Sensex drops 308 pts ahead of RBI policy decision; RIL, HDFC Bank major drags
Mumbai, Aug 5 (PTI): Benchmark stock indices Sensex and Nifty closed lower on Tuesday following selling in oil & gas and banking shares ahead of the Reserve Bank's monetary policy announcement on August 6.
The 30-share BSE Sensex fell by 308.47 points or 0.38 per cent to close at 80,710.25. During the day, it declined 464.32 points or 0.57 per cent to hit an intraday low of 80,554.40.
The broader NSE Nifty fell 73.20 points or 0.30 per cent to close at 24,649.55. In the intraday session, it slipped by 132.45 points or 0.53 per cent to 24,590.30.
Among Sensex shares, Adani Ports, Reliance Industries, Infosys, ICICI Bank, Eternal, BEL, HDFC Bank, Power Grid, ITC and Sun Pharmaceutical were the major laggards.
However, Titan, Maruti, Trent, Bharti Airtel, Bajaj Finance, Tech Mahindra, State Bank of India, L&T, HCL Technologies and NTPC were among the gainers.
The BSE smallcap gauge went lower by 0.27 per cent and the midcap index by 0.14 per cent.
In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index, Hong Kong's Hang Seng and Japan's Nikkei 225 index closed in the positive territory.
The European markets were trading in green. The US markets ended higher on Monday.
Global oil benchmark Brent crude declined 1.02 per cent to USD 68.06 a barrel.
Foreign Institutional Investors offloaded equities worth Rs 2,566.51 crore while Domestic Institutional Investors purchased equities worth Rs 4,386.29 crore on Monday, according to exchange data.
On Monday, the 30-share Sensex gained 418.81 points to settle at 81,018.72, and the NSE Nifty jumped by 157.40 points to close at 24,722.75.
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HC questions Delhi govt over failure to regulate sale of old vehicles, refers to Red Fort blast
New Delhi (PTI): The Delhi High Court questioned the city government on Wednesday over its failure to regulate the sale and transfer of used vehicles, while pointing out that in a recent bomb blast near the Red Fort, a second-hand car was used, making the issue more significant.
A bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tushar Rao Gedela asked the Delhi government to file a detailed response on the issue of regulating authorised dealers of registered vehicles.
"A car changes four hands but the original owner has not changed. Therefore, what happens? That man (the original owner) goes to the slaughterhouse? What is this? How are you permitting this? You will take a call when two-three more bomb blasts take place?" the bench asked the Delhi government's counsel.
The bomb blast near the iconic Mughal-era monument was carried out using a second-hand car, making the issue even more significant, it said.
The court listed the matter for further hearing in January 2026.
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The court was hearing a public interest litigation (PIL) plea filed by an organisation, Towards Happy Earth Foundation, highlighting the challenges in the implementation of rules 55A to 55H of the Central Motor Vehicles Rules, introduced in December 2022 to regulate authorised dealers of registered vehicles.
While the rules were intended to bring accountability to the second-hand vehicle market, the petitioner's counsel argued that they have failed in practice due to regulatory gaps and procedural hurdles.
The plea said there is a major gap in the amended framework, that is, the absence of any statutory mechanism for reporting dealer-to-dealer transfers.
"In reality, most used vehicles pass through multiple dealers before reaching the final buyer, but the rules recognise only the first transfer to the initial authorised dealer.
"As a result, the chain of custody breaks after the first step, defeating the very purpose of accountability," the petition said.
It added that because of these gaps, only a very small percentage of dealers across India have been able to obtain authorised dealer registration and in Delhi, not a single dealer has got it.
Consequently, lakhs of vehicles continue to circulate without any record of who is actually in possession of those, it said.
The plea said only a small fraction of India's estimated 30,000 to 40,000 used-vehicle dealers are registered under the authorised-dealer framework.
The petition also pointed out that the 11-year-old vehicle used in the November 10 bomb blast near the Red Fort was sold several times but was still registered in its original owner's name.
The blast near the Red Fort had claimed 15 lives.
