Stock markets close lower amid escalation in Israel-Iran conflict, US tariff scare
Mumbai, Jun 17 (PTI): Benchmark Sensex dropped by 212 points on Tuesday due to profit-taking in metal, oil & gas and pharma shares as investors turned cautious due to increased tensions in the Middle East.
The 30-share BSE Sensex declined 212.85 points or 0.26 per cent to settle at 81,583.30. During the day, it dropped 369.14 points or 0.45 per cent to 81,427.01.
The 50-share NSE Nifty dropped 93.10 points or 0.37 per cent to 24,853.40.
Investors preferred to stay on the sidelines due to rising global crude oil prices and the upcoming US Fed interest rate decision later this week, according to experts.
Pharma shares also came under pressure after reports stated that US President Donald Trump has warned that tariffs on pharmaceuticals and semiconductor products would be announced shortly.
Sun Pharma emerged as the biggest loser among Sensex shares, dropping by 2.18 per cent. Eternal, Tata Motors, Bajaj Finance, IndusInd Bank and Bajaj Finserv were also among the laggards.
In contrast, Tech Mahindra, Infosys, Asian Paints and Maruti were among the gainers.
"The benchmark equity index experienced moderate losses amid rising risk of an escalation of conflicts in the Middle East. This uncertainty pushed Brent crude prices higher -- an unfavourable development for India, given its heavy reliance on oil imports, thereby dampening earnings growth," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Israel appeared to be expanding its air campaign on Tehran as US President Donald Trump posted an ominous message warning residents of the capital to evacuate.
The BSE smallcap gauge dropped 0.67 per cent and midcap index declined 0.56 per cent.
Among BSE sectoral indices, metal went lower by 1.29 per cent, services (1.09 per cent), oil & gas (0.92 per cent), commodities (0.86 per cent), energy (0.73 per cent), consumer discretionary (0.64 per cent) and realty (0.64 per cent).
IT, teck and BSE Focused IT were the gainers.
Among Nifty sectoral indices, Nifty Pharma dropped the most by 1.89 per cent. Granules India, Lupin, Natco Pharma, Laurus Labs and Aurobindo Pharma were major losers.
Market breadth was negative on BSE as 2,483 stocks declined while 1,496 advanced and 139 remained unchanged.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled in positive territory, while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
European markets were trading lower in mid-session deals.
US markets ended higher on Monday.
Global oil benchmark Brent crude jumped 1.69 per cent to USD 74.47 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,539.42 crore on Monday, according to exchange data, while Domestic Institutional Investors (DIIs) bought equities worth Rs 5,780.96 crore.
On Monday, the 30-share BSE Sensex jumped 677.55 points or 0.84 per cent to settle at 81,796.15. The Nifty climbed 227.90 points or 0.92 per cent to 24,946.50.
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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.
