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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Priyanka Gandhi: Cong's talismanic campaigner enters Parliament after 'long, long time'
New Delhi (PTI): Will she? Will she not? And on Saturday, she did. After years of frenzied speculation, Congress leader Priyanka Gandhi Vadra is finally entering the Lok Sabha after a resounding win from Wayanad with many a hope that she will re-energise her party and its dwindling electoral fortunes.
The 52-year-old, who joins her mother Sonia and brother Rahul as an MP in what is a rare instance of three members of a family together in Parliament, would visit Parliament as a teenager to listen to her father Rajiv Gandhi speak as prime minister. Four decades later, she joins as member herself -- her detractors crying nepo politics and her party supporters laying out the proverbial red carpet for a promise finally met.
She should have been a politician to the manner born given the Gandhi legacy. But Priyanka Gandhi took the long and winding way into mainstream politics. First were the questions of whether the mother of two would join active politics, and then whether and when she would contest elections.
In September 1999, she told a journalist her entry into politics may take a "long, long time". And it actually did. She took the plunge 20 years later in 2019 and was later appointed Congress general secretary.
Five years after that, Priyanka Gandhi begins her journey as an elected representative of the people.
With a winning margin of more than 4.1 lakh votes, she has surpassed the tally of her brother Rahul Gandhi from Wayanad in Kerala.
Priyanka Gandhi's entry into Parliament comes at a difficult time for the party, which has been jolted by electoral defeats in Haryana and Maharashtra. It would be interesting to see if she is able give a much-needed fillip to the grand old party and help put it back on electoral track.
Often drawing comparisons with her grandmother Indira Gandhi for their similarity in looks and way of speaking, Priyanka Gandhi has been the go-to campaigner for the party since her entry into active politics and even before that when she campaigned for her mother Sonia and brother Rahul.
And more than both, she is the one who many say has the easiest touch when it comes to communicating with people, individuals and crowds, and also in articulating the party's viewpoint on a range of issues. That she is often seen with her brother, sometimes teasing, sometimes chiding and always affectionate, has added to the image of the convivial politician.
Frequently referring to her childhood, the pain of her father Rajiv Gandhi's assassination and her mother's grief, she steered the Congress' campaign during the general election, adroitly walking the tightrope between striking a familial chord and discussing national-level issues. She proved to be a strategist, orator and mass mobiliser -- all rolled into one.
Most of her speeches are akin to a conversation with the crowd, establishing a connect and giving people the impression that here was a person who was known to them, someone sharing her feelings and thoughts with them.
As star campaigner and strategiser, Priyanka Gandhi helped the Congress make impressive gains in some states as well as in the Lok Sabha polls held earlier in the year. Her campaign helped the Congress get 99 seats in the general election, up from 52 in 2019.
As the curtains came down on the 2024 general election, analysts totted up the numbers to highlight that she has proven to be the party's talisman. Priyanka Gandhi took part in 108 public meetings and roadshows. She campaigned in 16 states and a Union territory, and also addressed two party workers' conferences in Amethi and Rae Bareli in Uttar Pradesh.
Priyanka Gandhi has often been projected as a possible challenger to Prime Minister Narendra Modi from Varanasi and also as a successor to Congress veteran Sonia Gandhi in the family pocket borough of Rae Bareli.
Soon after the Election Commission announced the Wayanad bypoll, the Congress declared that Priyanka Gandhi would be its candidate from the seat in Kerala. Rahul Gandhi, it decided, would retain the Rae Bareli parliamentary constituency in Uttar Pradesh and vacate the Wayanad seat he won for the second consecutive time.
After her name was announced for the Wayanad bypoll in June, Priyanka Gandhi said, "I am not nervous at all.... I am very happy to be able to represent Wayanad. All I will say is that I will not let them feel his (Rahul Gandhi's) absence. I will work hard and try my best to make everybody happy and be a good representative."
"I have a good relationship with Rae Bareli as I worked there for 20 years and that relationship will never break," she said, adding that both she and her brother will work together in both the constituencies.
Priyanka Gandhi was made Congress general secretary in-charge of the crucial eastern Uttar Pradesh region in January 2019 and then general secretary in-charge of the entire state.
In December 2023, Priyanka Gandhi was made Congress general secretary "without a portfolio". She helped strengthen the organisation and led the party's campaign in Himachal Pradesh, where the grand old party wrested power from the BJP.
Born on January 12, 1972, Priyanka attended New Delhi's Modern School and the Convent of Jesus and Mary. She holds a bachelor's degree in Psychology from Jesus and Mary College, University of Delhi, and also has a master's degree in Buddhist studies.
Priyanka Gandhi is married to businessman Robert Vadra. The couple has two children -- Raihan and Miraya.
Her entry into Parliament has been long awaited by party's workers and supporters and they are hoping she will provide the booster shot the party needs in its difficult phase at the hustings going forward.
