Stock markets fall for 2nd day; Sensex tanks 721 pts dragged by Bajaj Finance, foreign fund outflows
Mumbai, Jul 25 (PTI): Stock markets declined for the second day in a row on Friday, with the Sensex tumbling 721 points due to heavy selling in financial, IT and oil & gas shares amid persistent foreign fund outflows.
The 30-share BSE Sensex tanked 721.08 points or 0.88 per cent to settle at over a month's low of 81,463.09. During the day, it plunged 786.48 points or 0.95 per cent to 81,397.69.
The 50-share NSE Nifty dropped 225.10 points or 0.90 per cent to a month's low of 24,837.
Analysts said a weak trend in Asian and European markets also dented investors' sentiment.
Vinod Nair, Head of Research, Geojit Investments Limited, said, "Subdued corporate results and lacklustre global cues triggered a broad-based sell-off across domestic equities. Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, added to the downward pressure."
Among Sensex firms, Bajaj Finance declined 4.73 per cent post its June quarter earnings announcement. Power Grid, Infosys, Tech Mahindra, Bajaj Finserv, Trent, Tata Motors, NTPC and Adani Ports were also among the laggards.
However, Sun Pharma and Bharti Airtel emerged as gainers.
"Markets extended their decline on Friday, losing nearly a per cent amid weak global cues. Benchmark indices remained under pressure from the outset, largely due to disappointing earnings, with the situation worsening as the session progressed.
"The recent correction reflects growing concerns around earnings disappointments and cautious management commentary, which are weighing heavily on investor confidence. Additionally, continued selling by FIIs is exacerbating the pressure," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE smallcap gauge tanked 1.88 per cent and midcap index dropped 1.46 per cent.
Utilities slumped 2.37 per cent, power tumbled 2.36 per cent, oil & gas (2.11 per cent), industrials (1.88 per cent), capital goods (1.83 per cent), IT (1.65 per cent) and metal (1.64 per cent).
BSE healthcare emerged as the only gainer.
As many as 2,892 stocks declined while 1,117 advanved and 145 remained unchanged on the BSE.
On the weekly front, the BSE benchmark gauge declined 294.64 points or 0.36 per cent, and the Nifty dipped 131.4 points or 0.52 per cent.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,133.69 crore on Thursday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,617.14 crore.
In Asian markets, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower while South Korea's Kospi ended in positive territory..
European markets were trading lower. The US markets ended on a mixed note on Thursday.
India and the UK signed a landmark free trade agreement on Thursday, which, starting next year, will see 99 per cent of Indian exports enter the UK duty-free, while reducing tariffs on British products such as cars and whisky.
The deal, which comes days ahead of the US moratorium on higher tariffs coming to an end, aims to double the USD 56 billion trade between the world's fifth and sixth largest economies by 2030.
Global oil benchmark Brent crude climbed 0.32 per cent to USD 69.40 a barrel.
On Thursday, the Sensex tanked 542.47 points or 0.66 per cent to settle at 82,184.17. The Nifty dropped 157.80 points or 0.63 per cent to 25,062.10.
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Nightclub fire: Goa court remands Luthra brothers in police custody for five days
Panaji (PTI): A court in North Goa on Wednesday remanded Gaurav and Saurabh Luthra, co-owners of the ‘Birch by Romeo Lane’ nightclub, in police custody for five days.
The brothers, brought to Goa from Delhi after being deported from Thailand in connection with the December 6 blaze that killed 25, were produced in the court after undergoing health check-ups twice at the District Hospital in North Goa.
Judicial Magistrate First Class Mapusa Puja Sardesai remanded the two brothers in police custody for five days.
Advocate Vishnu Joshi, representing Bhavana Joshi who lost four family members in the tragedy, said that the accused were asking for “special consideration” claiming poor health.
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“We said they should not be given any extra relaxation,” he said, adding that the court has taken cognisance of the fact that this is about the death of “25 people in the form of mass genocide”.
“But since they kept pressing for medical check-up, the court ordered reexamination of their health. It is clear in the medical examination that they don’t require any consideration. The accused sought special considerations in the lock-up like a good mattress, which the court refused,” said Joshi.
A team of the Goa Police, along with the Luthra brothers, arrived at the Manohar International Airport, Mopa, in North Goa at 10.45 am.
The duo was initially taken to a Primary Health Centre at Siolim for medical examination. They were then taken to the District Hospital at Mapusa.
After their health assessment, the two were brought to the court.
The court directed that the accused be sent for fresh medical examination. Accordingly, the two were again taken to the District Hospital.
Later, they were produced before Judge Sardesai, who ordered the five-day police custody of the accused.
After the fire tragedy at Arpora village, the Anjuna police had registered a case against the Luthra brothers on various charges, including culpable homicide not amounting to murder.
The brothers were arrested in Delhi on Tuesday after being deported from Thailand. A court there allowed the Goa Police their two-day transit remand.
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The duo had fled to Phuket in Thailand early on December 7, hours after the fire at their nightclub, prompting the authorities to issue an Interpol Blue Corner Notice and cancel their passports.
They were detained by Thai authorities at Phuket on December 11 following a request from the Indian government, which later coordinated with officials in Thailand to deport them under legal treaties between the two nations.
Five managers and staff members have already been arrested by the Goa Police in connection with the fire.
