Stock markets close lower for 2nd day; Sensex down 239 pts as ITC tanks over 3 pc
Mumbai, May 28 (PTI): Stock markets declined for the second straight day on Wednesday with benchmark Sensex falling by 239 points dragged by losses in FMCG major ITC.
The 30-share BSE barometer declined 239.31 points or 0.29 per cent to settle at 81,312.32. During the day, it lost 307.61 points or 0.37 per cent to 81,244.02.
The 50-issue NSE Nifty dropped 73.75 points or 0.30 per cent to close at 24,752.45.
Analysts said the key indices remained largely range-bound ahead of the monthly expiry on Thursday and the release of GDP and industrial production data. FMCG, auto, and pharma shares declined while banking, mainly PSUs, media and energy shares advanced.
Among Sensex stocks, ITC fell over 3 per cent after British multinational BAT trimmed its ownership in the conglomerate by divesting a 2.5 per cent stake for Rs 12,927 crore (USD 1.51 billion) through a block deal.
IndusInd Bank, Nestle, UltraTech Cement, Mahindra & Mahindra, Power Grid, Asian Paints, Sun Pharma and Tech Mahindra were also among the laggards.
Bajaj Finance, Bharti Airtel, ICICI Bank, Adani Ports and HCL Tech were among the gainers.
"The domestic indices remained rangebound with a negative bias, primarily due to the lack of support from FIIs and prevailing premium valuations. A lingering concern over India-US trade relations following the end of the 90-day pause period continues to pose an external risk," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge climbed 0.50 per cent while midcap index dipped 0.22 per cent.
Among sectoral indices, FMCG dropped the most by 1.33 per cent, followed by metal (0.69 per cent), auto (0.67 per cent), consumer durables (0.58 per cent), commodities (0.52 per cent) and consumer discretionary (0.51 per cent).
Financial Services, industrials, telecommunication, bankex, capital goods, services and teck were the gainers.
"Markets were extremely range-bound with a negative bias as weak European cues and domestic monthly F&O expiry on Thursday prompted investors to trim their holdings. The minutes of the US FOMC (Federal Open Market Committee) meeting held in early May will provide some hint to the markets on the direction of the interest rates going ahead," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Ajit Mishra – SVP, Research, Religare Broking Ltd said that despite stable global cues and favourable domestic factors, the market is being weighed down by inconsistent FII inflows, which is reflected in the recent increase in volatility.
In Asian markets, South Korea's Kospi settled in the positive territory while Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
Markets in Europe were trading lower.
US markets ended sharply higher on Tuesday. Nasdaq Composite jumped 2.47 per cent, S&P 500 surged 2.05 per cent and Dow Jones Industrial Average climbed 1.78 per cent.
Foreign Institutional Investors (FIIs) bought equities worth Rs 348.45 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude climbed 0.69 per cent to USD 64.57 a barrel.
On Tuesday, the BSE Sensex dropped 624.82 points or 0.76 per cent to settle at 81,551.63. The Nifty declined 174.95 points or 0.70 per cent to 24,826.20.
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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.
