Business
Sensex ends 1,000 points up, Nifty closes above 16,900

Benchmark indices ended higher for the second consecutive day on Thursday with Sensex ending 1,000 points up and Nifty ending above 16,900 on back of positive cues from global market after US Fed policy outcome, good earnings in large cap space, partly short-covering and partly investment buying in some segments.
At the close, Sensex was up 1,041.47 points, or 1.87 per cent, at 56,857.79, and the Nifty 50 was up 287.80 points or 1.73 per cent at 16,929.60. A total of 1,904 shares have advanced, 1,427 shares declined, and 148 shares were unchanged. Bajaj Finance, Bajaj Finserve, Kotak Mahindra Bank, and IndusInd Bank were major gainers on the Nifty.
“Positive cues from global markets following the Fed policy outcome, as well as domestic large caps’ upbeat earnings, drove the market rally. The Fed’s decision was as expected, while their positive comment dismissing the possibility of a recession and hinting at a slower pace of rate hikes in the coming months boosted global sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.
Mid cap and small cap stocks ended on a strong note as Nifty mid cap and small rose 0.84 per cent and 0.85 per cent, respectively. Nifty IT and Financials outperformed on the National Stock Exchange.
Apart from this, Asian and European stocks also rose on Thursday on positive comments in Fed’s decision and hint of slower pace of rate hikes in the coming months. All Asian markets and Tokyo stocks closed higher.
On Wednesday, Federal Reserve officials raised interest rates by 75 basis points. Talking on the recession, Fed Chair Jerome Powell said: “I don’t think the US is currently in a recession and the reason is there are too many areas of the economy are performing well.”
“The market is taking cues from the Fed chief’s statement that ‘I don’t think we are in a recession now, the labour market continues to be tight’. Data – unemployment at 50-year lows and job vacancies at historical highs – supports the Fed chief’s view. In brief, the market is responding to the possibility of a soft landing for the US and the global economy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Crime
After Jyoti Malhotra’s arrest, another YouTuber held in Punjab for espionage

Chandigarh, June 4: After YouTuber Jyoti Malhotra, who was arrested for allegedly spying for Pakistan, Punjab Police on Wednesday claimed to have unearthed a critical espionage network linked to another YouTuber, Jasbir Singh, a resident of Rupnagar.
Jasbir Singh, who operates a YouTube channel called ‘JaanMahal’, has been found associated with Pakistani intelligence operative Shakir, alias Jutt Randhawa, part of a terror-backed espionage network.
He also maintained close contact with Haryana-based Jyoti Malhotra and Ehsan-ur-Rahim, alias Danish, a Pakistani national and expelled Pakistan High Commission official, Director General of Police (DGP) Gaurav Yadav informed on X.
Investigations have revealed that Jasbir attended the Pakistan National Day event in Delhi on Danish’s invitation, where he met Pakistani army officials and bloggers.
He travelled to Pakistan on three occasions (2020, 2021, 2024), and his electronic devices contained multiple Pakistan-based numbers, now under detailed forensic scrutiny, said the DGP.
After Jyoti Malhotra’s arrest, Jasbir attempted to erase all traces of his communications with these Pakistani intelligence operatives to avoid detection.
A first information report (FIR) has been registered in Mohali, near here. The DGP added that investigations are underway to dismantle the broader espionage-terror network and identify all collaborators.
A day earlier, Counter-Intelligence Punjab, in a joint operation with Tarn Taran police, had arrested a man linked to Pakistan’s Inter-Services Intelligence (ISI) for sharing sensitive information concerning army movements during Operation Sindoor.
The accused was identified as Gagandeep Singh, alias Gagan, a resident of Tarn Taran town.
DGP Yadav had said preliminary investigation has revealed that Gagandeep Singh was in direct contact with Pakistan-based Khalistani supporter Gopal Singh Chawla for past five years, through whom he was introduced to Pakistani intelligence operatives.
Investigations also revealed that the accused had been sharing classified information, including troop deployments, strategic locations, and army movements during Operation Sindoor, posing a serious threat to national security.
The DGP had said police teams have recovered two mobile devices from the possession of the accused, containing sensitive intelligence that he shared with the Pakistani intelligence operatives, as well as the details of over 20 ISI contacts.
The accused also received payments from operatives via Indian channels.
National
Abhishek Banerjee not to attend MEA meet on Op Sindoor, cites Kaliganj bypoll

