Equity markets decline in early trade dragged by services, realty stocks, FII outflows
Mumbai (PTI): Equity benchmark indices Sensex and Nifty declined in early trade on Monday weighed down by losses in services and realty stocks and sustained foreign fund outflows.
The 30-share BSE Sensex dropped 316.52 points, or 0.37 per cent, to 85,395.85 in the morning trade. The 50-share NSE Nifty declined by 106.70 points, or 0.41 per cent, to 26,079.75.
From the Sensex firms, Bajaj Finance, Bharat Electronics Ltd, Axis Bank, Bajaj Finserv, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra, NTPC, ICICI Bank, PowerGrid, Hindustan Unilever and Larsen & Toubro were the laggards.
However, Tech Mahindra, Infosys, Eternal, Reliance Industries, Tata Motors Passenger Vehicles, Tata Consultancy Services, Trent, HCL Technologies and Tata Steel were among the gainers.
"Emerging positive and negative news have the potential to keep the market volatile in the near-term. Robust economic growth and indications of earnings growth revival are supportive of markets.
"The massive fiscal and monetary stimulus to the economy this year has contributed to sharp revival in GDP growth as evidenced by the 8.2 per cent Q2 GDP growth print, and RBI's upward revision of FY 26 GDP growth to 7.3 per cent augurs well for the market," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.
He noted that low GDP deflator, consequent to low inflation, has impacted nominal GDP growth and corporate earnings growth. But from the leading indicators it is clear that about 15 per cent earnings growth is achievable in FY27. This is positive for the market.
"However, there are strong negatives, too, which can impact the market. Sustained depreciation of the rupee has been forcing FIIs to sell in the market continuously," Vijayakumar added.
Meanwhile, foreign institutional investors (FIIs) offloaded equities worth Rs 438.90 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,189.17 crore, according to exchange data.
In Asian markets, Japan's Nikkei 225, Shanghai's SSE Composite index and South Korea's Kospi were trading in the green territory while Hong Kong's Hang Seng index was quoting in the red zone.
US markets ended higher on Friday.
"American equities posted modest, broad-based gains last week, supported by softer inflation data and resilient macroeconomic indicators that sustained expectations of Federal Reserve rate cuts," Devarsh Vakil, Head of Prime Research, HDFC Securities, said.
He noted that investors positioned cautiously ahead of the upcoming Federal Open Market Committee (FOMC) meeting, additional inflation releases, and year-end portfolio adjustments.
Brent crude, the global oil benchmark, rose 0.13 per cent, to USD 63.83 per barrel.
On Friday, the 30-share BSE Sensex benchmark advanced 447.05 points to settle at 85,712.37, while the 50-share NSE Nifty climbed 152.70 points to close at 26,186.45.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Kerala court acquits actor Dileep in 2017 actress assault case, six found guilty
Kochi (PTI): A Kerala court on Monday acquitted Malayalam actor Dileep in a case relating to the sexual assault of a South Indian actress in Kochi in 2017.
The court, however, found six others, including prime accused Sunil N S alias Pulsar Suni, who directly committed the crime, guilty.
Apart from Dileep, the court also acquitted three other persons in the case.
The verdict was pronounced by Ernakulam Principal Sessions Judge Honey M Varghese, who had concluded the hearing in the lengthy trial on November 25.
ALSO READ: Chinnaswamy Stadium will continue hosting IPL matches: D K Shivakumar
The assault on the actress, who has worked in Tamil, Telugu and Malayalam films, after her car was abducted for two hours, had shaken the conscience of Kerala society.
According to the prosecution, several persons forced their way into the vehicle on the night of February 17, 2017 and later escaped in a busy area.
The ten accused who faced trial are Sunil NS alias Pulsar Suni, Martin Antony, Manikandan B, Vijesh V P, Salim H, Pradeep, Charly Thomas, actor Dileep (real name P Gopalakrishnan), Sanil Kumar alias Mesthri Sanil, and Sharath.
Police arrested the accused soon after the incident and filed the first charge sheet against seven persons in April 2017.
During further investigation, Dileep was arrested on July 10, 2017 after the probe team found that the prime accused, Suni, had allegedly sent a letter to him from jail.
Dileep was granted bail on October 3, 2017.
