Markets snap 4-day rally; Sensex ends 452 points lower as banking stocks drag
Mumbai, Jun 30 (PTI): Benchmark equity indices Sensex and Nifty tumbled on Monday after a four-day rally amid emergence of profit-taking, mainly in bank stocks.
After staying in the negative territory throughout the day, the 30-share BSE Sensex later dropped 452.44 points or 0.54 per cent to settle at 83,606.46. During the day, it tanked 576.77 points or 0.68 per cent to 83,482.13.
The 50-share NSE Nifty declined 120.75 points or 0.47 per cent to 25,517.05.
From the Sensex firms, Axis Bank, Kotak Mahindra Bank, Maruti, UltraTech Cement, Bajaj Finance, ICICI Bank, Reliance Industries, Tata Steel, Bharti Airtel and HDFC Bank were among the major laggards.
However, Trent, State Bank of India, Bharat Electronics, Titan and Bajaj Finserv were among the gainers.
The BSE smallcap gauge climbed 0.81 per cent and midcap index went up by 0.67 per cent.
Among BSE sectoral indices, realty dropped 0.87 per cent, bankex (0.59 per cent), auto (0.49 per cent), metal (0.49 per cent), oil & gas (0.19 per cent) and financial services (0.17 per cent).
Capital goods jumped 1.10 per cent, services (1.08 per cent), industrials (0.66 per cent), healthcare (0.56 per cent) and consumer durables (0.42 per cent).
"Last week, the market had seen a sharp upsurge on the back of strong global cues and domestic institution buying, however, profit-taking came to the fore which pulled down benchmark indices.
"The focus will be on tariff settlement with the US government, as the due date is nearing and India is yet to conclude the agreement which could create uncertainty amongst the investors. While volatility will continue, India's strong growth prospects going forward would temper the fall," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In the past four trading days, the Sensex jumped 2,162.11 points or 2.64 per cent and the Nifty surged 665.9 points or 2.66 per cent.
"The global market sentiment is moving in favour of equities on account of easing risk in the Middle East and the US trade deal hopes. However, the main domestic indices witnessed profit-booking after the recent rally.
"Investors are now turning their attention to quarterly earnings and will refocus the markets on fundamentals for valuation support," Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower.
European markets were quoting lower.
The US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,397.02 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dipped 0.15 per cent to USD 67.67 a barrel.
On Friday, the Sensex climbed 303.03 points or 0.36 per cent to reclaim the 84,000 level and settle at 84,058.90. On the similar lines, the Nifty rose 88.80 points or 0.35 per cent to 25,637.80.
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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.
