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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Punishment for those disrupting assembly proceedings, warns Speaker UT Khader
Belagavi: Speaker U.T. Khader on Friday warned that members who disrupt Assembly proceedings by talking in their seats during debates will be made to sit in the House for an entire day as a disciplinary measure.
The warning came after the Question Hour, when Deputy Leader of the Opposition Arvind Bellad was permitted to initiate a discussion on the development of North Karnataka.
At this point, expelled BJP MLA Basanagouda Patil Yatnal objected, stating that he had been seeking a debate for the past three days but had not been given an opportunity.
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Responding to the objection, Speaker Khader said Bellad had already been granted permission and assured Yatnal that he would be allowed to speak at the next opportunity. He noted that even as a serious discussion was underway, several MLAs were speaking among themselves with their microphones on, disrupting the proceedings.
Expressing displeasure over the conduct of members, Khader likened the situation to football, where players receive red, yellow, or white cards for violations. Similarly, he said, the Assembly issues warning cards to members who disturb the House. If they fail to correct themselves despite repeated warnings, they would be required to remain seated in the Assembly hall for a full day as punishment, he stated.
