Sensex falls 155 pts as investors turn cautious amid India-Pak tensions
Mumbai, May 6 (PTI): Benchmark indices Sensex and Nifty ended lower in a range-bound trade on Tuesday due to profit booking, mainly in banking and oil shares, and investors staying on the sideline amid escalating tensions between India and Pakistan.
Snapping its two days of gains, the 30-share BSE Sensex declined 155.77 points or 0.19 per cent to settle at 80,641.07. During the day, it dropped 315.81 points or 0.39 per cent to 80,481.03.
The NSE Nifty dipped 81.55 points or 0.33 per cent to 24,379.60.
The trading activity was range bound ahead of the US Federal Reserve’s policy decision and concerns over US-China trade negotiations, analysts said.
The Union Home Ministry has directed states and UTs to hold security mock drills in light of the rising Indo-Pak tensions after the Pahalgam terror attack.
Close to 300 'civil defence districts' with sensitive installations like nuclear plants, military bases, refineries, and hydroelectric dams will be covered by mock drills on air-raid warning sirens, civilian training for a "hostile attack" and cleaning of bunkers and trenches.
Among Sensex firms, Eternal, Tata Motors, State Bank of India, Adani Ports, NTPC, IndusInd Bank, Bajaj Finance, Asian Paints, Axis Bank and Sun Pharma were the major losers.
Bharti Airtel, Tata Steel, Mahindra & Mahindra, Hindustan Unilever, Nestle and Maruti were among the gainers.
"The domestic market has been consolidating in recent sessions following the strong recovery, driven by cautious sentiment amid India-Pakistan border tensions. Weak earnings growth for the current quarter has further impacted the market.
"Meanwhile, investors are closely monitoring India's bilateral trade negotiations with the US. Additionally, speculation around the US Federal Reserve is drawing attention, as no rate cuts are expected in the near term, affecting global trends," Vinod Nair, Head of Research, Geojit Investments Limited, said.
India's service sector activity accelerated slightly in April largely driven by a quicker increase in new order inflows, which also underpinned a faster expansion in employment, according to a monthly survey on Tuesday.
The seasonally adjusted HSBC India Services PMI Business Activity Index reached 58.7 in April, up from 58.5 in March, indicating a sharp and stronger expansion in service sector output.
"Market volatility was further aggravated by escalating geopolitical tensions between India and Pakistan, coupled with uncertainty surrounding the US Federal Reserve’s upcoming interest rate decision," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
Looking ahead, progress on the U.S. trade deal could provide near-term support to the markets, he said. However, ongoing geopolitical concerns and the earnings season are likely to keep investor sentiment cautious in the near term, Khemka added.
The BSE smallcap gauge dropped 2.33 per cent and midcap index declined 2.16 per cent.
Among sectoral indices, realty tanked 3.49 per cent, power (2.64 per cent), services (2.53 per cent), utilities (2.36 per cent), industrials (2 per cent), capital goods (1.71 per cent) and consumer durables (1.59 per cent).
Auto and teck were the only gainers.
In Asian markets, Shanghai' SSE Composite index and Hong Kong's Hang Seng settled higher. South Korean and Japanese markets were closed due to holidays.
Markets in Europe were trading lower. US markets ended in the negative territory on Monday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 497.79 crore on Monday, according to exchange data.
Global oil benchmark Brent crude jumped 2.76 per cent to USD 61.85 a barrel.
The 30-share BSE benchmark climbed 294.85 points or 0.37 per cent to settle at 80,796.84 on Monday. The Nifty rose by 114.45 points or 0.47 per cent to 24,461.15.
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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.
