Sensex, Nifty tumble 1 pc in third day of decline; RIL, HDFC Bank major drag
Mumbai, May 20 (PTI): Falling for the third day in a row, benchmark stock indices Sensex and Nifty tumbled 1 per cent on Tuesday dragged down by profit taking in blue-chips such as HDFC Bank, Reliance Industries and ICICI Bank.
Retreating from early highs, the 30-share BSE Sensex tanked 872.98 points or 1.06 per cent to settle at 81,186.44 as 27 of its constituents closed lower and three with gains. During the day, it dropped 905.72 points or 1.10 per cent to 81,153.70 as profit taking emerged in auto, financials and defence stocks.
The broader NSE Nifty tumbled 261.55 points or 1.05 per cent to 24,683.90.
Analysts said investors opted for profit-booking as they awaited more clarity on the India-US trade agreement.
From Sensex firms, Eternal dropped the most by 4.10 per cent. Maruti, Mahindra & Mahindra, UltraTech Cement, Power Grid, Nestle, Bajaj Finance, Hindustan Unilever and Asian Paints were also among the laggards. HDFC Bank dropped by 1.26 per cent and index major Reliance Industries by 1.13 per cent.
Tata Steel, Infosys and ITC were the gainers.
"With the lack of major positive triggers and prevailing uncertainty over US fiscal stability, investors opted for profit-booking and adopted a cautious stance. Selling pressure was widespread as participants awaited more clarity on the India-US trade agreement,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
"Given the current premium valuations and delays in the trade deal, we foresee a phase of short-term consolidation, which may lead FIIs to scale back their positions in the domestic market," he added.
The BSE midcap gauge tanked 1.65 per cent and smallcap index dropped 0.96 per cent.
All sectoral indices ended lower. Auto declined 2.13 per cent, consumer discretionary (1.81 per cent), utilities (1.64 per cent), services (1.53 per cent), industrials (1.36 per cent) and telecommunication (1.35 per cent).
As many as 2,531 stocks declined while 1,438 advanced and 135 remained unchanged on the BSE.
"While markets had witnessed a pullback rally over the past week due to Indo-Pak ceasefire, US-China heading towards a tariff understanding and strong FII fund inflows, the mood is reversing back to caution with a negative bias. The current situation shows that markets will see bouts of optimism followed by a volatile phase as global economic uncertainty remains a key challenge for investors," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Among Asian markets, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in the positive territory while South Korea's Kospi ended marginally lower.
Markets in Europe were trading in the green. US markets ended higher on Monday.
Global oil benchmark Brent crude dipped 0.11 per cent to USD 65.47 a barrel.
Foreign institutional investors offloaded equities worth Rs 525.95 crore on Monday, according to exchange data.
On Monday, the 30-share BSE barometer Sensex declined 271.17 points or 0.33 per cent to settle at 82,059.42. The Nifty dipped 74.35 points or 0.30 per cent to 24,945.45.
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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.
