Stock markets halt 6-day rally; Sensex, Nifty dive nearly 1 pc as HDFC Bank, Reliance drag
Mumbai, Aug 22 (PTI): Equity benchmark indices Sensex and Nifty fell sharply by nearly 1 per cent on Friday, snapping their six-day winning streak, as investors turned cautious ahead of US Fed Chair Jerome Powell's Jackson Hole address amid growing global trade uncertainties triggered by Trump tariffs.
Intense selling in market heavyweights HDFC Bank and Reliance Industries also dampened risk appetite, traders said.
The 30-share BSE Sensex tumbled 693.86 points or 0.85 per cent to settle at 81,306.85. During the day, it plunged 708.94 points or 0.86 per cent to 81,291.77.
As many as 2,316 stocks declined while 1,765 advanced and 159 remained unchanged on the BSE.
The 50-share NSE Nifty dropped 213.65 points or 0.85 per cent to 24,870.10.
On the weekly front, the BSE benchmark jumped 709.19 points or 0.87 per cent, and the Nifty climbed 238.8 points or 0.96 per cent.
"Markets snapped a six-session winning streak and ended lower, losing nearly a per cent as sentiment turned weak from the outset and deteriorated further in the latter half.
"The weakness was primarily driven by caution ahead of US Fed Chair Jerome Powell’s Jackson Hole address and renewed concerns around global trade and geopolitical tensions, which dampened risk appetite. Domestic profit-booking after the recent rally and a pause in fresh FPI inflows further weighed on sentiment," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
From the Sensex pack, Asian Paints, UltraTech Cement, Tata Steel, ITC, HCL Tech, Kotak Mahindra Bank, Adani Ports, Tata Consultancy Services, HDFC Bank and Tech Mahindra were among the major laggards.
However, Mahindra & Mahindra, Maruti, Bharat Electronics and Sun Pharma were among the gainers.
The BSE smallcap gauge declined 0.35 per cent, and the midcap index dipped 0.23 per cent.
Among BSE sectoral indices, metal tanked 1.27 per cent, commodities (1.08 per cent), bankex (1.06 per cent), financial services (0.84 per cent), oil & gas (0.80 per cent), BSE Focused IT (0.77 per cent) and IT (0.77 per cent).
BSE Healthcare, telecommunication and capital goods were the gainers.
"Market sentiment turned cautious as profit-booking set in after a strong six-day rally driven by GST reform optimism and an S&P rating upgrade. Investors also awaited Powell’s comments, which could influence September's Fed policy direction. Adding to the pressure were concerns over the August 27 deadline for additional US tariffs on Indian goods," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
In the six-day rally to Thursday, the BSE benchmark has climbed 1,765 points or 2.14 per cent, and the Nifty rallied 596 points or 2.4 per cent.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory.
Markets in Europe were trading in the green in mid-session deals.
The US markets ended lower on Thursday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,246.51 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude dipped 0.24 per cent to USD 67.52 a barrel.
On Thursday, the Sensex climbed 142.87 points or 0.17 per cent to settle at 82,000.71. The Nifty rose by 33.20 points or 0.13 per cent to 25,083.75.
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Shah Rukh Khan, Kajol unveil ‘DDLJ’ sculpture at London’s Leicester Square
London (PTI): Bollywood stars Shah Rukh Khan and Kajol huddled under an umbrella on a rainy Thursday in London to unveil their bronze likeness from an iconic ‘Dilwale Dulhania Le Jayenge’ scene.
The sculpture of the duo joins Leicester Square’s ‘Scenes in the Square’ trail depicting memorable shots from some of the world’s most famous films, with ‘DDLJ’ marking a Bollywood first and the 30th anniversary of the 1995 box-office hit. It is in this popular London square that SRK as Raj and Kajol as Simran first cross paths unknowingly.
“DDLJ was made with a pure heart. We wanted to tell a story about love, how it can bridge barriers and how the world would be a better place if it had a lot of love in it, and I think this is why 'DDLJ' has had a lasting impact for over 30 years now," said Khan.
“Personally, 'DDLJ' is part of my identity, and it is humbling to see film, and Kajol and me, receiving so much love since it was released,” he said.
He expressed his gratitude to the Heart of London Business Alliance, behind the cinematic trail at Leicester Square, for celebrating ‘DDLJ’ and “immortalising” its lead stars.
“Seeing ‘DDLJ’ become the first Indian film to be honoured in the iconic Scenes in the Square trail is an emotional moment and has brought back so many memories.
"I feel immense pride knowing the film has been embraced around the world, and I want to share this moment with the entire cast and crew of ‘DDLJ’, my friend and director Aditya Chopra and the Yash Raj Films family. This is a moment I will never forget,” added Khan.
Kajol, joined by her daughter Nysa and son Yug, posed with Khan in front of the statue as she braved the rain in a green saree.
“It’s incredible to see ‘Dilwale Dulhania Le Jayenge’ continue to receive so much love, even 30 years later. Watching the statue being unveiled in London felt like reliving a piece of our history - a story that has truly travelled across generations,” said Kajol.
“Seeing it find its rightful place in Leicester Square, a location of such enormous significance to ‘DDLJ’, makes this moment even more special. For the film to be honoured in this way in the UK – the first Indian film to receive such recognition – is something that will forever stay in the hearts and minds of all the ‘DDLJ’ fans across the world,” she said.
Their statue, captured in a dancing pose from the hit song ‘Mehndi Laga Ke Rakhna’, joins the likes of Harry Potter, Bridget Jones, Mary Poppins, and Batman in what is dubbed as an ever-growing celebration of movie magic in a square packed with multiplex cinema screens.
“When ‘Dilwale Dulhania Le Jayenge’, DDLJ, was released 30 years ago, the film became a defining moment for Indian cinema and changed the face of the industry, capturing the hearts of everyone who saw it all over the globe," said Akshaye Widhani, CEO of Yash Raj Films.
“We’re thrilled to be the first Indian film to be represented in ‘Scenes in the Square’. It also marks 30 years of DDLJ, a film that has spread love and joy globally, and shows the cultural impact it has had in UK.
“We are honoured that our superstars and our film are being recognised on the world stage alongside the Hollywood elite, from Gene Kelly to Laurel & Hardy to Harry Potter. This statue will be a great way to express the international appeal of Indian movies and build bridges amongst communities through cinema,” he said.
Since its release in 1995, ‘DDLJ’ has become the longest-running film in Hindi cinema history.
Ros Morgan, Chief Executive at Heart of London Business Alliance, said: “We’re proud to welcome global megastars Shah Rukh Khan and Kajol to our Scenes in the Square trail.
"Dilwale Dulhania Le Jayenge is a cinematic phenomenon that has shaped generations, and London’s first tribute to Indian cinema honours a story whose magic continues to captivate audiences worldwide.”
It is a particularly special year for the film, with a musical based on the romance playing to packed houses at Manchester’s Opera House earlier this year. Aditya Chopra reprised his role as director of the English language stage production, ‘Come Fall In Love – The DDLJ Musical’, which revolved around the love story of Simran and Roger.
The script was a nod to the original as it followed Simran as a young British Indian woman who finds herself engaged to a family friend in India in an arranged marriage. However, the plot thickens when she falls in love with a British man named Roger.
