Sensex, Nifty fall for second straight session on weak global trends
Mumbai, (PTI): Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session on Thursday as a bearish trend in global markets amid escalating geopolitical uncertainties unnerved investors.
Besides, disappointing quarterly earnings numbers and revenue forecast from IT services company Wipro also weighed on investor sentiments, traders said.
Metal, energy and power stocks witnessed selling pressure while buying in auto and consumer durable counters capped the losses.
The 30-share BSE Sensex fell 247.78 points or 0.38 per cent to settle at 65,629.24 points. During the day, it plunged 533.52 points or 0.80 per cent to 65,343.50 points.
The Nifty declined 46.40 points or 0.24 per cent to 19,624.70 points.
"Amid increasing global political strain, US treasury yield, and underwhelming IT earnings, the domestic market continued to trade with a minor cut. However, some optimism was evident in the equity market given global efforts to stabilise the West Asia conflict, which deescalated the crude price trend.
"Auto sector stocks outperformed, driven by Q2 results outcome. Investors are closely monitoring the Q2 earnings season, US Fed chair speak and West Asia developments," said Vinod Nair, Head of Research at Geojit Financial Services.
Among the Sensex firms, Wipro fell nearly 3 per cent after the company reported an almost flat consolidated net profit at Rs 2,667.3 crore for the September quarter, trailing street expectations. It has also projected up to 3.5 per cent fall in revenue in the current quarter due to a weak global economic outlook and uncertain business environment.
NTPC, Tech Mahindra, JSW Steel, Bharti Airtel, Tata Steel, Tata Consultancy Services, ICICI Bank, Kotak Mahindra Bank and Reliance Industries were among the other major laggards.
"Markets remained vulnerable amidst simmering Middle-East geopolitical tensions. Pessimism still continues to run high amidst negative catalysts like deepening Israel-Palestine conflict, uninspiring Q2 from corporate India Inc. so far, the 10-year US Treasury yields spiking to 4.87 per cent, rising expectations of one more interest rate increase from the Fed, and anxiety ahead of Powell's speech later today," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Nestle jumped nearly 4 per cent after the FMCG major reported an increase of 37.28 per cent in net profit at Rs 908.08 crore for the third quarter ended September 30, helped by a consistent performance almost across all major brands.
UltraTech Cement, IndusInd Bank, Larsen & Toubro and Axis Bank were among the gainers.
In the broader market, the BSE midcap gauge declined 0.08 per cent and smallcap index climbed 0.07 per cent.
Among the sectoral indices, metal fell 0.95 per cent, oil & gas (0.48 per cent), services (0.44 per cent) and teck (0.42 per cent).
Consumer Discretionary, FMCG, auto and consumer durables were the gainers.
"Global equities slid on Thursday as risk aversion prevailed due to mounting worries over Middle East conflict, while the bond sell-off intensified, taking Treasury yields to fresh 16-year highs ahead of a keenly awaited speech from Fed Chairman," said Deepak Jasani, Head of Retail Research, HDFC Securities.
In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong settled in the negative territory.
European markets were trading lower. The US markets ended lower on Wednesday.
Global oil benchmark Brent crude declined 1.99 per cent to USD 89.68 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,831.84 crore on Wednesday, according to exchange data.
On Wednesday, the BSE benchmark plunged 551.07 points or 0.83 per cent to settle at 65,877.02 points while the Nifty declined 140.40 points or 0.71 per cent to 19,671.10 points.
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India's neighbours wanted to break up Assam but Modi govt shattered their dreams: Fadnavis
Dibrugarh/Jorhat (PTI): Maharashtra Chief Minister Devendra Fadnavis on Tuesday claimed India's neighbours wanted to "break up" Assam by taking advantage of the unrest here earlier, but their "dreams were shattered" as the Narendra Modi government brought peace to the region.
Militancy has come to an end, and 92 per cent of the assurances made in the peace agreements with various groups have already been implemented, he told a poll rally.
Fadnavis maintained that the BJP-led government in Assam has not only ensured the state's development but also protected its identity.
He accused the Congress of having neglected the state and the northeastern region by adopting a "step-motherly attitude" towards them, while Modi has put the region at the centre of development.
Addressing a rally in support of BJP's Dibrugarh candidate Prasanta Phukan, Fadnavis said, "Due to the unrest in the state earlier, neighbouring countries thought they would break Assam someday. But their dreams were shattered by Modi ji, and Assam is progressing fast today."
Crediting the BJP government for bringing the militant groups to the mainstream, the Maharashtra chief minister said not only were peace accords signed with them, but 92 per cent of the assurances made have been implemented.
"Work is on for implementing the remaining eight per cent of promises also," he added.
Highlighting the various welfare measures of the state government, Fadnavis said special emphasis was being given on women's empowerment in line with the Centre's thrust on it.
"Women have benefited the most under Modiji's government. It will be 'Mahila raaj' from 2029 when 33 per cent reservation is implemented in Parliament and state Assemblies," he added.
Speaking at another rally in support of the BJP's Jorhat candidate Hitendra Nath Goswami earlier, the Maharashtra chief minister alleged that infiltration was at its peak in Assam under Congress governments.
"People had to launch a movement against it, and scores were martyred. But the influx did not stop, and the state was burning. It was staring at a full demographic change."
"But the situation changed when Modi came to power. Infiltration has been stopped, and almost all militant groups in the state are returning to the mainstream," he claimed.
Fadnavis claimed that the state's demography would have changed and Assam's history would have been rewritten under the Congress rule.
"But the Modi government works not just for development, but also protects the state's identity, culture, history, and tradition," he said.
He told the gathering that the BJP-led government has ensured massive infrastructure development for the state.
Mentioning the Tata Group's semiconductor unit at Jagiroad, Fadnavis said, "It is a gift of Modi ji to Assam. It will place the state on the global map."
He added that countries with the ability to manufacture semiconductors will be global leaders in the future, and India has joined the elite ranks of a handful of nations.
Taking a dig at the Congress, Fadnavis alleged it had always adopted a "step-motherly attitude" towards the northeast, due to which the region did not see much development, and was embroiled in unrest.
He also criticised the opposition party for its "anti-national stance" during the West Asia crisis, claiming it was trying to create discontentment among the people by raising false doubts over the availability of LPG and fuel.
"We had also been in the opposition, but we had never acted in such a shameful manner," he said.
Taking a dig at state Congress president Gaurav Gogoi, who is also the opposition party's candidate in Jorhat, Fadnavis said, "Those in Lok Sabha should remain there. BJP will return to power, and he will have no work here."
Gogoi is also the opposition party's deputy leader in the Lok Sabha.
