Stock markets muscle through intense volatility amid buying rush in heavyweights
Mumbai, Jul 4 (PTI): Benchmark indices Sensex and Nifty ended higher on Friday in a highly volatile trade amid a buying rush in banking and other bellwether stocks on the back of a rally in the US markets.
After oscillating between highs and lows in intra-day trade, the 30-share BSE Sensex ended 193.42 points or 0.23 per cent higher at 83,432.89. During the day, it hit a high of 83,477.86 and a low of 83,015.83, gyrating 462.03 points.
The 50-share NSE Nifty inched up by 55.70 points or 0.22 per cent to 25,461.
From the Sensex firms, Bajaj Finance, Infosys, Hindustan Unilever, ICICI Bank, HCL Tech, UltraTech Cement, Bajaj Finserv, State Bank of India, Tata Consultancy Services, Reliance Industries, Axis Bank and Larsen & Toubro were among the major gainers.
However, Trent, Tata Steel, Tech Mahindra and Maruti were among the laggards.
"The tone was negative in the first half; however, a decent recovery in heavyweight stocks pared all the losses as the day progressed, helping the index close near the day's high at the 25,461 level.
"With all eyes on the impending US-India trade deal as the tariff deadline approaches, participants are hopeful for a favourable outcome, which could provide the much-needed trigger for the next leg of the market up move," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
The BSE midcap gauge went up by 0.23 per cent and smallcap index climbed marginally by 0.17 per cent.
Among BSE sectoral indices, oil & gas jumped 1.26 per cent, energy (0.90 per cent), realty (0.87 per cent), IT (0.67 per cent), healthcare (0.64 per cent), BSE Focused IT (0.65 per cent) and teck (0.52 per cent).
Metal, telecommunication, auto, consumer discretionary and commodities were the laggards.
As many as 2,261 stocks advanced while 1,788 declined and 140 remained unchanged on the BSE.
"The Indian market is experiencing a pause as investors adopt a wait-and-watch strategy ahead of the impending US tariff deadline with mixed global cues. Ongoing FII outflows reflect a risk-off approach, while DII inflows are offering partial support.
"Following the recent rally, main indices are hovering near peak valuation levels, limiting further upside, which is highly dependent on Q1 earnings and details of the trade deal," Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled higher while South Korea's Kospi and Hong Kong's Hang Seng ended lower.
European markets were trading in the negative territory.
The US markets ended in the positive territory on Thursday.
Global oil benchmark Brent crude dropped 1.03 per cent to USD 68.03 a barrel.
Meanwhile, markets regulator Sebi has barred US-based Jane Street Group from the securities markets and directed the group to disgorge unlawful gains of Rs 4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment.
This could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (Sebi).
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,481.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,333.06 crore.
On Thursday, the Sensex dropped by 170.22 points or 0.20 per cent to settle at 83,239.47. The Nifty declined by 48.10 points or 0.19 per cent to 25,405.30.
"Indian equity markets opened on a flat note Friday as investors remained cautious ahead of a potential India–US trade agreement and digested regulatory action against a major global trading entity. Both indices dipped during mid-session but recovered to end on a positive note...," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
On the weekly front, the BSE benchmark gauge dropped 626.01 points or 0.74 per cent, and the Nifty declined 176.8 points or 0.68 per cent.
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LoP Ashoka targets CM govt over corruption, says being 'shameless' in public life not forgivable
Bengaluru (PTI): Targeting Chief Minister Siddaramaiah and the Congress government in Karnataka on corruption, BJP leader R Ashoka on Friday said, being foolish was forgivable, but being "shameless" in public life was not.
The Leader of Opposition in the state Assembly claimed that in just 30 months of its tenure, the Congress administration has broken every previous record on corruption-related controversies.
He was responding to Siddaramaiah's post on 'X' on Thursday hitting back at the BJP, stating that Upa Lokayukta Justice Veerappa's claims of "63 per cent corruption" were based on his report in November 2019, when BJP's B S Yediyurappa was the CM.
"But Ashoka, without understanding the Upa Lokayukta's statement properly, has ended up tying the BJP's own bells of sins onto our heads and has effectively shot himself in the foot," the CM had said, as he accused Ashoka of foolishness for trying to twist Veerappa's statement to target the current government.
Responding, Ashoka said, "it is one thing to be called foolish in politics, that can be forgiven."
"But in public life, especially in the Chief Minister's chair, one must never become shameless," Ashoka posted on 'X' on Friday addressing Siddaramaiah.
Noting that the CM himself had admitted on the floor of the Assembly that a Rs 87 crore scam took place in the Valmiki Development Corporation, he said that when a CM acknowledges such a massive irregularity inside the floor of the House, the natural expectation is immediate action and accountability.
"But instead of taking responsibility, you continue in office as if nothing has happened. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
Pointing out that the CM's Economic Advisor and senior Congress MLA Basavaraja Rayareddy had publicly stated that under Congress rule, Karnataka has become No.1 in corruption, Ashoka said, "Yet, you still cling to the Chief Minister's chair without a moment of introspection. What should the people of Karnataka call this, if not sheer shamelessness."
Senior Congress MLA C R Patil had exposed the "money for House" racket in the Housing Department and even warned that the government would collapse if the details he has were made public, Ashoka said.
"Despite such serious allegations from within your own party (Congress), you neither initiated an inquiry nor acted against the concerned minister. What should the people of Karnataka call this, if not sheer shamelessness," Ashoka asked the CM.
Highlighting the "40 percent commission" allegation Congress made against the previous BJP government, the opposition leader said, the commission that the Siddaramaiah government appointed concluded that the accusation was baseless.
"After your own panel demolished your own claim, what moral right do you have to continue repeating that allegation. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
For the last two and a half years, Karnataka has been 'drowning' in corruption, scandals, irregularities and allegations across departments. Ashoka said, "If I begin listing every case that emerged under your government, even 24 hours would not be enough."
"And the most tragic aspect of your administration is this: the unbearable pressure, corruption demands and administrative harassment under your government pushed several officers and contractors into extreme distress - including the suicide of Chandrasekharan which exposed the Valmiki Development Corporation scam - a sign of how deeply broken the system has become under your watch," he said.
Instead of fixing this hopeless environment, the government has tried to bury every complaint and silence every voice, he charged.
"Being foolish is forgivable, but being shameless in public life is definitely not."
"When your own ministers admit scams, when your own advisors certify Karnataka as No.1 in corruption, and when your own MLAs expose rackets inside your departments - clinging to power without accountability is not leadership. It is shamelessness in its purest form." PTI KSU
Earlier on Thursday Ashoka had demanded that the corruption case and allegations in the state against the Congress government be handed over to a CBI investigation, citing a reported statement by Upalokaykta Justice Veerappa alleging "63 per cent corruption", following which Siddaramaiah hit back at the BJP leader.
