Inflation, global cues depress equity indices; metal stocks slump
Mumbai, July 16 : Rise in wholesale inflation rate and broadly weak global cues subdued the key Indian equity indices on Monday, with the Nifty50 on the National Stock Exchange (NSE) closing below the 11,000-mark.
According to market observers, heavy selling pressure was witnessed on the metal, healthcare and auto stocks.
Index-wise, the broader NSE Nifty50 closed at 10,936.85 points -- lower by 82.05 points or 0.74 per cent from its previous close of 11,018.90 points.
The barometer 30-scrip Sensex on the BSE, which had opened at 36,658.71 points, closed at 36,323.77 points -- down 217.86 points or 0.60 per cent -- from its previous close of 36,541.63 points.
The bearish momentum on the Sensex could be gauged from the fact that its intra-day high was its opening level of 36,658.71 points. It touched a low of 36,298.94 points during the day.
"Surge in inflation and weak global cues influenced investors to book profit from the recent rally while IT index maintained the uptrend followed by earnings," said Vinod Nair, Head of Research at Geojit Financial Services.
The wholesale inflation rate for June was recorded at 5.77 per cent, compared to 4.43 per cent in the previous month, according to data released on Monday.
Abhijeet Dey, BNP Paribas Mutual Fund's Senior Fund Manager for Equities, said: "A higher inflation rate in a flat-to-slowing growth environment can be detrimental for the economy."
Major Asian markets closed on a negative note and the European indices like FTSE 100 and CAC 40 traded in the red, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Nair also said the trade tensions and weak rupee negatively impacted the performance of broad indices.
In the broader markets, the S&P BSE mid-cap and the S&P BSE small-cap declined significantly, by 2.45 per cent and 2.51 per cent respectively. The BSE market breadth was bearish with 2,052 declines and 546 advances.
On the currency front, the rupee weakened by five paise to end at 68.58 per dollar, against the previous close of 68.53 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 625.68 crore and the domestic institutional investors sold stocks worth Rs 70.30 crore.
Sector-wise, the gainers were the S&P BSE IT index and the teck (technology, entertainment and media) stocks which rose by 112.89 points and 23.91 respectively.
On the contrary, the S&P BSE metal index plunged 461.08 points, the healthcare index was down 458.49 points and the auto index ended 402.05 points lower from its previous close.
The major gainers on the Sensex were NTPC, up 1.96 per cent at Rs 155.70; Infosys, up 1.83 per cent at Rs 1,333.05; HDFC, up 0.95 per cent at Rs 1,991.55; Wipro, up 0.86 per cent at Rs 283.10; and Hindustan Unilever, up 0.73 per cent at Rs 1,753.85 per share.
The top losers were Tata Steel, down 6.96 per cent at Rs 519.30; Tata Motors (DVR), down 5.02 per cent at Rs 142.75; Tata Motors, down 4.77 per cent at Rs 251.55; Sun Pharma, down 4.69 per cent at Rs 532.95; and Bharti Airtel, down 3.31 per cent at Rs 346.20 per share.
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No govt protection, claims actress who accused CPI(M)'s Mukesh of sexual abuse
Kochi (PTI): A 51-year-old Malayalam actress who had levelled sexual abuse allegations against several male actors, including CPI(M) MLA M Mukesh, on Friday said she was not keen on pursuing her complaints due to "lack of support and protection from the Kerala government".
The complainant also alleged "carelessness" on the part of the state government and said she was "mentally exhausted" and therefore, not keen on taking the complaints forward.
"I would like to tell everyone that due to the government's carelessness and lack of protection for a woman who has come forward like this, I have suffered more than I can handle. I am mentally exhausted. They are not helping or protecting a woman.
"Therefore, I do not want to pursue the cases. It is not because I have compromised with anyone," she told reporters.
She claimed that she was made an accused in a POCSO case following her complaints against the actors, also including Maniyanpilla Raju and Idavela Babu, and the government did nothing to protect her.
"I am innocent. I want justice. I want the POCSO case against me to be probed thoroughly and quickly. If I commit suicide, the government will be responsible for it," she said.
The Muvattupuzha police had registered the case under the Protection of Children from Sexual Offences (POCSO) Act, against the woman actor based on a complaint lodged by her relative.
According to the police, the incident occurred in 2014. The relative has alleged that she was a minor at the time of the incident and that the actor was running a sex racket.
The actor had vehemently denied the allegations and claimed that the woman relative owed her some money, and these allegations were to shift attention from her complaint against the high-profile actors.
The actress' allegations against the actors came in the wake of the disclosure of the Justice Hema Committee report which revealed instances of harassment and exploitation of women in the Malayalam cinema industry, prompting calls for action against the guilty.
The Justice Hema Committee was constituted by the Kerala government after the 2017 actress assault case.
The complete report was placed before the Kerala High Court which directed that it be handed over to the special investigation team (SIT) that was constituted to probe complaints of sexual abuse in the film industry.
Subsequently, 26 FIRs were registered by the SIT in connection with the revelations in the report.