Kolkata, June 4: Trinamool Congress General Secretary Abhishek Banerjee, one of the members of an all-party delegation that visited various countries, will not attend a meeting of the Ministry of External Affairs convened on Thursday.
He said this in Kolkata after returning from abroad. Banerjee was a member of the all-party delegation led by JD(U) MP Sanjay Kumar Jha, which is a part of India’s global outreach efforts following Operation Sindoor, a strong military response to the April 22 Pahalgam terror attack.
The team included MPs from the Janata Dal (United), the BJP, Congress, CPI(M), and Trinamool Congress and visited Indonesia, South Korea, Japan, Singapore, and Malaysia.
Banerjee said he has already informed the office of the External Affairs Minister about his inability to attend the meeting. Instead, he added, he would write to EAM Jaishankar about his take on the delegation tour’s outcome.
He also said that after giving the written communication to the External Affairs Minister, he would speak on that to the media persons.
“We had toured five countries during the last 15 days. We attended several meetings. On Thursday, the External Affairs Minister will convene a meeting. But I will not be able to attend that. I have some pre-scheduled engagements. I was out of the country for some time. In the meantime, the by-election for Kaliganj has been announced. I have some work in my Parliamentary area. I will be busy with that for the next few days. I will inform the External Affairs Ministry about my opinion in writing. Once I inform the ministry, I will speak on that matter,” Banerjee told media persons.
Initially, cricketer-turned-politician and Trinamool Congress Lok Sabha member from Baharampur constituency in Murshidabad district of West Bengal, Yusuf Pathan, was chosen by the Centre as the party representative in the multi-party delegation.
Both West Bengal Chief Minister Mamata Banerjee and Abhishek Banerjee expressed grievance over the manner of selection of Pathan, and both alleged that the Centre nominated the former cricketer without giving prior information to the Trinamool Congress leadership, including the CM.
Thereafter, Pathan’s name was withdrawn from the delegation, and Abhishek Banerjee replaced him.
Business
Sensex, Nifty open higher amid positive global cues

Mumbai, June 4: Indian frontline indices opened in the green on Wednesday following positive cues from the global markets.
At 9:26 am, Sensex was up 155.81 points or 0.19 per cent at 80,893.32 and Nifty was up 60 points or 0.25 per cent at 24,602.80.
Buying was seen in the midcaps and smallcaps. Nifty midcap 100 index was up 309.30 points or 0.54 per cent at 57,826.40 and Nifty smallcap 100 index was up 88.40 points or 0.49 per cent 18,210.75.
In the Sensex pack, Bharti Airtel, Eternal (Zomato), Tata Motors, M&M, IndusInd Bank, Maruti Suzuki, Tech Mahindra, Bajaj Finance, ITC, HUL and Infosys were top gainers. TCS, Ultratech Cement, ICICI Bank, Titan and Sun Pharma were top losers.
“After the initial flat opening, Nifty may find support at 24,500, followed by 24,400 and 24,300. On the upside, 24,800 is expected to act as immediate resistance, followed by 24,900 and 25,000,” said, Mandar Bhojane, Equity Research Analyst, Choice Broking
Most Asian stocks were trading in the green. Tokyo, Shanghai, Hong Kong, Seoul and Jakarta were top contributors. US markets closed in the green on Tuesday.
Vikram Kasat from PL Capital said, “Positive Vibes For the first time since February, Nasdaq is back in positive territory for the year, as a broader market rally continued to gain steam.”
On the institutional front, foreign institutional investors (FIIs) continued their selling spree for the third consecutive session on June 3, offloading equities worth Rs 2,853.83 crore. Meanwhile, domestic institutional investors (DIIs) remained net buyers for the 11th consecutive session, investing Rs 5,907.97 crore in equities.
Analysts said that since CPI inflation in India is benign, the RBI rate cutting cycle has more room to go with minimum two more rate cuts in 2025. Even though this will put the margins of the banks under some pressure the leading names in the sector, particularly the large private banks, are well placed to deliver 12 to 15 per cent returns in one year.
“The strong fundamental factors that will support the market are India’s robust and improving macros and sustained flows into mutual funds, particularly the SIP inflows which are steady and growing. This reflects the coming of age of the Indian retail investor,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
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