Stock markets decline on fag-end selling; financial stocks drag
Mumbai, Jul 3 (PTI): Benchmark stock indices Sensex and Nifty pared intra-day gains to close lower on Thursday due to last-hour selling in financial and metal shares.
The 30-share BSE Sensex dropped by 170.22 points or 0.20 per cent to settle at 83,239.47. The index opened higher and rose further by 440.4 points or 0.52 per cent to hit a high of 83,850.09. However, profit taking emerged in the last hour of trade dragging the barometer to a low of 83,186.74 in the pre-close session.
The 50-share NSE Nifty declined by 48.10 points or 0.19 per cent to 25,405.30.
Among the Sensex firms, Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, Adani Ports, Trent, State Bank of India, Titan and Tata Consultancy Services were the laggards.
However, Maruti, Infosys, NTPC, Asian Paints, Eternal and Hindustan Unilever were among the biggest gainers.
"Markets traded volatile on the weekly expiry day and ended marginally lower, continuing the ongoing consolidation phase," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
Sector-wise, the trend remained mixed -- auto and pharma posted gains, while metal and realty were among the top losers, he added. The broader indices also mirrored this movement and closed on a flat note.
The BSE smallcap gauge climbed 0.47 per cent while midcap index dipped 0.06 per cent.
Among BSE sectoral indices, services dropped the most by 1.08 per cent, followed by metal (0.77 per cent), realty (0.61 per cent), telecommunication (0.55 per cent), utilities (0.48 per cent) and bankex (0.48 per cent).
Healthcare, consumer discretionary, auto, consumer durables and oil & gas were the gainers.
Vinod Nair, Head of Research, Geojit Investments Limited, said that investors remain watchful of developments surrounding the potential US-India trade agreement, with the 90-day pause nearing its end. FIIs have turned cautious in the recent days due to premium valuation.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled higher while Hong Kong's Hang Seng ended lower.
European markets were trading on a mixed note. The US markets ended mostly higher on Wednesday.
The Indian services sector growth touched a ten-month high in June aided by robust expansion in international sales and job creation, amid positive demand trends and ongoing improvement in sales, a monthly survey said on Thursday.
The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 58.8 in May to 60.4 in June, driven by sharp upturn in new business orders.
In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Global oil benchmark Brent crude declined 1.03 per cent to USD 68.40 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,561.62 crore on Wednesday, according to exchange data.
On Wednesday, the BSE Sensex ended 287.60 points or 0.34 per cent lower at 83,409.69. The Nifty declined by 88.40 points or 0.35 per cent to settle at 25,453.40.
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Dalit youngster in Raichur denied entry into temple: Video viral
Police, priest, Dalit leaders ‘unaware of matter’
Raichur: The priest of the Ambabhavani Temple in Athkur village has been accused of stopping Dalit youngsters from entering the temple for a ritual related the Navaratri festival, although related parties, including the priest and Dalit leaders of the village, have denied knowledge about the incident.
A video of the youngsters, belonging to the Madiga community, who wanted to wear the ritual garlands for the festive period, being denied entry into the temple and the priest handing them the garlands keeping them outside the threshold has gone viral on social media platforms.
Yapaladinni Police officers, however, have said no police complaint about the matter has been filed so far. In addition, Dalit leaders in Athkur have said no such incident has occurred in the village, but the police officers are conducting an inquiry since youngsters have alleged that they were denied entry into the temple.
The temple priest has also refuted the charges against him, clarifying that action will be taken if a complaint is filed.
