Markets extend losses for 3rd session amid broad-based selloff; Sensex slips below 81k
Mumbai, Jun 3 (PTI): Equity benchmark indices Sensex and Nifty tumbled nearly 1 per cent on Tuesday, weighed down by a widespread selloff amid foreign fund outflows and growing geopolitical uncertainties.
Domestic markets stayed on the back foot for the third straight session as investors offloaded energy, finance and IT stocks, traders said.
In a volatile trading session, the 30-share BSE index tanked 636.24 points or 0.78 per cent to settle at 80,737.51. During the day, it dropped 798.66 points or 0.98 per cent to 80,575.09.
The NSE Nifty plunged 174.10 points or 0.70 per cent to 24,542.50.
As many as 2,266 stocks declined, while 1,731 advanced and 147 remained unchanged on the BSE.
"The domestic market remained in negative terrain amid mixed global cues, geopolitical issues and a volatile currency market led by a weak USD. Profit-booking is evident across sectors, except for real estate stocks, supported by expectations of an interest rate cut by the RBI.
"Mid and small-cap stocks are experiencing relatively less consolidation than large caps due to better earnings growth & moderation in premium valuation. While short-term consolidation is likely to persist, strong domestic-oriented players are estimated to provide outperformance against external volatility," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, Adani Ports declined 2.42 per cent. Bajaj Finserv, Bajaj Finance, Power Grid, Eternal, IndusInd Bank, Maruti, Tata Consultancy Services and UltraTech Cement were among the biggest laggards.
Mahindra & Mahindra emerged as the only gainer in the pack.
Adani Group's 11 listed companies ended lower.
Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion.
In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are "baseless and mischievous".
The BSE midcap gauge declined 0.52 per cent, while the smallcap index dipped 0.07 per cent.
Among sectoral indices, power dropped 1.50 per cent, utilities (1.42 per cent), bankex (0.89 per cent), energy (0.88 per cent), capital goods (0.87 per cent), financial services (0.80 per cent) and teck (0.68 per cent).
On the other hand, commodities and realty were the gainers.
"The Nifty has extended its consolidation phase for yet another day, showing no urgency in establishing a clear directional trend. It appears that investors are awaiting a decisive commentary following the RBI's interest rate decision," Rupak De, Senior Technical Analyst at LKP Securities, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,589.47 crore on Monday, according to exchange data.
"The ongoing foreign fund outflows, coupled with weak global cues such as geopolitical tensions and uncertainty over trade deals, are adding pressure to the markets," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory, while Japan's Nikkei 225 index ended lower. South Korean markets were closed.
European markets were trading lower. US markets ended higher on Monday.
Global oil benchmark Brent crude climbed 0.28 per cent to USD 64.81 a barrel.
After tumbling 796.75 points or 0.97 per cent to 80,654.26 in intra-day trade on Monday, the 30-share BSE Sensex witnessed volatile trends and later ended 77.26 points or 0.09 per cent lower at 81,373.75. The Nifty dipped 34.10 points or 0.14 per cent to settle at 24,716.60.
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LoP Ashoka targets CM govt over corruption, says being 'shameless' in public life not forgivable
Bengaluru (PTI): Targeting Chief Minister Siddaramaiah and the Congress government in Karnataka on corruption, BJP leader R Ashoka on Friday said, being foolish was forgivable, but being "shameless" in public life was not.
The Leader of Opposition in the state Assembly claimed that in just 30 months of its tenure, the Congress administration has broken every previous record on corruption-related controversies.
He was responding to Siddaramaiah's post on 'X' on Thursday hitting back at the BJP, stating that Upa Lokayukta Justice Veerappa's claims of "63 per cent corruption" were based on his report in November 2019, when BJP's B S Yediyurappa was the CM.
"But Ashoka, without understanding the Upa Lokayukta's statement properly, has ended up tying the BJP's own bells of sins onto our heads and has effectively shot himself in the foot," the CM had said, as he accused Ashoka of foolishness for trying to twist Veerappa's statement to target the current government.
Responding, Ashoka said, "it is one thing to be called foolish in politics, that can be forgiven."
"But in public life, especially in the Chief Minister's chair, one must never become shameless," Ashoka posted on 'X' on Friday addressing Siddaramaiah.
Noting that the CM himself had admitted on the floor of the Assembly that a Rs 87 crore scam took place in the Valmiki Development Corporation, he said that when a CM acknowledges such a massive irregularity inside the floor of the House, the natural expectation is immediate action and accountability.
"But instead of taking responsibility, you continue in office as if nothing has happened. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
Pointing out that the CM's Economic Advisor and senior Congress MLA Basavaraja Rayareddy had publicly stated that under Congress rule, Karnataka has become No.1 in corruption, Ashoka said, "Yet, you still cling to the Chief Minister's chair without a moment of introspection. What should the people of Karnataka call this, if not sheer shamelessness."
Senior Congress MLA C R Patil had exposed the "money for House" racket in the Housing Department and even warned that the government would collapse if the details he has were made public, Ashoka said.
"Despite such serious allegations from within your own party (Congress), you neither initiated an inquiry nor acted against the concerned minister. What should the people of Karnataka call this, if not sheer shamelessness," Ashoka asked the CM.
Highlighting the "40 percent commission" allegation Congress made against the previous BJP government, the opposition leader said, the commission that the Siddaramaiah government appointed concluded that the accusation was baseless.
"After your own panel demolished your own claim, what moral right do you have to continue repeating that allegation. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
For the last two and a half years, Karnataka has been 'drowning' in corruption, scandals, irregularities and allegations across departments. Ashoka said, "If I begin listing every case that emerged under your government, even 24 hours would not be enough."
"And the most tragic aspect of your administration is this: the unbearable pressure, corruption demands and administrative harassment under your government pushed several officers and contractors into extreme distress - including the suicide of Chandrasekharan which exposed the Valmiki Development Corporation scam - a sign of how deeply broken the system has become under your watch," he said.
Instead of fixing this hopeless environment, the government has tried to bury every complaint and silence every voice, he charged.
"Being foolish is forgivable, but being shameless in public life is definitely not."
"When your own ministers admit scams, when your own advisors certify Karnataka as No.1 in corruption, and when your own MLAs expose rackets inside your departments - clinging to power without accountability is not leadership. It is shamelessness in its purest form." PTI KSU
Earlier on Thursday Ashoka had demanded that the corruption case and allegations in the state against the Congress government be handed over to a CBI investigation, citing a reported statement by Upalokaykta Justice Veerappa alleging "63 per cent corruption", following which Siddaramaiah hit back at the BJP leader.
