Stock markets end lower; HDFC Bank, foreign fund outflows drag
Mumbai, Jul 2 (PTI): Benchmark BSE Sensex declined by 287 points on Wednesday due to profit selling in HDFC Bank, L&T and Reliance Industries shares and caution ahead of the impending US tariff deadline.
Paring its early gains, the BSE Sensex closed lower by 287.60 points or 0.34 per cent at 83,409.69. During the day, it dropped 546.52 points or 0.65 per cent to 83,150.77.
The 50-share NSE Nifty declined by 88.40 points or 0.35 per cent to settle at 25,453.40.
Flight of foreign capital from equities and a mixed trend in global equities impacted market sentiment, traders said.
Among Sensex pack, Bajaj Finserv, Larsen & Toubro, Bajaj Finance, HDFC Bank, Bharat Electronics and Kotak Mahindra Bank were the major laggards.
However, Tata Steel, Asian Paints, UltraTech Cement, and Trent were the biggest gainers.
"Mixed global cues, particularly ahead of the impending tariff deadline, are driving investor caution. Market attention is gradually shifting to crucial Q1 earnings, which have high expectations.
"Underlying trends such as robust macroeconomic fundamentals and increased government expenditure continue to support market resilience. However, being at the breach level of the recent rally, a cautiousness is expected to continue in the near term," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge declined 0.20 per cent and midcap index dipped 0.18 per cent.
Among BSE sectoral indices, realty dropped 1.36 per cent, financial services (0.92 per cent), industrials (0.84 per cent), power (0.77 per cent), bankex (0.69 per cent) and capital goods (0.69 per cent).
Metal (1.44 per cent), consumer durables (1.22 per cent), commodities (0.90 per cent), telecommunication (0.55 per cent) and auto (0.22 per cent).
As many as 2,205 stocks declined while 1,809 advanced and 157 remained unchanged on the BSE.
India's manufacturing sector growth rose to a 14-month high of 58.4 in June, marked by improved trends in output and new orders, alongside a record upturn in employment, a monthly survey said on Tuesday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index – an indicator of sector performance - was 57.6 in May.
Gross GST collection increased by 6.2 per cent to over Rs 1.84 lakh crore in June but slipped below the Rs 2 lakh crore mark recorded in the previous two months.
The GST mop-up stood at Rs 1.74 lakh crore a year ago, as per government data released on Tuesday.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled lower while Hong Kong's Hang Seng index ended higher.
European markets were trading in positive territory in mid-session deals.
The US markets ended on a mixed note on Tuesday.
Global oil benchmark Brent crude climbed 0.86 per cent to USD 67.69 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,970.14 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex rose by 90.83 points or 0.11 per cent to settle at 83,697.29. The Nifty gained 24.75 points or 0.10 per cent to close at 25,541.80.
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.
Rohit identifies Arshdeep, Hardik as key to India's chances in T20 World Cup
New Delhi (PTI): T20 World Cup-winning captain Rohit Sharma reckons all-rounder Hardik Pandya and left-arm seamer Arshdeep Singh will hold the key to India's prospects in the upcoming edition of the tournament.
Defending champions India will enter the T20 showpiece as one of the overwhelming favourites due to their massive depth and quality.
Rohit highlighted Arshdeep's effectiveness with the new ball and at the death.
"It is a big positive to have both Jasprit Bumrah and Arshdeep Singh together because they always attack for wickets. Arshdeep's biggest strength is swinging the new ball and taking early wickets. He mainly bowls with the new ball and at the death. Starting and finishing are the most important phases, and he is strong in both," Rohit told JioHotstar.
"With the new ball, he swings it to get left-handers caught in the slips and targets the pads of right-handers. He has also started taking the ball away from right-handers. These skills are key for a new-ball bowler. He always tries to take wickets, which is why he bowls the first over."
Rohit added, "In the 2024 T20 World Cup final against South Africa, he did a great job. I still remember he dismissed Quinton de Kock when he was set and batting well. In the 19th over, he gave away just two or three runs, which built pressure on the South Africans.
"That is his game, bowling with the new ball and at the death, and he will play a key role for India in the 2026 T20 World Cup."
India won the last edition of the tournament in the Americas under Rohit's captaincy, after which the dashing opener retired from the T20 format internationally.
Rohit also spoke about how Hardik's dual role as a finisher and multi-phase bowler provides crucial balance to the Indian team.
"Whenever Hardik Pandya is in the team, his role is huge. He bats and bowls very consistently. His batting is crucial when the team is stuck. If we have a score of 160 on the board in 15-16 overs and Hardik is batting, then he's the one who can help the team reach 210-220 from there or if we are 50 for 4, he has to build the innings.
"Batting in the middle order at 5, 6, or 7 is very tough. That is why Hardik's role is critical in any format. We know his bowling. He bowls in key phases, with the new ball, in the middle and in the death as well. His role is very important because he gives the team balance, letting us play six bowlers and keep our batting deep."
Rohit said accommodating both Kuldeep Yadav and Varun Chakravarthy together in the playing XI is going to be a big challenge for the Indian team management.
"The biggest challenge for captain Suryakumar Yadav and coach Gautam Gambhir will be how to play both Kuldeep Yadav and Varun Chakaravarthy together. If you want that combination, you can only do it if you play with two seamers, which is a big challenge.
"But honestly, I would be tempted to play both Varun and Kuldeep because they are wicket-takers and batters struggle to read them. I would surely pick them."
The former India skipper added, "Looking at the conditions in India, like in this New Zealand series, there is a lot of dew. In February and March, dew will be heavy across most parts as winter ends.
"Even in Mumbai, which doesn't get cold, there's still dew. I'd say 90-95 percent of grounds in India have dew. That's the challenge. What do the coach and captain think? Are they comfortable with three spinners? Then they can play spin, but there's no fixed rule. It depends on the team leaders' thinking."
Rohit also urged Kuldeep to stop appealing on every ball and to rely on the wicketkeeper's judgment for reviews.
"My one simple advice to Kuldeep is to just bowl quietly and go back to his mark. You can't appeal on every ball. This is basic. I keep saying it, but it still happens often. Even after telling him many times, he appeals at every chance. You have to use your head. Just because it touches the pad, it doesn't mean it's out every time. This isn't gully cricket.
"I get he is enthusiastic, but think of the team first. Each team only gets two DRS reviews. If I was the keeper, I could see where the ball pitched and if it was hitting, I could tell the bowler.
"But from covers or slip, you don't know the angle. You have to listen to what the keeper and bowler say. That's why when there's a review off Kuldeep's bowling, I don't look at him, I look at the keeper to decide."
The T20 World Cup is scheduled to be held in venues across India and Sri Lanka from February 7 to March 8.
