Stock markets decline for 3rd day on FII selling, weak rupee; Sensex tanks nearly 504 pts
Mumbai (PTI) Stock markets declined on Tuesday, with the benchmark Sensex tumbling nearly 504 points due to selling in blue-chip bank stocks and Reliance Industries, and persistent foreign fund outflows.
Falling for the third straight session, the 30-share BSE Sensex tumbled 503.63 points or 0.59 per cent to settle at 85,138.27. During the day, the benchmark tanked 588.9 points or 0.68 per cent to hit a low of 85,053. The index had scaled a record high level in intra-day trade in the previous session, but closed lower due to profit booking in the second half.
The 50-share NSE Nifty declined by 143.55 points or 0.55 per cent to 26,032.20.
Among Sensex firms, Axis Bank, HDFC Bank, Reliance Industries, ICICI Bank, Bharat Electronics and Larsen & Toubro were the biggest laggards.
However, Asian Paints, Maruti, Bharti Airtel and Bajaj Finance were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,171.31 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,558.93 crore, according to exchange data.
"FII selling has once again gathered pace and in the last three sessions have sold domestic shares worth more than Rs 6,000 crore. Valuations at elevated levels and delay in the announcement of the Indo-US trade deal are causing a lot of anxiety amongst the investors who are looking at fresh positive triggers. The rupee's downward spiral is also adding to investors discomfort," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The rupee breached the psychological 90-a-dollar level in intraday trade before settling 46 paise down at an all-time low of 89.99 against the US dollar on Tuesday.
The BSE smallcap gauge declined 0.49 per cent and midcap index dipped by 0.14 per cent.
Among sectoral indices, services dropped 1.03 per cent, financial services (0.78 per cent), bankex (0.75 per cent), industrials (0.49 per cent) and utilities (0.40 per cent).
BSE Telecommunication, consumer durables, teck and auto were the winners.
A total of 2,563 stocks declined while 1,586 advanced and 167 remained unchanged on the BSE.
In Asian markets, Shanghai's SSE Composite index settled lower while South Korea's Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index ended in positive territory.
The decline was primarily driven by a sharp contraction in the IIP data, weakness in the rupee, and caution ahead of the upcoming US Fed and RBI policy decisions later in the week, Ajit Mishra – SVP, Research, Religare Broking Ltd said.
Markets in Europe were trading higher. US markets ended lower on Monday.
Brent crude, the global oil benchmark, dipped 0.33 per cent to USD 62.96 per barrel.
On Monday, the Sensex pared early gains and ended 64.77 points or 0.08 per cent lower at 85,641.90. During the day, the benchmark jumped 452.35 points or 0.52 per cent to hit a record intra-day high of 86,159.02.
The Nifty dipped 27.20 points or 0.10 per cent to settle at 26,175.75. During the day, it climbed 122.85 points or 0.46 per cent to hit a lifetime high of 26,325.80.
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CM Siddaramaiah rebuts BJP's '63 per cent' corruption charge
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Thursday refuted BJP leader R Ashoka's accusation regarding a judge's alleged remark about "63 per cent corruption" in the state, saying the opposition is "twisting facts" and attempting to shift blame from its own past tenure.
In a post on X, Siddaramaiah said the Leader of Opposition in the Karnataka Assembly had “tried to hang the BJP’s bell of sins around the Congress government's necks and has ended up embarrassing himself” by misinterpreting the Upa Lokayukta’s comments.
"In the report submitted in November 2019, Honourable Upa Lokayukta B Veerappa had stated that there was 63 per cent corruption in the State. At the time he submitted the report, the BJP government led by Yediyurappa was in power in the State,” he clarified.
Countering Ashoka’s demand for a CBI probe, Siddaramaiah listed a series of scandals under the previous BJP government, saying corruption cases were "not just one or two".
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He accused the former regime of "shameless loot" even during the COVID crisis and said "a minimum 40 per cent commission was the norm across departments".
Referring to the death of contractor Santosh Patil, alleged irregularities in irrigation projects, the PSI recruitment scam and charges levelled by BJP MLC H Vishwanath against current state party president B Y Vijayendra, he said: “If we begin listing the scams from the BJP era, an entire epic volume could be written.”
Targetting the Centre, Siddaramaiah said under Prime Minister Narendra Modi, who proclaims “Na khaaoonga, na khaane doonga” (Neither shall I take kickbacks, nor allow others to take it), India was 'sinking into corruption'.
He cited Transparency International rankings that place the country 96th globally.
Dismissing Ashoka’s claims as “foolishness”, Siddaramaiah asserted that his administration was ensuring transparency in “recruitment to transfers”, preventing misuse of money and power.
“Mr R Ashoka, the monumental corruption you created cannot be cleaned up in just two and a half years,” the Chief Minister said. “Give us some time — we will set everything right.”
Ashoka demanded the transfer of all corruption cases against the Congress government in the state to the CBI, and called for its resignation.
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His demand comes following an alleged remark by Upalokayukta Justice B Veerappa that the level of corruption in Karnataka stood at '63 per cent'.
"We had fought against this corrupt government both inside and outside the assembly when the MUDA scam, Valmiki ST Development Corporation scam surfaced. At that time, CM Siddaramaiah repeatedly asked for evidence of corruption. As per our constitution, courts and judges hold big positions and what they say is regarded as order or a record," Ashoka, also the Leader of Opposition in the state assembly, said.
Speaking to reporters here, he said now a judge has stated that the government in Karnataka is "63 per cent corrupt".
"We-- BJP-- had made a 60 per cent commission charge against this government, but a judge has said it is not 60, it is 63 per cent. He (judge) said it at an event where he shared the stage with other judges and senior advocates. He has alleged that there is corruption in almost all departments, nothing happens without paying commission. Karnataka is in fifth position in corruption," he claimed.
At a public event on Wednesday, Justice Veerappa had claimed that the corruption in Kerala stood at 10 per cent, while it is 63 per cent in Karnataka.
He had said that he was able to witness it after becoming the Upalokayukta.
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Recalling that the Congress government, after coming to power, formed a Special Investigation Team (SIT) to probe the "40 per cent commission" charge it had made against the previous BJP government, Ashoka asked -- what probe will the government order, following the 63 per cent corruption allegation against it.
"If you have any shame left, resign and go... you formed SIT against us, constitute CBI probe on this (allegations against Congress govt), if you have guts, let the corruption in various departments come out in the open," he added.
According to the LoP, Karnataka has become an "ATM" for the Congress party to fund any state elections. Power goes to those who give more money to Sonia Gandhi and Rahul Gandhi.
"For the recent Bihar elections, more than Rs 300 crore has gone from Karnataka itself. A breakfast meeting of Ministers was called to collect this money," he said, adding that Congress is synonymous with corruption, and corruption is Congress' home deity.
