The Indian stock market experienced a surge on September 26th, with both the Sensex and Nifty 50 reaching record highs. This upward trend was driven by strong performances from leading automakers such as Mahindra and Mahindra, Maruti Suzuki, and Tata Motors. The Sensex climbed to a new peak of 85,930.43 before settling at 85,836.12, representing a 0.78% increase. Similarly, the Nifty 50 hit a new high of 26,250.90, closing at 26,216.05, reflecting a 0.81% gain.
In a separate development, technology giant Accenture announced a $4 billion share buyback, signifying a vote of confidence in its future prospects. The company also reported exceeding revenue expectations for its fourth quarter, driven by strong demand from businesses seeking to adopt generative artificial intelligence (AI) technology. Accenture’s optimistic outlook is attributed to favorable macroeconomic indicators and the US Federal Reserve’s recent interest rate cut. As a result, the company has revised its annual revenue growth forecast for 2025 to a range of 3-6%.
On the political front, tensions escalated in India. Shiv Sena (UBT) MP Sanjay Raut was sentenced to 15 days of imprisonment in a defamation case filed against him by BJP leader Kirit Somaiya’s wife, Medha Somaiya. Although convicted and sentenced, Raut was granted bail and the sentence was suspended for 30 days by a magistrate court in Mumbai.
In a significant development, the Karnataka government withdrew its general consent for the Central Bureau of Investigation (CBI) to investigate cases within the state. This decision comes after a special court ordered a Lokayukta police investigation into allegations against Siddaramaiah in a land allotment case, setting the stage for the filing of an FIR. The Karnataka government’s move is seen as a response to perceived bias in the CBI’s operations.
The Supreme Court dismissed a review plea filed by the Gujarat government challenging its earlier verdict in the Bilkis Bano case. The Supreme Court’s initial verdict had criticized the Gujarat government for granting remission to 11 men convicted of raping Bilkis Bano and murdering her family members during the 2002 riots.
Meanwhile, tensions escalated in the Middle East. Israel rejected a Western-backed proposal for a ceasefire in its ongoing conflict with Hezbollah. Israel’s Foreign Minister, Israel Katz, reiterated the country’s determination to continue its military operations against Hezbollah, stating that there would be no ceasefire until victory is achieved and the safety of northern residents is secured. The rejection of the ceasefire proposal raises concerns about the potential for an escalation of the conflict.
