Sensex tanks 501 pts, Nifty closes below 25k on selling in bank stocks, foreign fund outflows
Mumbai, Jul 18 (PTI): Benchmark Sensex tanked 501 points while Nifty closed below the 25,000 mark on Friday due to selling in banking shares after muted quarterly earnings and foreign fund outflows.
Falling for the second straight day, the 30-share BSE Sensex declined by 501.51 points or 0.61 per cent to settle at 81,757.73. During the day, it shed 651.11 points or 0.79 per cent to hit a low of 81,608.13.
The 50-share NSE Nifty dropped 143.05 points or 0.57 per cent to close at a month's low of 24,968.40.
Analysts said investors turned cautious over banking stocks in response to Axis Bank's latest financial results, which fell short of market expectations.
Among Sensex firms, Axis Bank tumbled the most by 5.24 per cent after it reported a 3 per cent dip in its June quarter consolidated net profit at Rs 6,243.72 crore, impacted by the implementation of changes in non-performing assets and loan upgrade policy.
Devarsh Vakil, Head of Prime Research, HDFC Securities, said Axis Bank's latest financial results fell short of market expectations.
"Notably, Axis Bank's GDR tumbled 4.8 per cent to USD 64.30 on Thursday, following a deterioration in the bank's asset quality during the June quarter," he said.
Among blue-chip bank stocks, Axis Bank, HDFC Bank, Kotak Mahindra Bank and State Bank of India ended lower.
Following the decline in bank stocks, the BSE Bankex ended 1.33 per cent lower at 62,741.65.
Bharat Electronics, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, Titan and Eternal were also among the laggards from the Sensex pack.
However, Bajaj Finance, Tata Steel, ICICI Bank, HCL Tech and Infosys were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,694.31 crore on Thursday, according to exchange data.
"A broad-based sell-off was observed amidst a disappointing initial set of earnings from the finance and IT sectors. Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, have contributed to a cautious sentiment among investors," Vinod Nair, Head of Research, Geojit Investments Limited, said.
"Additional tariff threats are also casting a shadow on India over its trade relationship with Russia. Despite these pressures, the medium-to-long-term outlook for India remains optimistic, supported by low inflation levels and proactive monetary authority committed to sustaining economic growth," Nair added.
The BSE smallcap gauge declined 0.64 per cent and midcap index dipped 0.62 per cent.
Among BSE sectoral indices, capital goods dropped 1.50 per cent, followed by bankex (1.33 per cent), industrials (1.08 per cent), telecommunication (0.99 per cent), power (0.90 per cent) and consumer durables (0.90 per cent).
Metal, services and BSE Focused IT ended higher.
On the weekly front, the BSE benchmark tumbled 742.74 points or 0.90 per cent, and the Nifty declined by 181.45 points or 0.72 per cent.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended in positive territory.
European markets were trading with gains. The US markets ended higher on Thursday.
Global oil benchmark Brent crude climbed 0.92 per cent to USD 70.16 a barrel.
On Thursday, the Sensex dropped 375.24 points or 0.45 per cent to settle at 82,259.24. The Nifty ended lower by 100.60 points or 0.40 per cent to 25,111.45.
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Shah Rukh Khan, Kajol unveil ‘DDLJ’ sculpture at London’s Leicester Square
London (PTI): Bollywood stars Shah Rukh Khan and Kajol huddled under an umbrella on a rainy Thursday in London to unveil their bronze likeness from an iconic ‘Dilwale Dulhania Le Jayenge’ scene.
The sculpture of the duo joins Leicester Square’s ‘Scenes in the Square’ trail depicting memorable shots from some of the world’s most famous films, with ‘DDLJ’ marking a Bollywood first and the 30th anniversary of the 1995 box-office hit. It is in this popular London square that SRK as Raj and Kajol as Simran first cross paths unknowingly.
“DDLJ was made with a pure heart. We wanted to tell a story about love, how it can bridge barriers and how the world would be a better place if it had a lot of love in it, and I think this is why 'DDLJ' has had a lasting impact for over 30 years now," said Khan.
“Personally, 'DDLJ' is part of my identity, and it is humbling to see film, and Kajol and me, receiving so much love since it was released,” he said.
He expressed his gratitude to the Heart of London Business Alliance, behind the cinematic trail at Leicester Square, for celebrating ‘DDLJ’ and “immortalising” its lead stars.
“Seeing ‘DDLJ’ become the first Indian film to be honoured in the iconic Scenes in the Square trail is an emotional moment and has brought back so many memories.
"I feel immense pride knowing the film has been embraced around the world, and I want to share this moment with the entire cast and crew of ‘DDLJ’, my friend and director Aditya Chopra and the Yash Raj Films family. This is a moment I will never forget,” added Khan.
Kajol, joined by her daughter Nysa and son Yug, posed with Khan in front of the statue as she braved the rain in a green saree.
“It’s incredible to see ‘Dilwale Dulhania Le Jayenge’ continue to receive so much love, even 30 years later. Watching the statue being unveiled in London felt like reliving a piece of our history - a story that has truly travelled across generations,” said Kajol.
“Seeing it find its rightful place in Leicester Square, a location of such enormous significance to ‘DDLJ’, makes this moment even more special. For the film to be honoured in this way in the UK – the first Indian film to receive such recognition – is something that will forever stay in the hearts and minds of all the ‘DDLJ’ fans across the world,” she said.
Their statue, captured in a dancing pose from the hit song ‘Mehndi Laga Ke Rakhna’, joins the likes of Harry Potter, Bridget Jones, Mary Poppins, and Batman in what is dubbed as an ever-growing celebration of movie magic in a square packed with multiplex cinema screens.
“When ‘Dilwale Dulhania Le Jayenge’, DDLJ, was released 30 years ago, the film became a defining moment for Indian cinema and changed the face of the industry, capturing the hearts of everyone who saw it all over the globe," said Akshaye Widhani, CEO of Yash Raj Films.
“We’re thrilled to be the first Indian film to be represented in ‘Scenes in the Square’. It also marks 30 years of DDLJ, a film that has spread love and joy globally, and shows the cultural impact it has had in UK.
“We are honoured that our superstars and our film are being recognised on the world stage alongside the Hollywood elite, from Gene Kelly to Laurel & Hardy to Harry Potter. This statue will be a great way to express the international appeal of Indian movies and build bridges amongst communities through cinema,” he said.
Since its release in 1995, ‘DDLJ’ has become the longest-running film in Hindi cinema history.
Ros Morgan, Chief Executive at Heart of London Business Alliance, said: “We’re proud to welcome global megastars Shah Rukh Khan and Kajol to our Scenes in the Square trail.
"Dilwale Dulhania Le Jayenge is a cinematic phenomenon that has shaped generations, and London’s first tribute to Indian cinema honours a story whose magic continues to captivate audiences worldwide.”
It is a particularly special year for the film, with a musical based on the romance playing to packed houses at Manchester’s Opera House earlier this year. Aditya Chopra reprised his role as director of the English language stage production, ‘Come Fall In Love – The DDLJ Musical’, which revolved around the love story of Simran and Roger.
The script was a nod to the original as it followed Simran as a young British Indian woman who finds herself engaged to a family friend in India in an arranged marriage. However, the plot thickens when she falls in love with a British man named Roger.
