Equity markets fall in early trade after 6-day rally
Mumbai (PTI): Benchmark indices Sensex and Nifty declined in early trade on Tuesday due to emergence of profit-taking in-tandem with a weak trend in global equity markets.
The 30-share BSE Sensex declined 292.95 points to 84,658 in early trade. The 50-share NSE Nifty dropped 83.3 points to 25,930.15.
From the Sensex firms, Tata Steel, Bajaj Finance, Bajaj Finserv, Tech Mahindra, Kotak Mahindra Bank, and Larsen & Toubro were among the major laggards.
However, Bharat Electronics, Bharti Airtel, Axis Bank, and Adani Ports were among the gainers.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index, and Hong Kong's Hang Seng index were trading sharply lower.
US markets ended in negative territory on Monday.
"Tuesday may bring pockets of volatility due to weekly F&O expiry and soft global cues, yet the broader tone stays constructive, buoyed by political stability, cooling inflation, soft crude, trade-deal optimism and FII buying," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The first phase of the proposed India-US bilateral trade agreement (BTA) is "nearing closure" and would address the hefty 50 per cent tariffs imposed by the Trump administration on Indian goods, in addition to resolving America's market access issues, a government official said on Monday.
The US has imposed a 25 per cent reciprocal tariff and another 25 per cent on Indian goods entering American markets for buying Russian crude oil.
Foreign Institutional Investors (FIIs) bought equities worth Rs 442.17 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 1,465.86 crore in the previous trade.
Brent crude, the global oil benchmark, dipped 0.47 per cent to USD 63.90 per barrel.
Rallying for the sixth consecutive day on Monday, the Sensex climbed 388.17 points, or 0.46 per cent, to close at 84,950.95. The Nifty edged higher by 103.40 points, or 0.40 per cent, to settle at 26,013.45.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
