Sensex, Nifty fall for second straight session on weak global trends
Mumbai, (PTI): Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session on Thursday as a bearish trend in global markets amid escalating geopolitical uncertainties unnerved investors.
Besides, disappointing quarterly earnings numbers and revenue forecast from IT services company Wipro also weighed on investor sentiments, traders said.
Metal, energy and power stocks witnessed selling pressure while buying in auto and consumer durable counters capped the losses.
The 30-share BSE Sensex fell 247.78 points or 0.38 per cent to settle at 65,629.24 points. During the day, it plunged 533.52 points or 0.80 per cent to 65,343.50 points.
The Nifty declined 46.40 points or 0.24 per cent to 19,624.70 points.
"Amid increasing global political strain, US treasury yield, and underwhelming IT earnings, the domestic market continued to trade with a minor cut. However, some optimism was evident in the equity market given global efforts to stabilise the West Asia conflict, which deescalated the crude price trend.
"Auto sector stocks outperformed, driven by Q2 results outcome. Investors are closely monitoring the Q2 earnings season, US Fed chair speak and West Asia developments," said Vinod Nair, Head of Research at Geojit Financial Services.
Among the Sensex firms, Wipro fell nearly 3 per cent after the company reported an almost flat consolidated net profit at Rs 2,667.3 crore for the September quarter, trailing street expectations. It has also projected up to 3.5 per cent fall in revenue in the current quarter due to a weak global economic outlook and uncertain business environment.
NTPC, Tech Mahindra, JSW Steel, Bharti Airtel, Tata Steel, Tata Consultancy Services, ICICI Bank, Kotak Mahindra Bank and Reliance Industries were among the other major laggards.
"Markets remained vulnerable amidst simmering Middle-East geopolitical tensions. Pessimism still continues to run high amidst negative catalysts like deepening Israel-Palestine conflict, uninspiring Q2 from corporate India Inc. so far, the 10-year US Treasury yields spiking to 4.87 per cent, rising expectations of one more interest rate increase from the Fed, and anxiety ahead of Powell's speech later today," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Nestle jumped nearly 4 per cent after the FMCG major reported an increase of 37.28 per cent in net profit at Rs 908.08 crore for the third quarter ended September 30, helped by a consistent performance almost across all major brands.
UltraTech Cement, IndusInd Bank, Larsen & Toubro and Axis Bank were among the gainers.
In the broader market, the BSE midcap gauge declined 0.08 per cent and smallcap index climbed 0.07 per cent.
Among the sectoral indices, metal fell 0.95 per cent, oil & gas (0.48 per cent), services (0.44 per cent) and teck (0.42 per cent).
Consumer Discretionary, FMCG, auto and consumer durables were the gainers.
"Global equities slid on Thursday as risk aversion prevailed due to mounting worries over Middle East conflict, while the bond sell-off intensified, taking Treasury yields to fresh 16-year highs ahead of a keenly awaited speech from Fed Chairman," said Deepak Jasani, Head of Retail Research, HDFC Securities.
In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong settled in the negative territory.
European markets were trading lower. The US markets ended lower on Wednesday.
Global oil benchmark Brent crude declined 1.99 per cent to USD 89.68 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,831.84 crore on Wednesday, according to exchange data.
On Wednesday, the BSE benchmark plunged 551.07 points or 0.83 per cent to settle at 65,877.02 points while the Nifty declined 140.40 points or 0.71 per cent to 19,671.10 points.
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Kerala polls: Vijayan, Revanth Reddy trade barbs as campaigning ends
Kannur (Kerala)/Hyderabad (PTI): A war of words between Kerala Chief Minister Pinarayi Vijayan and his Telangana counterpart Revanth Reddy turned acrimonious on Tuesday, the final day of campaigning for the April 9 Assembly polls.
The two leaders sparred on the virtual world as well, exchanging letters on their respective social media handles.
The escalation came after Vijayan, responding to Reddy's earlier remarks, used Malayalam expressions considered nearly derogatory, signalling strong disapproval of the Telangana CM's comments.
