Stock markets retreat from lifetime highs on profit-taking in financial, FMCG shares; Sensex slips 6
Mumbai (PTI): Benchmark stock indices Sensex and Nifty closed marginally lower after hitting their fresh all-time highs on Monday due to profit-taking at higher levels and foreign fund outflows.
The 30-share BSE Sensex pared early gains and closed 64.77 points or 0.08 per cent lower at 85,641.90. During the day, the benchmark jumped 452.35 points or 0.52 per cent to hit a record intra-day high of 86,159.02.
The 50-share NSE Nifty dipped 27.20 points or 0.10 per cent to settle at 26,175.75. During the day, it climbed 122.85 points or 0.46 per cent to hit a lifetime high of 26,325.80.
Markets faced correction at higher levels as expectations of an RBI rate cut this week faded following better-than-expected Q2 GDP growth, an expert said.
A slower growth in GST collection and profit-taking at higher levels also dragged the key indices.
Stock markets had surged to their record highs in the morning session as investor sentiment turned positive after India's economy grew at a higher-than-expected 8.2 per cent in July-September - recording the fastest pace in six quarters.
Among Sensex firms, Bajaj Finance, Sun Pharma, Trent, Mahindra & Mahindra, State Bank of India and Bajaj Finserv were the major laggards.
However, Tata Motors Passenger Vehicles, Maruti, Bharat Electronics, Kotak Mahindra Bank, Adani Ports and HCL Tech were among the gainers.
"After reaching a new high, the market moved into a range-bound phase as expectations of an RBI rate cut in December faded following better-than-expected Q2 GDP growth and a sharp depreciation of the rupee. Sentiment turned slightly cautious due to muted GST collections in November, driven by lower rates," Vinod Nair, Head of Research, Geojit Investments Limited, said.
"Markets surrendered early gains and pulled back sharply from record highs as profit-booking set in amid weak global cues and a cautious interest-rate outlook," Vikram Kasat, Head Advisory, PL Capital, said.
The BSE midcap gauge dipped 0.19 per cent and smallcap index ended flat marginally up by 0.05 per cent.
Among sectoral indices, realty dropped 1.02 per cent, followed by consumer durables (0.56 per cent), services (0.45 per cent), telecommunication (0.27 per cent), FMCG (0.23 per cent) and oil & gas (0.13 per cent).
Auto jumped 0.80 per cent, metal (0.56 per cent), BSE Focused IT (0.33 per cent), IT (0.28 per cent), and consumer discretionary (0.20 per cent).
India's manufacturing sector activity eased to a nine-month low in November, mainly owing to a softer rise in sales and production amid reports of challenging market conditions, a monthly report said on Monday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell to 56.6 in November from 59.2 in October, highlighting the slowest improvement in operating conditions since February.
Gross GST collection rose at a slower pace of 0.7 per cent in November at Rs 1.70 lakh crore, as domestic revenues declined, according to the government data released on Monday.
In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled in positive territory, while South Korea's Kospi and Japan's Nikkei 225 index ended lower.
Markets in Europe were trading lower. US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,795.72 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,148.48 crore, according to exchange data.
Brent crude, the global oil benchmark, jumped 1.96 per cent to USD 63.60 per barrel.
On Friday, the Sensex dipped by 13.71 points or 0.02 per cent to settle at 85,706.67. The Nifty skidded 12.60 points or 0.05 per cent to 26,202.95.
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CM Siddaramaiah rebuts BJP's '63 per cent' corruption charge
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Thursday refuted BJP leader R Ashoka's accusation regarding a judge's alleged remark about "63 per cent corruption" in the state, saying the opposition is "twisting facts" and attempting to shift blame from its own past tenure.
In a post on X, Siddaramaiah said the Leader of Opposition in the Karnataka Assembly had “tried to hang the BJP’s bell of sins around the Congress government's necks and has ended up embarrassing himself” by misinterpreting the Upa Lokayukta’s comments.
"In the report submitted in November 2019, Honourable Upa Lokayukta B Veerappa had stated that there was 63 per cent corruption in the State. At the time he submitted the report, the BJP government led by Yediyurappa was in power in the State,” he clarified.
Countering Ashoka’s demand for a CBI probe, Siddaramaiah listed a series of scandals under the previous BJP government, saying corruption cases were "not just one or two".
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He accused the former regime of "shameless loot" even during the COVID crisis and said "a minimum 40 per cent commission was the norm across departments".
Referring to the death of contractor Santosh Patil, alleged irregularities in irrigation projects, the PSI recruitment scam and charges levelled by BJP MLC H Vishwanath against current state party president B Y Vijayendra, he said: “If we begin listing the scams from the BJP era, an entire epic volume could be written.”
Targetting the Centre, Siddaramaiah said under Prime Minister Narendra Modi, who proclaims “Na khaaoonga, na khaane doonga” (Neither shall I take kickbacks, nor allow others to take it), India was 'sinking into corruption'.
He cited Transparency International rankings that place the country 96th globally.
Dismissing Ashoka’s claims as “foolishness”, Siddaramaiah asserted that his administration was ensuring transparency in “recruitment to transfers”, preventing misuse of money and power.
“Mr R Ashoka, the monumental corruption you created cannot be cleaned up in just two and a half years,” the Chief Minister said. “Give us some time — we will set everything right.”
Ashoka demanded the transfer of all corruption cases against the Congress government in the state to the CBI, and called for its resignation.
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His demand comes following an alleged remark by Upalokayukta Justice B Veerappa that the level of corruption in Karnataka stood at '63 per cent'.
"We had fought against this corrupt government both inside and outside the assembly when the MUDA scam, Valmiki ST Development Corporation scam surfaced. At that time, CM Siddaramaiah repeatedly asked for evidence of corruption. As per our constitution, courts and judges hold big positions and what they say is regarded as order or a record," Ashoka, also the Leader of Opposition in the state assembly, said.
Speaking to reporters here, he said now a judge has stated that the government in Karnataka is "63 per cent corrupt".
"We-- BJP-- had made a 60 per cent commission charge against this government, but a judge has said it is not 60, it is 63 per cent. He (judge) said it at an event where he shared the stage with other judges and senior advocates. He has alleged that there is corruption in almost all departments, nothing happens without paying commission. Karnataka is in fifth position in corruption," he claimed.
At a public event on Wednesday, Justice Veerappa had claimed that the corruption in Kerala stood at 10 per cent, while it is 63 per cent in Karnataka.
He had said that he was able to witness it after becoming the Upalokayukta.
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Recalling that the Congress government, after coming to power, formed a Special Investigation Team (SIT) to probe the "40 per cent commission" charge it had made against the previous BJP government, Ashoka asked -- what probe will the government order, following the 63 per cent corruption allegation against it.
"If you have any shame left, resign and go... you formed SIT against us, constitute CBI probe on this (allegations against Congress govt), if you have guts, let the corruption in various departments come out in the open," he added.
According to the LoP, Karnataka has become an "ATM" for the Congress party to fund any state elections. Power goes to those who give more money to Sonia Gandhi and Rahul Gandhi.
"For the recent Bihar elections, more than Rs 300 crore has gone from Karnataka itself. A breakfast meeting of Ministers was called to collect this money," he said, adding that Congress is synonymous with corruption, and corruption is Congress' home deity.
