Sensex, Nifty extend losses into 3rd session on mounting geopolitical tensions
Mumbai, Jun 19 (PTI): Benchmark indices Sensex and Nifty ended lower for the third straight session on Thursday, in line with weak trends in global markets, as geopolitical uncertainties due to the ongoing Iran-Israel conflict unnerved investors.
The US Fed's decision to keep interest rates unchanged and rising global crude prices also dampened market sentiment, experts said.
In a largely volatile trade, the 30-share BSE Sensex declined 82.79 points, or 0.10 per cent, to settle at 81,361.87. During the day, it hit a high of 81,583.94 and a low of 81,191.04, gyrating 392.9 points.
As many as 3,018 stocks declined, while 959 advanced and 140 remained unchanged on the BSE.
The 50-share NSE Nifty dipped 18.80 points or 0.08 per cent to 24,793.25.
"The Indian equity index experienced range-bound movement with a negative bias as cautious sentiment spread across the globe, driven by concerns over the potential US involvement in the Middle East conflict.
"Investor mood was further affected by the Fed's decision to keep interest rates unchanged while signalling persistent inflation and slower economic growth, which weighed on software export stocks," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, Adani Ports, Bajaj Finance, Tech Mahindra, IndusInd Bank, Nestle and Tata Steel were among the major laggards.
In contrast, Mahindra & Mahindra, Titan, Larsen & Toubro, Bharti Airtel and Maruti were among the gainers.
The BSE smallcap gauge tanked 1.77 per cent and the midcap index lost 1.64 per cent.
Among BSE sectoral indices, services dropped 1.68 per cent, realty (1.63 per cent), utilities (1.61 per cent), power (1.24 per cent), IT (1.14 per cent), metal (1.18 per cent) and commodities (1.05 per cent).
Auto emerged as the only gainer.
In Asian markets, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in the negative territory, while South Korea's Kospi ended marginally higher.
European markets were trading lower in mid-session deals.
US markets ended on a mixed note on Wednesday.
"Markets traded lacklustre on the weekly expiry day and ended almost flat amid mixed cues. The US Fed's decision to maintain the status quo, which was largely anticipated, failed to elicit any significant reaction," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
With geopolitical tensions driving crude prices higher, further deterioration is likely if crude makes a sustained move above the USD 80 mark, he added.
Global oil benchmark Brent crude climbed 0.26 per cent to USD 76.90 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 890.93 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) purchased shares worth Rs 1,091.34 crore.
On Wednesday, the 30-share BSE Sensex declined by 138.64 points or 0.17 per cent to settle at 81,444.66. The Nifty edged lower by 41.35 points or 0.17 per cent to settle at 24,812.05.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
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.
