Markets wilt under selling pressure; Sensex drops 345 points on weakness in IT stocks
Mumbai, Jul 10 (PTI): Benchmark indices Sensex and Nifty buckled under selling pressure on Thursday due to weakness in IT and telecom stocks as investors turned cautious ahead of the start of earnings season, with tech major TCS scheduled to announce its Q1 numbers later in the day.
Tariff-related uncertainty also dampened investor sentiment in the market, traders said.
Sliding for the second straight session, the 30-share BSE Sensex dropped 345.80 points or 0.41 per cent to settle at 83,190.28. During the day, it declined 401.11 points or 0.48 per cent to 83,134.97.
As many as 2,064 stocks declined, while 1,959 advanced and 138 remained unchanged on the BSE.
On similar lines, the 50-share NSE Nifty declined 120.85 points or 0.47 per cent to 25,355.25.
A positive momentum in global equities, however, restricted the loss in the domestic markets.
"Indian equities concluded the day in the red, weighed down by weakness in IT stocks ahead of TCS' Q1 results. Investor sentiment remains cautious ahead of the Q1 results in anticipation of a muted start to the season from the IT and finance sectors. However, the recent consolidation in the IT stocks largely factors in the muted outlook, limiting further worries," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex pack, Bharti Airtel, Asian Paints, Infosys, Bharat Electronics, Tech Mahindra and Eternal were major laggards.
However, Maruti, Tata Steel, Bajaj Finance, Bajaj Finserv, Trent and Tata Consultancy Services were among the gainers.
"Dalal Street ended in the red on Thursday, as investors remained cautious ahead of two key events -- US President Donald Trump’s upcoming tariff announcement and the start of India’s Q1FY26 earnings season, with TCS scheduled to report results post market hours," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
The BSE midcap gauge dipped 0.28 per cent while the smallcap index inched higher by 0.12 per cent.
Among BSE sectoral indices, teck dropped 1.17 per cent, telecommunication (1.11 per cent), BSE Focused IT (0.77 per cent), IT (0.71 per cent) and consumer durables (0.44 per cent).
Realty, metal, oil & gas and utilities were the gainers.
"On the sectoral front, profit booking in IT majors ahead of TCS results weighed on the index, followed closely by weakness in FMCG and pharma stocks. However, the realty and metal sectors bucked the trend and closed in the green. The broader indices also ended with modest losses, continuing their profit-taking phase," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
An Indian commerce ministry team will soon visit Washington for another round of talks on the proposed trade agreement with the US to iron out differences in sectors, like agriculture and automobiles, a government official said on Thursday.
This visit is significant as the US has further extended the imposition of additional import duties (in the case of India, it is 26 per cent) till August 1. India is seeking the removal of this additional tariff.
In Asian markets, South Korea's Kospi, Shanghai's SSE Composite Index and Hong Kong's Hang Seng settled higher, while Japan's Nikkei 225 index ended lower.
European markets were trading mostly higher.
The US markets ended in positive territory on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 77 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude dipped 0.27 per cent to USD 70 a barrel.
On Wednesday, the 30-share BSE Sensex fell by 176.43 points or 0.21 per cent to settle at 83,536.08. The Nifty declined 46.40 points or 0.18 per cent to end at 25,476.10.
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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.
