Stock markets decline in early trade amid profit-taking, fresh foreign fund outflows
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Mumbai (PTI): Benchmark indices Sensex and Nifty declined in early trade on Friday amid profit-taking after almost a week-long rally and fresh foreign fund outflows.
The 30-share BSE Sensex dropped 153.18 points to 84,403.22 in early trade. The 50-share NSE Nifty dipped 51.1 points to 25,840.30.
Both the benchmark indices hit their 52-week highs on Thursday.
From the Sensex firms, Hindustan Unilever, Kotak Mahindra Bank, Axis Bank, Power Grid, Eternal and Adani Ports were among the major laggards.
However, Bharat Electronics, ICICI Bank, Mahindra & Mahindra and Tata Steel 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 traded higher.
US markets ended in positive territory on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,165.94 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) however, were buyers as they bought equities worth Rs 3,893.73 crore in the previous trade.
Global oil benchmark Brent crude dipped 0.47 per cent to USD 65.68 a barrel.
Rising for the sixth straight session on Thursday, the Sensex climbed 130.06 points or 0.15 per cent to settle at 84,556.40. The Nifty ended 22.80 points or 0.09 per cent higher at 25,891.40.
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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.”
