Sensex, Nifty extend losses into 3rd session on mounting geopolitical tensions
Mumbai, Jun 19 (PTI): Benchmark indices Sensex and Nifty ended lower for the third straight session on Thursday, in line with weak trends in global markets, as geopolitical uncertainties due to the ongoing Iran-Israel conflict unnerved investors.
The US Fed's decision to keep interest rates unchanged and rising global crude prices also dampened market sentiment, experts said.
In a largely volatile trade, the 30-share BSE Sensex declined 82.79 points, or 0.10 per cent, to settle at 81,361.87. During the day, it hit a high of 81,583.94 and a low of 81,191.04, gyrating 392.9 points.
As many as 3,018 stocks declined, while 959 advanced and 140 remained unchanged on the BSE.
The 50-share NSE Nifty dipped 18.80 points or 0.08 per cent to 24,793.25.
"The Indian equity index experienced range-bound movement with a negative bias as cautious sentiment spread across the globe, driven by concerns over the potential US involvement in the Middle East conflict.
"Investor mood was further affected by the Fed's decision to keep interest rates unchanged while signalling persistent inflation and slower economic growth, which weighed on software export stocks," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, Adani Ports, Bajaj Finance, Tech Mahindra, IndusInd Bank, Nestle and Tata Steel were among the major laggards.
In contrast, Mahindra & Mahindra, Titan, Larsen & Toubro, Bharti Airtel and Maruti were among the gainers.
The BSE smallcap gauge tanked 1.77 per cent and the midcap index lost 1.64 per cent.
Among BSE sectoral indices, services dropped 1.68 per cent, realty (1.63 per cent), utilities (1.61 per cent), power (1.24 per cent), IT (1.14 per cent), metal (1.18 per cent) and commodities (1.05 per cent).
Auto emerged as the only gainer.
In Asian markets, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in the negative territory, while South Korea's Kospi ended marginally higher.
European markets were trading lower in mid-session deals.
US markets ended on a mixed note on Wednesday.
"Markets traded lacklustre on the weekly expiry day and ended almost flat amid mixed cues. The US Fed's decision to maintain the status quo, which was largely anticipated, failed to elicit any significant reaction," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
With geopolitical tensions driving crude prices higher, further deterioration is likely if crude makes a sustained move above the USD 80 mark, he added.
Global oil benchmark Brent crude climbed 0.26 per cent to USD 76.90 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 890.93 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) purchased shares worth Rs 1,091.34 crore.
On Wednesday, the 30-share BSE Sensex declined by 138.64 points or 0.17 per cent to settle at 81,444.66. The Nifty edged lower by 41.35 points or 0.17 per cent to settle at 24,812.05.
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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.”
