Stock markets snap 2-day rally, Sensex falls nearly 625 pts as banking, IT shares retreat
Mumbai, May 27 (PTI): Snapping the two-day gaining streak, benchmark Sensex tumbled nearly 625 points on Tuesday due to profit-taking in banking, IT and auto shares.
The 30-share BSE Sensex dropped 624.82 points or 0.76 per cent to settle at 81,551.63 in a volatile session. During the day, the barometer tanked 1,054.75 points or 1.28 per cent to 81,121.70. As many as 25 Sensex shares declined while five advanced.
The 50-issue NSE Nifty declined 174.95 points or 0.70 per cent to 24,826.20. The barometer saw sharp swings in both directions in the first half but sustained profit-taking in heavyweight stocks dragged the index down.
Key indices Sensex and Nifty had advanced around 1.5 per cent in the past two sessions.
Analysts said investors turned cautious ahead of the release of industrial and manufacturing production data for April on Wednesday and the first quarter GDP numbers, scheduled to be announced later this week.
From the Sensex firms, UltraTech Cement fell the most by 2.21 per cent, followed by ITC which declined 2.01 per cent. Tata Motors, NTPC, Axis Bank, HCL Tech, Mahindra & Mahindra, HDFC Bank, ICICI Bank and Eternal were among the laggards.
IndusInd Bank, Sun Pharma, Adani Ports, Nestle and Asian Paints were the gainers.
"The domestic market witnessed volatility and snapped a two-day rally, as investors opted for profit booking driven by valuation concerns and weakness across Asian markets," Vinod Nair, Head of Research, Geojit Investments, said.
Mid- and small-cap segments remained relatively resilient, supported by better-than-estimated Q4 earnings and moderation in premium valuation, Nair added.
The BSE smallcap gauge went up by 0.19 per cent and midcap index climbed 0.18 per cent.
Among sectoral indices, FMCG dropped 0.79 per cent, IT declined 0.71 per cent, BSE Focused IT by 0.68 per cent, auto by 0.66 per cent, bankex by 0.60 per cent, utilities by 0.57 per cent and metal by 0.52 per cent.
Healthcare, industrials, telecommunication, capital goods, realty and consumer durables were the gainers.
"We are currently witnessing a tug-of-war between bulls and bears amid mixed global cues. However, favourable domestic factors such as a good monsoon and strong macroeconomic data are helping maintain a positive undertone," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index settled in the negative territory while Japan's Nikkei 225 index and Hong Kong's Hang Seng ended higher. Markets in Europe were trading in the green. US markets were shut on Monday for Memorial Day.
Foreign Institutional Investors (FIIs) bought equities worth Rs 135.98 crore on Monday, according to exchange data.
Global oil benchmark Brent crude climbed 0.51 per cent to USD 65.07 a barrel.
The BSE Sensex jumped 455.37 points or 0.56 per cent to settle at 82,176.45 on Monday. The Nifty climbed 148 points or 0.60 per cent to 25,001.15.
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Congress cites Maniben Patel's diary entries, asks Rajnath to apologise for Babri claim
New Delhi (PTI): The Congress on Saturday shared diary entries of Vallabhbhai Patel's daughter from a book to rebut Defence Minister Rajnath Singh's claim that India's first prime minister, Jawaharlal Nehru, wanted to build the Babri masjid using public funds, and demanded that Singh apologise for spreading "falsehoods".
Congress general secretary in charge of communications, Jairam Ramesh, claimed the defence minister was spreading falsehoods to “improve his relationship” with Prime Minister Narendra Modi.
“Here is Maniben's original diary entry in Gujarati on pages 212-213 in the book ‘Samarpit Padchhayo Sardarno’ by CA R S Patel 'Aaresh', published by Sardar Patel Vallabhbhai Patel Memorial Society, 2025,” Ramesh said on X, sharing screenshots of the relevant pages from the book.
“There is a huge difference between what is contained in the original diary entry and what Rajnath Singh ji and his fellow ‘distorians’ are propagating,” Ramesh said.
“The Defence Minister must apologise for the falsehoods he is spreading, simply to improve his relationship with the PM,” he claimed.
The Congress had earlier termed Singh's claim that Nehru wanted to build the Babri masjid using public funds a “lie” and “WhatsApp university story”, and said the defence minister should not walk in Prime Minister Narendra Modi's path.
Addressing a gathering at Sadhli village in Gujarat's Vadodara district last Tuesday, Singh said Nehru wanted to build the Babri masjid using public funds, but Sardar Vallabhbhai Patel didn't allow his plans to succeed.
The BJP had cited a book by Vallabhbhai Patel's daughter to double down on Singh's claims, and said the first prime minister also said he felt "repelled" by some of the temples in south India despite their beauty.
“The source of what Rajnath Singh said is the 'Inside Story of Sardar Patel, Diary of Maniben Patel'," BJP Rajya Sabha MP and national spokesperson Sudhanshu Trivedi had said at a press conference at the party headquarters while responding to media queries on the issue.
Trivedi claimed that on Page 24 of the book, it is written that Nehru also raised the question of the Babri mosque, but Sardar Patel made it clear that the government could not spend any money on building a mosque.
