Stock markets stay flat amid highly volatile session
Mumbai (PTI): Equity benchmark indices Sensex and Nifty started the trade on a weaker note on Thursday but later quoted flat in a highly volatile trade amid mixed global cues.
The 30-share BSE Sensex declined 138.36 points, or 0.16 per cent, to 84,328.15 in the morning trade. The broader NSE Nifty slipped 38.50 points or 0.15 per cent, to 25,837.30.
But, later both the benchmark indices were oscillating between highs and lows.
Among the Sensex firms, Tata Motors' commercial vehicles business, Eternal, Infosys, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Kotak Mahindra Bank, HDFC Bank, ITC, Tata Consultancy Services, Bharat Electronics Ltd were the laggards.
On the other hand, Asian Paints, Tata Steel, ICICI Bank, Bajaj Finserv, Bharti Airtel, Trent, Larsen & Toubro and State Bank of India were the gainers.
"The market needs more triggers to take it to new record highs. With the outcome of the Bihar polls largely discounted by the market, there are no political triggers that can push the market significantly higher. The reverse might happen if the actual poll results turn out to be different from the exit polls," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.
Vijayakumar noted that the important economic factors that have to be watched for is a possible India-US trade deal removing the penal tariffs and reducing the reciprocal tariffs. The decline in October retail inflation in India to 0.25 per cent indicates the possibility of a rate cut from the MPC in December. But the monetary policy transmission turning weak has become a challenge for the RBI.
"In the near-term the market is likely to consolidate and then respond to triggers when they happen. Positive triggers happening simultaneously can lead to short-covering pushing the market sharply up. But sustained uptrend would be challenging given the FII selling and elevated valuations, he added.
Broader Asian equities were trading on a mixed note. Shanghai's SSE Composite Index and Japan's Nikkei 225 benchmark were trading in a positive zone while Hong Kong's Hang Seng and South Korea's Kospi were quoting in red territory.
The US markets finished higher in overnight deals on Wednesday.
Brent crude, the global oil benchmark, fell 0.13 per cent to USD 62.63 per barrel.
Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,750.03 crore for the third straight session on Wednesday, while domestic institutional investors (DIIs) remained net buyers of stocks worth Rs 5,127.12 crore, according to exchange data.
On Wednesday, the BSE Sensex rallied 595.19 points to settle at 84,466.51. The 50-share NSE Nifty climbed 180.85 points to close at 25,875.80.
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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.”
