Stock markets end flat after volatile session as investors await outcome of US-Russia talks
Mumbai, Aug 14 (PTI): Benchmark stock indices Sensex and Nifty ended flat in a highly volatile trade on Thursday as investors turned cautious ahead of the US-Russia talks on August 15.
Extending gains to the second day, the 30-share BSE Sensex climbed 57.75 points or 0.07 per cent to settle at 80,597.66. During the day, it rallied 211.27 points or 0.26 per cent to 80,751.18.
The 50-share NSE Nifty rose by 11.95 points or 0.05 per cent to 24,631.30.
Among Sensex firms, Eternal, Infosys, Asian Paints, HDFC Bank, Bajaj Finserv and Titan were the major gainers.
However, Tata Steel, Tech Mahindra, Adani Ports and Bharat Electronics were among the laggards.
The Trump-Putin meeting could have significant implications for energy markets, potentially leading to an easing of sanctions against Moscow.
"After a volatile weekly expiry-day session, Indian equities ended flat as investors traded cautiously ahead of the US-Russia summit. IT and pharma stocks advanced on the back of a softer US inflation data and dovish outlook. Banking and consumer durables also gained on hopes of a consumption-led recovery," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
The BSE smallcap gauge declined 0.59 per cent and midcap index dipped 0.18 per cent.
Among BSE sectoral indices, consumer durables climbed 0.82 per cent, while BSE Focused IT (0.45 per cent), teck (0.39 per cent), IT (0.38 per cent), financial services (0.26 per cent), bankex (0.23 per cent) and consumer discretionary (0.13 per cent) also advanced.
Metal dropped the most by 1.40 per cent, followed by oil & gas (1.18 per cent), commodities (0.73 per cent), FMCG (0.57 per cent), power (0.55 per cent) and industrials (0.53 per cent).
On a weekly basis, Sensex climbed 739.87 points or 0.92 per cent and Nifty edged higher by 268 points or 1.10 per cent, snapping their six-week losing streak.
Meanwhile, S&P upgraded India's sovereign credit rating to 'BBB' with a stable outlook after a gap of nearly 19 years, citing robust economic growth, political commitment for fiscal consolidation and 'conducive' monetary policy to check inflation.
"India remains among the best performing economies in the world...The quality of government spending has improved in the past five to six years," S&P Global Ratings said.
The impact of US tariffs on the Indian economy will be "manageable", S&P said, adding that a 50 per cent tariff on US exports (if imposed) will not pose a "material drag" on growth.
"India is relatively less reliant on trade and about 60% of its economic growth stems from domestic consumption," it said.
In Asian markets, South Korea's Kospi settled in positive territory while Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
Equity markets in Europe were trading mostly higher.
The US markets ended higher on Wednesday.
Wholesale price inflation declined to a 2-year low of (-) 0.58 per cent in July, as deflation in food and fuel kept WPI in the negative zone for the second consecutive month, government data released on Thursday showed.
Global oil benchmark Brent crude climbed 0.53 per cent to USD 65.92 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,644.43 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,623.79 crore, according to exchange data.
Equity markets would remain closed on Friday for Independence Day.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
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.”
