Stock markets close lower for 2nd day; IT stocks fall after US rating downgrade
Mumbai, May 19 (PTI): Benchmark BSE Sensex dropped by 271 points on Monday, marking the second straight day of losses due to selling in IT and banking stocks and a weak trend in global markets after rating downgrade of the US by Moody's Ratings.
The 30-share BSE barometer declined 271.17 points or 0.33 per cent to settle at 82,059.42. During the day, it dropped 366.02 points or 0.44 per cent to a low of 81,964.57.
The NSE Nifty dipped 74.35 points or 0.30 per cent to 24,945.45.
Among Sensex firms, Eternal, Infosys, Tata Consultancy Services, Tech Mahindra, Reliance Industries, Asian Paints, HCL Tech and Adani Ports were the laggards.
Power Grid, Bajaj Finance, NTPC, State Bank of India and IndusInd Bank were among the gainers.
Among sectors, realty, pharma, and auto shares advanced while IT declined by over a percent.
"Markets languished in negative territory for major part of the trading session as weak Asian and European indices resulted in investors resorting to profit-taking in IT, capital goods and oil & gas shares," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Also Moody's downgrading US credit rating by a notch over the weekend created some sort of uncertainty amongst investors, Tapse added.
"Indian equity markets extended their losses for a second consecutive day on Monday, dragged down by a combination of weak global cues, sharp selling in IT stocks, and rising volatility," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
Investor sentiment took a hit after Moody’s downgraded the US sovereign credit rating to 'Aa1', citing the nation’s surging USD 36 trillion debt, he said.
"Global markets echoed this nervousness. Asian and European equities traded mostly lower..." Garg added.
The broader market witnessed a mixed performance as the BSE smallcap gauge climbed 0.75 per cent and midcap index ended up by 0.27 per cent.
Among sectoral indices, BSE Focused IT declined 1.33 per cent, IT (1.23 per cent), teck (1.07 per cent), oil & gas (0.32 per cent), telecommunication (0.24 per cent) and capital goods (0.16 per cent).
Realty jumped 2.22 per cent, healthcare (0.58 per cent), utilities (0.42 per cent), auto (0.41 per cent), power (0.36 per cent) and financial services (0.32 per cent).
Among Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng settled lower while Shanghai's SSE Composite index ended higher.
European markets were trading lower. US markets ended in positive territory on Friday.
Global oil benchmark Brent crude dipped 0.41 per cent to USD 65.14 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 8,831.05 crore on Friday, according to exchange data.
On Friday, the Sensex declined 200.15 points or 0.24 per cent to settle at 82,330.59. The Nifty dropped 42.30 points or 0.17 per cent to 25,019.80.
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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.
