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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Two arrested in K'taka for assaulting minors, uploading CSAM content
Bengaluru (PTI): Two men were arrested for allegedly sexually assaulting two minor girls, recording the acts on mobile phones and uploading the videos online as child sexual abuse material, police said on Thursday.
The accused have been identified as Kiran Kumar (29), hailing from Chitradurga district, and Aditya M K (20), hailing from Shivamogga district, they said.
A probe was initiated after information was received from the NCRP portal regarding a suspected instance of creation of Child Sexual Abuse Material (CSAM) for online dissemination, police said.
Accordingly, a case was registered at Kaggalipura Police Station under relevant sections of the IT Act on May 10, they added.
Investigation revealed that two minor girl victims were exploited and videos were created and uploaded to the internet. The child victims have subsequently recorded their statements as per procedure and further necessary legal steps have been taken, Pronab Mohanty Director General of Police, Cyber Command, said in a statement.
Based on the statements of the victims, the accused persons, who allegedly assaulted the minors, recorded the acts on mobile phones and uploaded the videos online, were arrested, he said.
Following the probe, sections 65(2) (rape) and 70 (gangrape) of the Bharatiya Nyaya Sanhita, along with relevant sections of the POCSO Act, have been added to the FIR, police said.
Officials collected relevant information and on May 12, arrested the accused persons and seized three mobile phones belonging to them, in which the videos had allegedly been recorded, he said.
The accused were later produced before the court and taken into police custody for further investigation, he added.
According to him, in CSAM cases, police usually apprehend offenders who have downloaded such content or have kept them in their possession after obtaining them from elsewhere, usually the internet.
"The present case is one of the very few instances where content creators and uploaders have been apprehended," Mohanty added.
