Stock markets close lower amid caution ahead of Q1 earnings; IT, oil shares drag
Mumbai, Jul 9 (PTI): Stock markets closed lower on Wednesday due to selling in IT and oil & gas shares as investors turned cautious ahead of the start of earnings season and mixed global trends.
Dragged by late selling, the 30-share BSE Sensex fell by 176.43 points or 0.21 per cent to settle at 83,536.08. During the day, it lost 330.23 points or 0.39 per cent to 83,382.28.
The 50-share NSE Nifty declined 46.40 points or 0.18 per cent to end at 25,476.10.
From the Sensex firms, HCL Tech, Tata Steel, Tech Mahindra, Reliance Industries, Bharat Electronics and ICICI Bank were among the laggards.
Bajaj Finance, Hindustan Unilever, UltraTech Cement and Power Grid were among the gainers.
"Indian key indices remained largely range-bound, while domestic consumption themes continued to anchor investor sentiment. Despite global trade tensions and commodity tariffs, investor focus is increasingly shifting toward domestic earnings and structural growth drivers, including a likely sequential recovery in urban demand and a pickup in infrastructure-led spending," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The US has extended the suspension of its April 2 reciprocal tariffs until August 1.
Shares of mining giant Vedanta dropped 3.38 per cent to end at Rs 440.80 on the BSE after US short seller Viceroy Research released a report charging billionaire Anil Agarwal's mining conglomerate to be "financially unsustainable" and posing a severe risk to creditors.
Viceroy said it was shorting the debt stack of Vedanta Resources, the parent company and majority owner of Mumbai-listed Vedanta Ltd, as it released the 85-page report.
Responding to the report, Vedanta in a statement said, "The report is a malicious combination of selective misinformation and baseless allegations to discredit the Group".
"Markets traded in a volatile but in a narrow range and ended marginally lower, extending the ongoing consolidation phase. While the tariff-related concerns linger, the focus now shifts to the earnings season, with IT major, TCS, scheduled to announce its results on Thursday, July 10," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE SmallCap gauge climbed 0.45 per cent while midcap index dipped 0.05 per cent.
Among BSE sectoral indices, oil & gas dropped the most by 1.41 per cent. Metal (1.41 per cent), realty (1.40 per cent), BSE Focused IT (0.80 per cent), teck (0.71 per cent) and IT (0.67 per cent) were among the losers.
FMCG, auto, consumer durables, services, consumer discretionary and dinancial services were the gainers.
"Indian equity benchmarks ended lower on Wednesday as caution persisted amid uncertainty around the India–US trade deal and the kick-off of the Q1 earnings season," Gaurav Garg, Lemonn Markets Desk, said.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled higher while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
European markets were trading higher.
The US markets ended on a flat note on Tuesday.
Global oil benchmark Brent crude climbed 0.51 per cent to USD 70.51 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 26.12 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 1,366.82 crore.
On Tuesday, the Sensex rose by 270.01 points or 0.32 per cent to settle at 83,712.51. The Nifty climbed 61.20 points or 0.24 per cent to close at 25,522.50.
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BJP's Siroya seeks probe into ex-minister's claim of vote purchase to help Siddaramaiah win in polls
Bengaluru (PTI): BJP Rajya Sabha member Lahar Singh Siroya has urged the Election Commission to take note of former Union Minister C M Ibrahim's reported remarks on the alleged purchase of votes during the 2018 Karnataka Assembly elections to help Siddaramaiah win from Badami segment.
In a letter to the ECI on Tuesday, the Rajya Sabha member said Ibrahim, who was Siddaramaiah's close associate and advisor for decades, has said that he, along with senior Congress leader B B Chimankatti, helped purchase 3,000 votes in 2018, so that Siddaramaiah could scrape through the assembly election from the Badami seat.
Siddaramaiah has reportedly denied Ibrahim's charges.
In a post on 'X', Siroya said, "In the final count, Shri Siddaramaiah's victory margin in Badami was a mere 1696 votes. It was a humiliating margin for a sitting chief minister. The NOTA votes, which were 2007, were higher than his victory margin."
Siroya said Ibrahim, who was a "prominent Congress leader in 2018 and by all references and claims, was in charge of his friend's election," must explain the source and method of the alleged vote purchase.
"Ibrahim will do us a great favour if he tells us how, and from whom, he purchased the 3,000 votes to save his friend. He has also said Shri. Siddaramaiah had paid for this purchase, but took six months to make the payment.
The #ECI may want to take note of this claim of gross electoral corruption from someone who has been a lawmaker and a union minister himself, and order an investigation."
Siroya recalled that Siddaramaiah had defeated BJP candidate B Sriramulu in Badami.
"Perhaps Sriramulu also has some information and insight on how the 3000 votes were purchased. If he speaks, we'll know more on what happened in 2018 when he had contested from two seats, and would have practically won both the seats if this vote purchase had not happened," he said.
Siroya also raised questions about Siddaramaiah's narrow victory in the 2006 Chamundeshwari by-election.
"Now that Ibrahim has spoken about Siddaramaiah's narrow victory in Badami in 2018, he should also open up on the 2006 by-election of Siddaramaiah from the Chamundeshwari assembly constituency. Then too he was his close friend and strategist," he pointed out.
Siroya further said that in 2006, Siddaramaiah fought his first election, after he joined the Congress and his victory margin was only 257 votes.
"Were votes purchased even then? Congress was in power in Delhi. Did they manage a victory for Siddaramaiah then? Who were the officers who conducted that election?" he asked.
Hitting out at Congress leader Rahul Gandhi, Siroya said: "Anyway, @RahulGandhi, by coming to Bengaluru a few days back, and making wild allegations about electoral rolls, has opened up a can of worms. His party men, including his CM, are more affected than anybody else. We should thank Rahul Gandhi for coming to Bengaluru because what he has ultimately done is destabilise his own government."
The MP said that Rahul is known for his self-goals and this will count as a big one.
"Co-operation Minister KN Rajanna's un-democratic sacking because he contradicted Shri. Rahul Gandhi is the beginning of the Congress' fall in Karnataka," he stated.
K N Rajanna was sacked as Cooperation Minister on Monday for blaming the Congress government for the bogus voting in the 2024 Lok Sabha election.
