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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Regulator DGCA eases flight duty norms for pilots amid IndiGo crisis
Mumbai (PTI): Aviation watchdog DGCA on Friday eased the flight duty norms by allowing substitution of leaves with a weekly rest period amid massive operational disruptions at IndiGo, according to sources.
As per the revised Flight Duty Time Limitations (FDTL) norms, "no leave shall be substituted for weekly rest", which means that weekly rest period and leaves are to be treated separately. The clause was part of efforts to address fatigue issues among the pilots.
Citing IndiGo flight disruptions, sources told PTI that the Directorate General of Civil Aviation (DGCA) has decided to withdraw the provision 'no leave shall be substituted for weekly rest' from the FDTL norms.
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"In view of the ongoing operational disruptions and representations received from various airlines regarding the need to ensure continuity and stability of operations, it has been considered necessary to review the said provision," DGCA said in a communication dated December 5.
The gaps in planning ahead of the implementation of the revised FDTL, the second phase of which came into force from November 1, have resulted in crew shortage at IndiGo and is one of the key reasons for the current disruptions.
#BREAKING: #DGCA relaxes a clause which debarred airlines to club leaves with weekly rest to mitigate #IndiGo crisis
— Economic Times (@EconomicTimes) December 5, 2025
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