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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Chhattisgarh govt enforces austerity measures, restricts foreign travel and cuts convoy vehicles
Raipur (PTI): The Chhattisgarh government on Saturday rolled out a set of austerity measures, including restricted use of convoy vehicles for the chief minister, ministers and heads of state-run bodies, besides curbs on foreign travel at government expense.
The state has decided to implement the cost-saving steps with immediate effect to ensure efficient management of financial resources and discipline in public spending, said a directive issued by Finance Secretary Rohit Yadav.
The move follows Prime Minister Narendra Modi’s appeal for austerity amid the ongoing conflict in West Asia.
The order said that only essential vehicles should be used in the convoys of the CM, ministers and office-bearers of corporations, boards and commissions, while ensuring restrained use of other government resources.
It also directed departments to take steps for a phased conversion of all official vehicles into electric vehicles in order to promote the use of EVs.
As part of fuel-saving measures, expenditure on petrol and diesel for government vehicles should be kept to a minimum, the directive said.
Vehicle pooling arrangements should also be implemented for officials of departments travelling to the same destination, it added.
The order further stated that foreign travel of government employees at state expenses will be completely prohibited except under extremely unavoidable circumstances. In such cases, prior approval of the CM will be mandatory.
To reduce administrative expenditure, departments have been instructed to hold physical meetings preferably only once a month and encourage virtual and online meetings. Regular departmental review meetings should compulsorily be conducted through video conferencing, it said.
The government also stressed the need for energy conservation in its offices, directing that all electrical equipment, including lights, fans, air-conditioners and computers, must be switched off after office hours.
The directive will remain effective till September 30 this year.
Amid the war involving the US, Israel and Iran, Modi has suggested reducing petrol and diesel consumption, using metro rail services in cities, carpooling, increased use of EVs, utilising railway services for parcel movement and working from home to conserve foreign exchange.
