Weak rupee, global cues depress equity indices; rupee ends below 69 per dollar
Mumbai, July 19: Depreciation in the Indian rupee and domestic political uncertainty subdued the key Indian equity indices on Thursday.
In a major development, the rupee breached the 69 per dollar mark during the day, eroding investor sentiments in the equity market.
According to market analysts, decline in the major global markets also weighed on the Indian indices.
Index-wise, the wider Nifty 50 on the National Stock Exchange closed at 10,957.10 points, lower by 23.35 points and 0.21 per cent from the previous close of 10,980.45 points.
The barometer 30-scrip BSE Sensex, which had opened at 36,509.08 points, closed at 36,351.23 points -- lower by 22.21 points or 0.06 per cent -- from its previous session's close of 36,373.44 points.
It touched an intra-day high of 36,515.58 points and a low of 36,279.33 points. The BSE market breadth was bearish with 1,802 declines against 791 advances.
"Market was range bound with a negative bias due to weakening rupee on account of surge in dollar index and ongoing trade spat," said Vinod Nair, Head of Research at Geojit Financial Services.
The rupee ended at 69.05 per dollar, weakening by 42 paise, from the previous close of 68.63 per greenback.
Nair further said that global cues are not clearly supporting domestic market direction and trade tensions between the US and other major economies are keeping investors on edge.
HDFC Securities' Head of Retail Research at Deepak Jasani said investors seemed to be "cautious ahead of a parliament debate on Friday, July 20, 2018 about a no-confidence motion" against the current NDA government.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth just Rs 315.69 crore and the domestic institutional investors bought stocks worth Rs 470.02 crore.
Sector-wise, the S&P BSE consumer durables index gained the most, by 194 points, followed by the FMCG index, up 58.32 points and the energy rose by 27.30 points.
On the contrary, the S&P BSE capital goods index declined by 316.94 points, the healthcare index was down 170.96 points and the banking index fell by 115.35 points.
The major gainers on the Sensex were Bharti Airtel, up 2.45 per cent at Rs 345.05; Vedanta, up 2.21 per cent at Rs 208.30; Yes Bank, up 1.93 per cent at Rs 391.20; ITC, up 1.71 per cent at Rs 272.90; and Adani Ports, up 1.39 per cent at Rs 369.15 per share.
The top losers were Kotak Mahindra Bank, down 3.69 per cent at Rs 1,350.25; Larsen and Toubro, down 2.61 per cent at Rs 1,255.55; Hero MotoCorp, down 1.22 per cent at Rs 3,458.90; Tata Steel, down 0.98 per cent at Rs 499.75; and Coal India, down 0.95 per cent at Rs 261.50 per share.
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Assam: RSS files police complaints against Kharge for 'derogatory' remarks at poll rally
Guwahati (PTI): The RSS on Wednesday said it has filed complaints at two police stations in Assam against Congress president Mallikarjun Kharge for allegedly comparing the ideology of the organisation and the BJP with a 'poisonous snake' at an election rally.
The complaints were filed to seek legal action over alleged ''derogatory, provocative, and communally sensitive statements made during a recent election rally in south Assam, a RSS spokesman said
In the complaints, the Rashtriya Swayamsevak Sangh alleged that the Congress chief had made controversial remarks during an election rally in Nilambazar under the Karimganj South assembly constituency in Sribhumi district.
"If a poisonous snake is moving in front of you while you are offering namaz, you must stop the prayer and rush to kill the poisonous snake first - that is what the Quran prescribes you to do. I tell you that the RSS and BJP are like that same poisonous snake,” Kharge was quoted as saying in the complaints.
The RSS expressed serious concern, claiming that such remarks were "inflammatory in nature and capable of inciting hostility, intimidation, and violence against workers and supporters of the RSS and the BJP".
The complaints pointed out that the statement constitutes a ''corrupt electoral practice under Section 83 of the Representation of the People Act, 1951, and the remarks criminally intimidated the public and promoted enmity between supporters of different political and social groups''.
Describing the ideology of RSS and BJP as “poisonous” and calling for their elimination could encourage "bodily harm against members and supporters of these organisations", the complaints said.
Kharge's remarks attempt to promote ''communal division between Hindu and Muslim communities, potentially disturbing public peace and harmony in Assam and influencing the electoral environment", the RSS said.
The complainants also claimed that such statements might lead to communal tensions or clashes if not addressed promptly by authorities.
The complaints were filed by RSS' North Assam secretary Khagen Saikia at Dispur Police Station and South Assam's secretary Jyotsnamoy Chakraborty at Silchar PS.
The BJP had also filed complaints on the same allegations at the Basishta Police Station here and with the Election Commission on Tuesday.