Reddy, campaigning for the UDF in Kollam district, hit back swiftly, likening Vijayan to PM Narendra Modi.
He said he would take any personal remarks from the senior leader as a "blessing" considering his age, but objected to what he described as insults directed at the people of Kerala. "But you cannot abuse our Kerala people," he said, hours before campaigning drew to a close.
The controversy began after Reddy had said "nee po mone Vijaya" by invoking a famous dialogue from superstar Mohanlal's blockbuster movie "Narasimham" while referring to Vijayan on April 1 during a UDF campaign roadshow in Nemom constituency.
Earlier in the day, while reacting to Reddy's earlier remarks, Vijayan said a CM must maintain basic standards of conduct and questioned whether such dignity was being followed.
In his response to a query, Vijayan used Malayalam words that were seen as nearly derogatory for Reddy, signalling his strong disapproval of the remarks made against him.
Sharply reacting to the CM's objectionable remarks, Congress leader V D Satheesan said Vijayan appeared to have "completely lost composure" and warned that any further deterioration in his conduct would have brought "greater embarrassment" to the state.
After the critical remarks during the press meet, Vijayan wrote on his 'X' handle that political differences are natural, but expressing strong disagreement through personally insulting remarks is an attitude that he rejects. Reddy's statements lacked factual backing.
In a detailed letter attached with the 'X' post addressing the Telangana CM, Vijayan said the experience of the people of Kerala was "vastly different" from what Reddy had portrayed.
He clarified that he did not intend to engage in a debate over the performance of the Telangana government, stating that it was for the people of Telangana and political parties there to assess their government.
Referring to Reddy's comments, Vijayan said the LDF government has been consistently publishing progress reports over the past 10 years on the implementation of its election promises, underlining its commitment to continuous accountability.
He also rejected the allegation of "selective appropriation" of Kerala's achievements, including its top ranking in the NITI Aayog SDG Index, and said such criticism was misplaced.
Dismissing claims of industrial stagnation, Vijayan said Kerala has made significant strides in the startup ecosystem and ease of doing business, adding that these achievements have been widely acknowledged.
He also alleged that key infrastructure projects in Kerala, including the Kochi Metro and Vizhinjam Port, faced delays under previous Congress-led governments at the Centre, while long-pending promises such as a railway coach factory remained unfulfilled.
Vijayan further accused the BJP-led Union government of discrimination against Kerala and said the state has been actively resisting what he described as "anti-federal and undemocratic" policies through legal and political means, including approaching the Supreme Court.
He also rejected Reddy's criticism that the LDF was not vocal enough against the BJP, asserting that Kerala has been at the forefront of defending constitutional values.
Concluding his letter, Vijayan reiterated the state government's commitment to building a "Nava Keralam" and moving forward as a model for others.
On April 1, while addressing party workers in Nemom, Reddy used the popular Malayalam film dialogue "Nee po mone Vijaya". He adapted it to target Vijayan, saying "Nee po mone Vijaya".
Reddy went further, claiming that Vijayan's "time is over" and that his "expiry date has passed".
Responding to these allegations, Vijayan had said that the Telangana CM was "misinformed" and accused him of "ridiculing" Kerala and its people while trying to hide the weaknesses of his own state.
In a later response, Reddy defended his remarks and said that many of the statistics cited by Vijayan were taken from the NITI Aayog SDG Index 2023 24, arguing that the data was already outdated.
Reddy in his letter questioned the veteran Marxist leader's claim that Kerala would become the first state to completely eradicate extreme poverty by late 2025 had been achieved. Further, he chooses to conduct himself respectfully and gracefully in his criticism of the Kerala government's performance, whereas Vijayan opted to use language of poor taste.
Reddy, in his letter on X, said that while he respects NITI Aayog's corruption rankings, he wants to know why the infamous gold smuggling case, linked to individuals connected to the CMO, remains unresolved, and why 4.5 kg of gold allegedly misappropriated from the Sabarimala Ayyappa Temple has not been accounted for.
