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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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
