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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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.
