Stock markets fall for 2nd day amid soaring Middle East tensions
Mumbai, Jun 18 (PTI): Benchmark indices Sensex and Nifty closed lower on Wednesday as soaring tensions in the Middle East and caution ahead of the US Fed interest rate decision hit investor sentiment.
Surrendering its early gains, the 30-share BSE Sensex declined by 138.64 points or 0.17 per cent to close at 81,444.66. After a weak opening, the index hit a high of 81,858.97 in morning deals but failed to hold onto gains later. The barometer dipped 346.29 points or 0.42 per cent to hit a low of 81,237.01.
The 50-share NSE Nifty edged lower by 41.35 points or 0.17 per cent to settle at 24,812.05, marking its second day of losses.
Among Sensex firms, Tata Consultancy Services, Adani Ports, Hindustan Unilever, Nestle, Bajaj Finserv and NTPC were the laggards.
IndusInd Bank, Titan, Mahindra & Mahindra and Maruti were among the biggest gainers.
"The domestic market failed to maintain the opening gains as the continuing tensions in the Middle East & volatility in oil prices dragged the overall sentiment. However, auto and consumer discretionary gained in expectations of a demand revival,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Israeli warplanes pounded Iran's capital overnight and into Wednesday as Iran launched a small barrage of missiles at Israel with no reports of casualties.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,482.77 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 8,207.19 crore in the previous trade.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower.
European markets were trading in the positive zone.
US markets ended lower on Tuesday.
Global oil benchmark Brent crude dropped 1.35 per cent to USD 75.42 a barrel.
On Tuesday, the Sensex declined 212.85 points or 0.26 per cent to settle at 81,583.30. The Nifty dropped 93.10 points or 0.37 per cent to 24,853.40.
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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.”
