Business & Finance

Sensex climbs 256 points as May F&O series begins strong

Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about 9 per cent.

Global cues were positive on the back of a historic meeting between the leaders of North and South Korea.

The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session’s high of 35,065.37.

However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 — a level last seen on February 2 when it had concluded at 35,066.77.

The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

The benchmarks gained for the fifth week in a row — their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week.

Meanwhile, global credit rating agency Fitch today affirmed India’s sovereign rating at ‘BBB-‘ with ‘stable’ outlook, saying that the country’s medium-term growth potential is strong.

‘BBB-‘ rating indicates lowest investment grade.

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Tamil Nadu cries foul as centre seeks extension to draft scheme for Cauvery Management Board

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Weeks after the Supreme Court pulled up the Centre for not framing a scheme for the Cauvery Management Board by the stipulated March 29 deadline, the BJP led government has asked for another extension.

On April 9, a three-judge Bench led by Chief Justice of India Dipak Misra had ordered the Centre to frame the scheme as per its February 16 judgment in the Cauvery dispute. The court had categorically said that the Centre, by drafting the scheme by May 3, should prove its bonafide intention to resolve the 200-year-old inter-State water dispute between Karnataka and Tamil Nadu.

Reacting to this development of the centre asking for a two-week extension to form the scheme, AIADMK leader O S Manian told the media, “The Centre clearly doesn’t want to form the CMB till the Karnataka elections are held. This delay is unnecessary. We have to see how the Supreme Court responds to this.”

“You are bound by our decree… you are obliged to frame the scheme. We are surprised that it was not done… We have delivered the judgment after much study and difficulty… yet you did not show the resolve to frame the scheme,” Chief Justice Dipak Misra had addressed Attorney-General K.K. Venugopal, for the Centre.

To this, Tamil Nadu replied that anyone who understands elementary English understood what the Cauvery verdict said, but the Centre did not. Tamil Nadu has accused the Centre of not “protecting the interests of the farmers and the larger interests of the State”.

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