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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CJI Surya Kant clarifies 'parasites' remarks, says 'pained' over media reports
New Delhi (PTI): Chief Justice of India Surya Kant on Saturday issued a strongly worded clarification on his 'parasites' remarks, saying he was "pained" by media reports that suggested he criticised youth.
"I am pained to read how a section of the media has misquoted my oral observations made during the hearing of a frivolous case yesterday," the CJI said in a statement.
Kant emphasised that his remarks were specifically directed at individuals entering the legal profession through "fake and bogus degrees" and were "misquoted by a section of the media."
The clarification follows a controversy during a hearing on Friday, when the CJI used words like "parasites" and "cockroaches" while pulling up a lawyer for his plea seeking senior designation.
"What I had specifically criticised were those who have entered professions like the Bar (legal profession) with the aid of fake and bogus degrees. Similar persons have sneaked into the media, social media, and other noble professions as well, and hence, they are like parasites.
"It is totally baseless to suggest that I criticised the youth of our nation. Not only am I proud of our present and future human resource, but every youth of India inspires me. It is not an exaggeration to say that Indian youth have great regard and respect for me, and I too see them as the pillars of a developed India," the chief justice said about his remarks.
