Stock markets fall for 2nd day amid soaring Middle East tensions
Mumbai, Jun 18 (PTI): Benchmark indices Sensex and Nifty closed lower on Wednesday as soaring tensions in the Middle East and caution ahead of the US Fed interest rate decision hit investor sentiment.
Surrendering its early gains, the 30-share BSE Sensex declined by 138.64 points or 0.17 per cent to close at 81,444.66. After a weak opening, the index hit a high of 81,858.97 in morning deals but failed to hold onto gains later. The barometer dipped 346.29 points or 0.42 per cent to hit a low of 81,237.01.
The 50-share NSE Nifty edged lower by 41.35 points or 0.17 per cent to settle at 24,812.05, marking its second day of losses.
Among Sensex firms, Tata Consultancy Services, Adani Ports, Hindustan Unilever, Nestle, Bajaj Finserv and NTPC were the laggards.
IndusInd Bank, Titan, Mahindra & Mahindra and Maruti were among the biggest gainers.
"The domestic market failed to maintain the opening gains as the continuing tensions in the Middle East & volatility in oil prices dragged the overall sentiment. However, auto and consumer discretionary gained in expectations of a demand revival,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Israeli warplanes pounded Iran's capital overnight and into Wednesday as Iran launched a small barrage of missiles at Israel with no reports of casualties.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,482.77 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 8,207.19 crore in the previous trade.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower.
European markets were trading in the positive zone.
US markets ended lower on Tuesday.
Global oil benchmark Brent crude dropped 1.35 per cent to USD 75.42 a barrel.
On Tuesday, the Sensex declined 212.85 points or 0.26 per cent to settle at 81,583.30. The Nifty dropped 93.10 points or 0.37 per cent to 24,853.40.
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Unemployed 'youngsters like cockroaches' become media, activists; attack system: CJI
New Delhi (PTI): Likening some unemployed youngsters to cockroaches, Chief Justice of India (CJI) Surya Kant on Friday said they go on to "become" media, social media and RTI activists and start attacking the system.
The comments came while a bench of CJI Kant and Justice Joymalya Bagchi was pulling up a lawyer for "pursuing" a senior advocate designation. It said there were already "parasites" in society who attack the system and asked the petitioner whether he wanted to join hands with them.
"The entire world may be eligible to become senior (advocate), but at least you are not entitled," the bench told the petitioner lawyer.
A visibly anguished CJI observed that if the Delhi High Court would confer senior advocate designation upon the petitioner, the apex court would set that aside seeing his professional conduct.
The CJI also referred to the kind of language used by the petitioner on Facebook.
"There are already parasites of society who attack the system and you want to join hands with them?" he said.
"There are youngsters like cockroaches, who don't get any employment or have any place in profession. Some of them become media, some of them become social media, RTI activists and other activists and they start attacking everyone," he said.
The bench also asked the petitioner whether he did not have any other litigation.
"Is this the conduct of a person who seeks to be designated as a senior advocate?" the bench asked.
It said senior advocate designation is something that is conferred on a person and is not to be pursued.
"You are pursuing it. Does it look proper?" the top court said, asking whether a senior advocate designation was a status symbol to be kept ornamentally.
It also observed that it wanted to ask the Central Bureau of Investigation (CBI) to verify the degrees of many of those who were wearing black robes as there were serious doubts over the genuineness of their degrees.
It said the Bar Council of India would never do anything on this issue as they "need their votes".
The petitioner apologised to the bench and sought permission to withdraw the petition. The bench allowed the withdrawal of the petition.
