Stock markets decline on fag-end selling; financial stocks drag
Mumbai, Jul 3 (PTI): Benchmark stock indices Sensex and Nifty pared intra-day gains to close lower on Thursday due to last-hour selling in financial and metal shares.
The 30-share BSE Sensex dropped by 170.22 points or 0.20 per cent to settle at 83,239.47. The index opened higher and rose further by 440.4 points or 0.52 per cent to hit a high of 83,850.09. However, profit taking emerged in the last hour of trade dragging the barometer to a low of 83,186.74 in the pre-close session.
The 50-share NSE Nifty declined by 48.10 points or 0.19 per cent to 25,405.30.
Among the Sensex firms, Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, Adani Ports, Trent, State Bank of India, Titan and Tata Consultancy Services were the laggards.
However, Maruti, Infosys, NTPC, Asian Paints, Eternal and Hindustan Unilever were among the biggest gainers.
"Markets traded volatile on the weekly expiry day and ended marginally lower, continuing the ongoing consolidation phase," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
Sector-wise, the trend remained mixed -- auto and pharma posted gains, while metal and realty were among the top losers, he added. The broader indices also mirrored this movement and closed on a flat note.
The BSE smallcap gauge climbed 0.47 per cent while midcap index dipped 0.06 per cent.
Among BSE sectoral indices, services dropped the most by 1.08 per cent, followed by metal (0.77 per cent), realty (0.61 per cent), telecommunication (0.55 per cent), utilities (0.48 per cent) and bankex (0.48 per cent).
Healthcare, consumer discretionary, auto, consumer durables and oil & gas were the gainers.
Vinod Nair, Head of Research, Geojit Investments Limited, said that investors remain watchful of developments surrounding the potential US-India trade agreement, with the 90-day pause nearing its end. FIIs have turned cautious in the recent days due to premium valuation.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled higher while Hong Kong's Hang Seng ended lower.
European markets were trading on a mixed note. The US markets ended mostly higher on Wednesday.
The Indian services sector growth touched a ten-month high in June aided by robust expansion in international sales and job creation, amid positive demand trends and ongoing improvement in sales, a monthly survey said on Thursday.
The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 58.8 in May to 60.4 in June, driven by sharp upturn in new business orders.
In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Global oil benchmark Brent crude declined 1.03 per cent to USD 68.40 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,561.62 crore on Wednesday, according to exchange data.
On Wednesday, the BSE Sensex ended 287.60 points or 0.34 per cent lower at 83,409.69. The Nifty declined by 88.40 points or 0.35 per cent to settle at 25,453.40.
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Chartered Speed, EKA Mobility to deploy 1,750 electric buses in Bengaluru
Bengaluru (PTI): Chartered Speed Limited and EKA Mobility on Wednesday secured a Letter of Confirmation of Quantity for the deployment of 1,750 electric buses here, officials said.
The development marks a significant milestone in strengthening sustainable public electric transport infrastructure in one of India’s major metropolitan regions.
According to Chartered Speed Limited, a leading player in passenger bus mobility services, the allocation accounts for nearly 39 per cent of Bengaluru’s planned induction of 4,500 electric buses under the PM E-Drive Scheme, underscoring the company’s role in advancing the city’s public transport electrification efforts.
Bengaluru has emerged as one of India’s leading cities in electric public transport adoption, with the Bengaluru Metropolitan Transport Corporation steadily expanding its electric bus network in line with Karnataka’s clean mobility vision and the Centre’s decarbonisation roadmap, the company said in a statement.
Emphasising that safety remains a core pillar of its EV operations, Chartered Speed Limited said it follows structured safety protocols, including preventive maintenance, battery health monitoring, and specialised driver training to ensure reliable and commuter-focused services.
The partnership combines Chartered Speed’s operational expertise with EKA Mobility’s electric vehicle manufacturing and technology capabilities to deliver accessible and dependable urban transport solutions for Bengaluru commuters, it added.
"Bengaluru is a key mobility hub in India, and electric buses are central to efforts to build a cleaner and more efficient public transport system," said Sanyam Gandhi, Whole-Time Director, Chartered Speed Limited.
"As an early adopter of e-mobility, we aim to convert around 25 per cent of our fleet to electric by fiscal 2027, supported by strong infrastructure investments to deliver commuter-centric services with lasting socio-economic impact," he added.
