Sensex drops below 35,000-mark ahead of RBI policy outcome
Mumbai, Oct 5 : The BSE Sensex fell over 300 points Friday, extending its losing run for the third day, ahead of the RBI's bi-monthly policy meet outcome amid weak global cues.
The 30-share index after cracking the 35,000-mark by falling over 335 points to touch a low of 34,833.81, pared some losses to quote 194.44 points, or 0.55 per cent lower at 34,974.72.
It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices.
Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent.
Stocks of state-run oil companies were under selling pressure as the government Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre and asked oil companies to absorb another Re 1.
Shares of BPCL, HPCL and IOC were trading sharply lower by up to 20.50 per cent on nervous selling by investors.
The NSE Nifty also dropped by 90.40 points, or 0.85 per cent, to 10,508.85.
Brokers said investors offloaded their positions, tracking a selloff in global markets as US Treasury surged to multi-year highs on robust economic data and comments from the Federal Reserve, sparking fears of accelerating inflation.
Besides, caution ahead of RBI's monetary policy announcement which expected to hike interest rates by 25 basis points, too, dented sentiments, they added.
Shares of ONGC, Bajaj auto, HUL, ITC, M&M, RIL, Maruti Suzuki, Hero MotoCorp, Adani Ports, HDFC Bank, NTPC, Vedanta, HDFC, HDFC Bank, Tata Steel and Axis Bank tanked up to 11.27 per cent.
On the other hand, Sun Pharma, IndusInd Bank, Tata Motors, Infosys, Yes Bank, PowerGrid, TCS and Kotak Bank bucked market trend, and were trading in the green, rising up to 2 per cent.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 2,760.63 crore Thursday, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,823.59 crore, provisional data showed.
Among other Asian markets, Japan's Nikkei, Hong Kong's Hang Seng, Strait Times and Taiwan indices fell up to 1.73 per cent.
The US Dow Jones Industrial Average too ended lower Thursday.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Violence reported in several parts of Kerala after civic poll results
Kozhikode (PTI): Violence erupted overnight at various places across Kerala, particularly in northern districts, following the announcement of local body election results, police said.
In Eramala in Kozhikode district, tension prevailed throughout the night after the Indira Gandhi Bhavan, a Congress office, was allegedly attacked by CPI(M) workers.
According to an FIR registered at Edachery police station, around 200 people marched towards the Congress office carrying dangerous weapons and vandalised the building, causing damage estimated at around Rs five lakh.
A statue of late prime minister Indira Gandhi was also damaged in the attack, police said. Soon after, UDF activists gathered at the spot, further aggravating the situation.
However, with the deployment of additional police personnel, the situation was brought under control, an officer said.
Police said another violent incident was reported at Marad, where stones were allegedly pelted at a UDF victory procession, leaving several persons injured.
In Sultan Bathery in Wayanad district, police registered a case after a car carrying a UDF activist and his family members was allegedly attacked by around 40 CPI(M) workers, an official said.
Sultan Bathery police also booked UDF activists in a separate incident for allegedly attacking a CPI(M) worker who objected to the bursting of crackers near his house, the officer said.
In Panoor in Kannur district, houses of several Muslim League activists were allegedly attacked by CPI(M) workers. Vehicles parked at the houses were also damaged.
According to Panoor police, the violence broke out after a UDF victory rally was allegedly stopped by CPI(M) workers armed with swords and daggers. Some UDF leaders sustained injuries in the clash.
Clashes were also reported between UDF and LDF workers at Ulikkal in Kannur district, though police intervention brought the situation under control later in the night, an officer in the Ulikkal police station said.
In Bedakom in Kasaragod district, an LDF victory march turned violent after CPI(M) activists allegedly intercepted UDF workers passing through the area. Some policemen who intervened suffered minor injuries, an officer said.
Similar violence was reported from Neyyattinkara in Thiruvananthapuram district following clashes between CPI(M) and BJP workers. Police said workers from both sides sustained minor injuries and were admitted to hospitals. Cases will be registered after formal complaints are received, police said.
