on the ground, resilience, and resistance against the occupation’s aggression,” Rishq said in a statement.

He characterized the Israeli actions as akin to “Nazi terrorism,” highlighting that “since Oct. 7 of last year, the Israeli army has engaged in various forms of aggression against Palestinians in Gaza, the occupied West Bank, and [al-Quds] without achieving any of its violent objectives.”

“Those who hold firmly to their land and defend their rights will have the final word, while this fascist enemy will only reap further disappointment, failure, and defeat, despite international silence and complicity,” he added.

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