Markets tank in early trade dragged by Reliance, Kotak Mahindra Bank, weak global peers
Mumbai (PTI): Equity benchmark indices declined in early trade on Monday dragged by Reliance Industries and Kotak Mahindra Bank along with weak global market trends.
The 30-share BSE Sensex tanked 504 points to 80,100.65 in early trade. The NSE Nifty dropped 168.6 points to 24,362.30.
Among the Sensex pack, Kotak Mahindra Bank, Reliance Industries, Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank were the biggest laggards.
UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the gainers.
HDFC Bank climbed 1.57 percent after the company's consolidated net profit grew 33.17 percent to Rs 16,474.85 crore in the June 2024 quarter.
In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory.
The US markets ended lower on Friday. Global oil benchmark Brent crude climbed 0.67 percent to USD 83.18 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,506.12 crore on Friday, according to exchange data.
The BSE benchmark hit its new all-time high of 81,587.76 in the initial trade on Friday but failed to carry forward the winning momentum and tanked 738.81 points or 0.91 percent to settle below the 81,000-mark at 80,604.65.
The NSE Nifty tumbled 269.95 points or 1.09 percent and ended at 24,530.90 after hitting its fresh record peak of 24,854.80 during the opening bell on Friday.
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Bypoll results will decide the future of Congress in Karnataka: BJP leader Ashoka
Bengaluru (PTI): Leader of Opposition BJP in the Karnataka Assembly R Ashoka said the results of the bypolls in Davanagere South and Bagalkote assembly constituencies will decide the future of the ruling Congress in the state.
The bypolls were necessitated following the demise of sitting Congress MLAs Shamanur Shivashankarappa and H Y Meti, who represented Davanagere South and Bagalkote constituencies respectively.
The ruling Congress has fielded Shamanur Shivashankarappa’s grandson and Karnataka Minister S S Mallikarjun’s son Samarth Shamanur in Davanagere South and Umesh Meti in Bagalkote, who are locked in a direct contest with BJP candidates T Dasakariyappa and Veerabhadrayya Charantimath.
According to Ashoka, there is a contest between the poor and the rich in the upcoming bypolls, scheduled on April 9.
"The Congress will lose this election, and the future of the state will be decided. Since Chief Minister Siddaramaiah has said ‘Make the poor win’, the BJP has fielded poor candidates,” the BJP leader said in a press conference.
In Davanagere, the BJP has given a ticket to an ordinary person, whereas Congress has given tickets to powerful and influential people. In Bagalkote, there is a very good opinion about the BJP candidate, he claimed.
According to him, the Congress has given space to dynastic politics in both places. Therefore, the BJP has a strong chance of winning in both constituencies.
The LoP said if the Congress candidate wins in Davanagere, it is understood that Muslims will not get opportunities in the future, and therefore, Muslims are opposing the Congress party.
He also charged that Chief Minister Siddaramaiah, who talks about uniting backward classes, has not given a ticket to backward class candidates.
