Stock markets end lower; HDFC Bank, foreign fund outflows drag
Mumbai, Jul 2 (PTI): Benchmark BSE Sensex declined by 287 points on Wednesday due to profit selling in HDFC Bank, L&T and Reliance Industries shares and caution ahead of the impending US tariff deadline.
Paring its early gains, the BSE Sensex closed lower by 287.60 points or 0.34 per cent at 83,409.69. During the day, it dropped 546.52 points or 0.65 per cent to 83,150.77.
The 50-share NSE Nifty declined by 88.40 points or 0.35 per cent to settle at 25,453.40.
Flight of foreign capital from equities and a mixed trend in global equities impacted market sentiment, traders said.
Among Sensex pack, Bajaj Finserv, Larsen & Toubro, Bajaj Finance, HDFC Bank, Bharat Electronics and Kotak Mahindra Bank were the major laggards.
However, Tata Steel, Asian Paints, UltraTech Cement, and Trent were the biggest gainers.
"Mixed global cues, particularly ahead of the impending tariff deadline, are driving investor caution. Market attention is gradually shifting to crucial Q1 earnings, which have high expectations.
"Underlying trends such as robust macroeconomic fundamentals and increased government expenditure continue to support market resilience. However, being at the breach level of the recent rally, a cautiousness is expected to continue in the near term," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge declined 0.20 per cent and midcap index dipped 0.18 per cent.
Among BSE sectoral indices, realty dropped 1.36 per cent, financial services (0.92 per cent), industrials (0.84 per cent), power (0.77 per cent), bankex (0.69 per cent) and capital goods (0.69 per cent).
Metal (1.44 per cent), consumer durables (1.22 per cent), commodities (0.90 per cent), telecommunication (0.55 per cent) and auto (0.22 per cent).
As many as 2,205 stocks declined while 1,809 advanced and 157 remained unchanged on the BSE.
India's manufacturing sector growth rose to a 14-month high of 58.4 in June, marked by improved trends in output and new orders, alongside a record upturn in employment, a monthly survey said on Tuesday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index – an indicator of sector performance - was 57.6 in May.
Gross GST collection increased by 6.2 per cent to over Rs 1.84 lakh crore in June but slipped below the Rs 2 lakh crore mark recorded in the previous two months.
The GST mop-up stood at Rs 1.74 lakh crore a year ago, as per government data released on Tuesday.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled lower while Hong Kong's Hang Seng index ended higher.
European markets were trading in positive territory in mid-session deals.
The US markets ended on a mixed note on Tuesday.
Global oil benchmark Brent crude climbed 0.86 per cent to USD 67.69 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,970.14 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex rose by 90.83 points or 0.11 per cent to settle at 83,697.29. The Nifty gained 24.75 points or 0.10 per cent to close at 25,541.80.
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Mamata urges electors to cast vote to take revenge for deletion of people's names from rolls
Samserganj (WB) (PTI): West Bengal Chief Minister Mamata Banerjee on Sunday urged people to cast their votes to take revenge for the deletion of people's names from the electoral rolls.
The Trinamool Congress chief urged people whose names have been deleted from the voter list during the Special Intensive Revision (SIR) of electoral rolls to move appeals before the tribunal.
Addressing an election rally at Samserganj, which was the epicentre of violence during the protests against the Waqf (Amendment) Act in Muslim-majority Murshidabad district in April 2025, she said, "Cast your votes to take revenge for deletion of people's names, and against the SIR so that the results reflect that."
Banerjee asked the TMC workers to remain vigilant till the counting date on May 4. Assembly polls in West Bengal will be held in two phases on April 23 and 29.
In an apparent reference to Union Home Minister Amit Shah, Banerjee alleged that he was behind the deletion of voters' names in West Bengal during the SIR exercise.
"If you have the guts, fight directly," she said.
Asking all the TMC workers to remain vigilant during the election period, Banerjee said, "I hope none of our booth agents will sell themselves off to the BJP, in the interest of West Bengal."
Claiming that EVM machines will be made to malfunction at some places, the TMC chief instructed party workers not to allow EC officials to repair the machines and instead demand replacements.
Speaking at the rally in support of Mohammed Nur Alam in Samserganj and Mohammed Amirul Islam in Farakka, Banerjee accused the BJP of spreading canards against her that she did not do much for the interest of the Muslims, maintaining that she has fought hard against the implementation of the Waqf (Amendment) Act.
Murshidabad witnessed violence during the implementation of the Waqf (Amendment) Act, leading to the death of some persons including a father-son duo who were hacked to death by a mob, with the BJP accusing the TMC of engineering violent agitations in various parts of the district.
Claiming that development work has stalled owing to the assembly polls, she said, "They (EC) have transferred nearly 500 officers, but this is only for a month; work will begin again after that."
The chief minister accused the EC of "deleting names of some, while intimidating some others", in the name of SIR of electoral rolls.
Banerjee asked why the assembly polls could not be conducted with the same electoral rolls used in the 2024 general elections.
"If the voter list contained names of infiltrators, the Prime Minister and the Home Minister also won with their votes earlier, so they should have resigned first," she said.
Claiming that she and her party will never allow the establishment of detention camps in the name of NRC, Banerjee said, "That is why you are being vengeful against me."
She sought to remind that the Election Commission's authority over the state's administration is till completion of the election process.
The chief minister asked why several senior officers of her government, who were earlier replaced from their positions by the EC, were being sent to the assembly poll-bound Tamil Nadu.
Banerjee alleged that officers who are relatives of BJP leaders have been deputed in West Bengal.
She claimed that during the TMC rule, youths from among the minority community and the Scheduled Castes and Scheduled Tribes got better education opportunities and made it to the IAS, IPS and WBPS cadre and also became doctors and engineers.
"The society is advancing, but the jealous BJP people cannot stand this," the TMC chief said.
Banerjee assured people that women will receive lifelong financial benefits under Lakshmir Bhandar scheme if the TMC returns to power for a fourth consecutive term.
"We will find livelihood opportunities for those registered under Banglar Yuba Sathi," she said about the newly launched scheme to provide monthly assistance of Rs 1,500 each to the jobless youths in the state.
