Sensex, Nifty fall for 4th day on selling in IT shares, foreign fund outflows
Mumbai, Jul 14 (PTI): Benchmark stock indices Sensex and Nifty declined on Monday, extending the losing run to the fourth day amid selling in IT shares and foreign fund outflows.
The 30-share BSE Sensex dropped by 247.01 points or 0.30 per cent to settle at 82,253.46. During the day, it fell 490.09 points or 0.59 per cent to 82,010.38 but recovered some of the losses towards the close.
The 50-share NSE Nifty settled lower by 67.55 points or 0.27 per cent to 25,082.30.
Sensex has dropped nearly 1,460 points or 1.75 per cent and Nifty by 440 points or 1.73 per cent in the four days of fall since July 9.
Among Sensex firms, Asian Paints fell the most by 1.58 per cent. Tech Mahindra, Bajaj Finance, Infosys, HCL Tech, Tata Consultancy Services, Larsen & Toubro and Tata Motors were among the laggards.
However, Eternal, Titan, Mahindra & Mahindra and ITC were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,104.22 crore on Friday, according to exchange data.
The broader indices, however, outperformed the benchmark, with midcap and smallcap indices gaining between 0.71 per cent and 1.04 per cent.
"Consolidation continued in the domestic market as the tariff headlines and a subdued start to the earnings season are influencing investors to be more sensitive with valuation trading at 3 yrs high level,” Vinod Nair, Head of Research, Geojit Investments, said.
However, stock-specific action continues with sector-wise pick-up in healthcare, realty, consumer & discretionary, while IT remains the laggard due to the risk of earnings downgrades in FY26, Nair added.
An Indian commerce ministry team has reached Washington for another round of talks on the proposed bilateral trade agreement (BTA), which will begin on Monday, an official said.
"Markets started the week on a volatile note and extended their recent decline, ending nearly half a per cent lower. After an initial dip, the Nifty attempted to stabilize in early trade, but sustained pressure from heavyweight stocks dragged the index down as the session progressed," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE midcap gauge climbed 0.67 per cent and smallcap index edged higher by 0.57 per cent.
BSE Focused IT dropped 1.07 per cent, IT by 0.99 per cent, teck by 0.79 per cent and industrials by 0.24 per cent.
Realty surged 1.38 per cent, healthcare jumped 1.15 per cent, consumer discretionary (0.54 per cent), commodities (0.24 per cent) and power (0.24 per cent).
As many as 2,137 stocks declined while 2,054 advanced and 149 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in the positive territory while Japan's Nikkei 225 index ended lower.
European markets were trading in negative territory. The US markets ended lower on Friday.
Wholesale price inflation (WPI) turned negative after a gap of 19 months, declining 0.13 per cent in June as deflation widened in food articles and fuel, along with softening in manufactured product costs, government data showed on Monday.
Retail inflation slipped to a more than six-year low of 2.1 per cent in June mainly due to subdued prices of food items, including vegetables, pulses, meat, and milk.
Global oil benchmark Brent crude climbed 0.99 per cent to USD 71.06 a barrel.
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Rain might have washed it away: Meghalaya minister after 4,000 tonnes of coal go missing
Shillong (PTI): As the Meghalaya High Court pulled up the state government over the disappearance of over 4,000 tonnes of coal, a minister on Monday claimed that heavy rain in the state might have washed it away.
The high court has directed the state government to take action against officials under whose watch the coal went missing.
Speaking to reporters, Excise Minister Kyrmen Shylla said, "Meghalaya receives the highest rainfall. You never know... because of rain, the coal might have swept away. Chances are very high."
The high court had on July 25 pulled up the state government over the vanishing of coal from Rajaju and Diengngan villages and instructed it to trace those responsible for lifting the coal illegally.
The minister, however, clarified that he was not trying to justify the disappearance, and admitted there was no conclusive evidence yet to determine whether the loss was due to natural causes or any illegal activity. "I cannot blame just the rain. It could be or it could not be. I really don't have any kind of details," he said.
He asserted that any activity related to coal mining or transportation must be done in accordance with the law and that authorities must ensure illegal practices are curbed.
On allegations of ongoing illegal coal mining and transport in the state, Shylla said concrete evidence was needed to establish such claims and that multiple departments were responsible for monitoring such activities.
"But I believe that our people, if it is for survival, might do it illegally... otherwise nobody wants to do anything that can harm the state," he said.
He expressed optimism that people would abide by the law, especially after the government's announcement of scientific mining.
"We all are happy to welcome it, and we want to see the light of day with this. I believe our people will not do anything that gives the court or law a chance to point fingers at us," he added.
The ban on coal mining and transportation in Meghalaya was imposed by the National Green Tribunal (NGT) in 2014, citing rampant unregulated and unsafe mining practices, especially the controversial 'rat-hole' mining technique prevalent in the state.
The tribunal's order came in the wake of mounting concerns over environmental degradation, water contamination, and frequent fatalities in the hazardous mines, particularly in East Jaintia Hills.
On a separate note, the minister also responded to complaints over the dust and debris caused by the ongoing construction along National Highway 6 in East Jaintia Hills, saying, "I appreciate this government for the initiative. For now, it is difficult, but once everything is completed, we will enjoy the benefits."
