Sensex falls 191 pts as Trump tariffs sink global equities; closes FY25 with 5 pc annual return
Mumbai, Mar 28 (PTI): Stock markets closed on a bearish note on the last trading session of the 2024-25 fiscal on Friday, with benchmark Sensex falling by 191 points following weak global trends amid uncertainties over Trump tariffs.
The 30-share BSE benchmark Sensex declined 191.51 points or 0.25 per cent to settle at 77,414.92 in a volatile trading session. During the day, it slumped 420.81 points or 0.54 per cent to 77,185.62.
The NSE Nifty dropped 72.60 points or 0.31 per cent to 23,519.35.
In the 2024-25 financial year, the Sensex jumped 3,763.57 points or 5.10 per cent, and the Nifty climbed 1,192.45 points or 5.34 per cent.
From the Sensex pack, IndusInd Bank dropped over 3.50 per cent, followed by Mahindra & Mahindra, which declined more than 2 per cent. HCL Tech, Maruti, Infosys, Zomato, Power Grid, Adani Ports, Tata Consultancy Services and UltraTech Cement were also among the laggards.
Kotak Mahindra Bank, Hindustan Unilever, ICICI Bank, Tata Motors, Nestle and Bharti Airtel were among the gainers.
Among Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with deep cuts. European markets were quoting in the negative territory. US markets ended lower on Thursday.
"Asian markets are experiencing a new phase of consolidation as the latest US tariff measures are expected to have a significant impact on major manufacturing economies. Additionally, a rise in Japan's CPI has contributed to the prevailing weakness.
"Domestically, the market’s upward momentum has stalled as investors evaluate the implications of these tariffs on the auto, ancillary, pharma and others sectors," Vinod Nair, Head of Research, Geojit Investments Limited, said.
"Markets remained range-bound for yet another session, shedding nearly half a per cent as the consolidation phase continued. Investors are awaiting fresh triggers for the next decisive move, while uncertainty surrounding tariff talks is limiting the upside," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
The BSE midcap gauge declined 0.68 per cent and the smallcap index dipped 0.35 per cent.
Among BSE sectoral indices, BSE Focused IT dropped the most by 1.87 per cent, followed by IT (1.77 per cent), realty (1.44 per cent), teck (1.39 per cent), utilities (1.08 per cent) and auto (1.07 per cent).
Bankex and oil & gas were the gainers.
On the weekly front, the BSE benchmark gauge climbed 509.41 points or 0.66 per cent, and the Nifty went up by 168.95 points or 0.72 per cent.
As many as 2,499 stocks declined while 1,497 advanced and 123 remained unchanged on the BSE.
Stock markets would remain closed on Monday for Eid-Ul-Fitr.
Foreign Institutional Investors (FIIs) bought equities worth Rs 11,111.25 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude climbed 0.18 per cent to USD 74.16 a barrel.
The BSE benchmark gauge climbed 317.93 points or 0.41 per cent to settle at 77,606.43 on Thursday. The Nifty rallied 105.10 points or 0.45 per cent to 23,591.95.
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MP HC sets up judicial commission to probe water contamination in Indore
Indore (PTI): The Indore bench of Madhya Pradesh High Court on Tuesday set up a commission of inquiry comprising a former HC judge to probe the issue of water contamination in city's Bhagirathpura, saying the matter requires probe by an independent, credible authority and "urgent judicial scrutiny".
It also directed the commission to submit an interim report after four weeks from the date of commencement of proceedings.
A division bench of Justices Vijay Kumar Shukla and Alok Awasthi constituted the commission while hearing several public interest litigations (PILs) filed simultaneously regarding the deaths of several people in Bhagirathpura due to the consumption of contaminated water.
The HC reserved the order after hearing all the parties during the day, and released it late at night.
The state government on Tuesday told the HC that the deaths of 16 people in Indore's Bhagirathpura area was possibly linked to a month-long outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The government presented an audit report of 23 deaths from the current gastroenteritis epidemic in Bhagirathpura before the bench, suggesting that 16 of these fatalities may have been linked to the outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The report, prepared by a committee of five experts from the city's Government Mahatma Gandhi Memorial Medical College, stated that the deaths of four people in Bhagirathpura were unrelated to the outbreak, while no conclusion could be reached regarding the cause of death of three other people in the area.
During the hearing, the high court sought to know from the state government the scientific basis behind its report.
The division bench also expressed surprise at the state government's use of the term "verbal autopsy" in relation to the report, sarcastically stating that it had heard the term for the first time.
The HC expressed concern over the Bhagirathpura case, stating that the situation was "alarming," and noted that cases of people falling ill due to contaminated drinking water have also been reported in Mhow, near Indore.
In its order, the HC said the serious issue concerning contamination of the drinking water supply in Bhagirathpura area allegedly resulted in widespread health hazards to residents, including children and elderly persons.
According to the petitioners and media reports, death toll is about 30 till today, but the report depicts only 16 without any basis or record, it said.
It is averred that sewage mixing, leakage in the pipeline, and failure of civic authorities to maintain potable water standards have led to the outbreak of water-borne diseases. Photographs, medical reports, and complaints submitted to the authorities prima facie indicate a matter requiring urgent judicial scrutiny, the HC said.
"Considering the gravity of the allegation and affecting the right to life under Article 21 of the Constitution of India and the need for an independent fact-finding exercise, the Court is of the opinion that the matter requires investigation by an independent, credible authority," it said.
"Accordingly, we appoint Justice Sushil Kumar Gupta, former judge of the Madhya Pradesh High Court, a one-man commission of inquiry into the issues relating to water contamination in Bhagirathpura, Indore, and its impact on other areas of the city," the HC added.
As per the order, the commission shall inquire into and submit a report on the cause of contamination -- whether the drinking water supplied to Bhagirathpura was contaminated; and the source and nature of contamination (sewage ingress, industrial discharge, pipeline damage etc).
The panel will also probe the number of actual deaths of affected residents on account of contaminated water; find out the nature of disease reported and adequacy of medical response and preventive measures; suggest immediate steps required to ensure safe drinking water as well as long-term infrastructural and monitoring reforms.
It will also identify and fix responsibility upon the officers and officials found prima facie responsible for the Bhagirathpura water contamination incident, and suggest guidelines for compensation to affected residents, particularly vulnerable sections.
The commission shall have powers of a civil court for the purpose of summoning officials and witnesses; calling up records from the government department, hospitals, laboratories and civic bodies; ordering water quality testing through accredited laboratories; conducting spot inspections.
All state authorities involving district administration, Indore Municipal Corporation, public health engineering department and Madhya Pradesh Pollution Control Board shall extend full co-operation and provide records as sought by the commission, it said.
The state government shall provide office space, staff, and logistical support to the commission, it said.
During the hearing in the day, the state government also presented a status report to the court in this matter.
According to reports, a total of 454 patients were admitted to local hospitals during the vomiting and diarrhea outbreak, of whom 441 have been discharged after treatment, and 11 are currently hospitalised.
According to officials, due to a leak in the municipal drinking water pipeline in Bhagirathpura, sewage from a toilet was also mixed in the water.
