Stock markets in choppy waters; Sensex drops 368 points dragged by bank shares
Mumbai, Aug 12 (PTI): Benchmark indices Sensex and Nifty ended lower in a highly volatile trade on Tuesday dragged down by blue-chip bank stocks and caution ahead of domestic and US inflation data.
The 30-share BSE Sensex dropped 368.49 points or 0.46 per cent to settle at 80,235.59. During the day, it hit a high of 80,997.67 and a low of 80,164.36, gyrating 833.31 points.
The 50-share NSE Nifty went lower by 97.65 points or 0.40 per cent to 24,487.40.
Investors are also awaiting cues from the US-Russia talks on August 15.
From the Sensex firms, Bajaj Finance, Trent, Hindustan Unilever, HDFC Bank, Eternal, Bajaj Finserv, ICICI Bank, and Bharat Electronics were among the laggards.
However, Maruti, Tech Mahindra, Mahindra & Mahindra and NTPC were among the major gainers.
"The national market reacted with volatility to the ongoing developments in global trade tariffs, reflecting caution following the extension of the US-China tariff truce and ahead of key inflation data due later today. The US inflation figures with any signs of tariff-related impact could influence the Fed's policy stance," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
The BSE midcap gauge dipped 0.25 per cent and smallcap index edged marginally up by 0.04 per cent.
Among BSE sectoral indices, bankex dropped 0.83 per cent, capital goods (0.76 per cent), realty (0.75 per cent), telecommunication (0.46 per cent) and FMCG (0.44 per cent).
Oil & gas, healthcare, metal, utilities, IT and BSE Focused IT were the gainers.
In Asian markets, South Korea's Kospi settled lower while Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended in positive territory.
European markets were trading on a mixed note.
The US markets ended lower on Monday.
Global oil benchmark Brent crude climbed 0.18 per cent to USD 66.75 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,202.65 crore on Monday, according to exchange data.
On Monday, the Sensex jumped 746.29 points or 0.93 per cent to settle at 80,604.08. The Nifty climbed 221.75 points or 0.91 per cent to 24,585.05.
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Bill to regulate deepfakes tabled in Lok Sabha
New Delhi (PTI): A Private Member's Bill seeking a clear legal framework for regulation of deepfakes has been introduced in the Lok Sabha.
The Regulation of Deepfake Bill, introduced by Shiv Sena leader Shrikant Shinde in the House on Friday, aims to protect citizens by mandating prior consent from individuals depicted in deepfake content.
"Misuse of deepfakes for harassment, deception and misinformation has escalated, creating an urgent need for regulatory safeguards," Shinde said.
The Bill also lists penalties for offenders creating or disseminating deepfake content with malicious intent.
"With advancements in artificial intelligence and deep learning, deepfake technology has emerged as a significant tool for media manipulation. While the technology has potential applications in education, entertainment and creative fields, it also poses severe risks when misused, threatening individual privacy, national security and public trust," Shinde said in the statement of objects and reasons in the Bill.
The proposed Bill seeks to establish a clear legal framework to govern the creation, distribution and application of deepfakes in India, said Shinde, a three-term Lok Sabha member from Kalyan.
The Bill also seeks to establish the Deepfake Task Force, a dedicated body to combat national security implications and evaluate the influence of deepfakes on privacy, civic participation, and potential election interference.
The task force will collaborate with academic and private sector institutions to develop technologies that detect manipulated content, thereby promoting credibility in digital media.
The Bill also proposes to establish a fund to support public and private sector initiatives in the detection and deterrence of advanced image manipulation.
A Private Member's Bill is a procedure of Parliament that enables lawmakers, who are not ministers, to draw attention to issues that might not be represented in Government Bills or to highlight the issues and gaps in the existing legal framework that require legislative intervention.
