Sensex, Nifty tumble for 3rd day, dragged by Kotak Bank, US trade deal uncertainty
Mumbai, Jul 28 (PTI): Falling for the third straight session on Monday, benchmark Sensex tumbled by 572 points to close at nearly a two-month low due to heavy selling in Kotak Mahindra Bank, forex outflows and uncertainty related to the India-US trade deal.
The 30-share BSE barometer tanked 572.07 points or 0.70 per cent to settle at 80,891.02, a level not seen since June 4. During the day, it slumped 686.65 points or 0.84 per cent to 80,776.44.
The 50-share NSE Nifty declined 156.10 points or 0.63 per cent to close at a nearly two-month low of 24,680.90. As many as 35 Nifty shares declined, and 15 advanced.
Analysts said disappointing quarterly results and continued selling by FIIs dragged stock markets down for the third session in a row. Nifty has tanked over 2 per cent or 539 points while Sensex retreated by 1,835 points or 2.2 per cent to trade at near two-month low levels.
Among Sensex firms, Kotak Mahindra Bank tumbled the most by 7.31 per cent after the company reported a consolidated net profit of Rs 4,472 crore for the June quarter, and flagged stress on the retail commercial vehicle portfolio due to adverse macroeconomic conditions.
The profit in the year-ago period was Rs 7,448 crore, but it had included gains of over Rs 3,000 crore on its stake sale in the general insurance arm, while the net profit for the March quarter stood at Rs 4,933 crore.
Bajaj Finance dropped 3.64 per cent amid asset quality concerns, while Bharti Airtel fell by 2.35 per cent.
Tata Consultancy Services dropped 1.76 per cent amid reports that the IT major has decided to lay off over 12,000 employees. Sources said that the IT Ministry is keeping a close watch on the entire situation and is in touch with the tech company over the matter.
Titan, HCL Tech and State Bank of India were also among the laggards.
However, Hindustan Unilever, Asian Paints, ICICI Bank, Power Grid, HDFC Bank and ITC were the gainers.
"Domestic market sentiment has remained cautious, weighed down by a disappointing set of Q1 earnings, delays in the India-US trade agreement, and continued FII outflows. In contrast, global markets remain broadly positive, supported by US-EU trade developments that are perceived as less concerning than anticipated.
"The upcoming monetary policy decisions from the Fed and BoJ, along with the trajectory of domestic quarterly earnings, are expected to play a pivotal role in shaping market direction in the near term," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge tumbled 1.31 per cent and midcap index fell by 0.73 per cent.
Among BSE sectoral indices, realty tanked 4.11 per cent, followed by telecommunication (1.56 per cent), capital goods (1.49 per cent), BSE industrials (1.40 per cent), teck (1.21 per cent) and metal (1.06 per cent).
FMCG and utilities were the gainers.
A total of 2,874 stocks declined while 1,264 advanced and 161 remained unchanged on the BSE.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,979.96 crore on Friday, according to exchange data.
In Asian markets, Japan's Nikkei 225 index settled lower while South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended in positive territory.
Markets in Europe were trading in the green. The US markets ended higher on Friday.
Global oil benchmark Brent crude climbed 0.91 per cent to USD 69.05 a barrel.
The rupee pared initial gains and settled 15 paise lower at 86.67 (provisional) against the US dollar due to month-end dollar demand from importers.
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.
Mamata accuses BJP of trying to 'rig' Bengal polls, alleges central forces acting at its behest
Kolkata (PTI): West Bengal Chief Minister Mamata Banerjee on Wednesday accused the BJP of trying to "rig" the West Bengal assembly elections, alleging that central forces and election observers were acting at the behest of the saffron party.
The BJP, however, dismissed her allegations, accusing her of "trying to create confusion sensing public anger against the TMC".
Visiting several polling booths in her Bhabanipur assembly constituency where voting is underway, Banerjee alleged that democratic norms have been severely compromised by the authorities this assembly election.
The Bhabanipur assembly segment is Banerjee's political bastion, where she is locked in a prestige battle against Leader of the Opposition, Suvendu Adhikari, in what is being seen as a symbolic rematch of Nandigram, where he had defeated her in the 2021 assembly polls.
ALSO READ: 4 held for sexually assaulting woman, girl on moving bus after social media alert in UP's Agra
"BJP wants to rig this election," she told reporters.
Stating that elections are held in West Bengal in a peaceful manner, Banerjee asked, "Is there goonda raj here?"
West Bengal has had a tradition of poll-related violence with the Calcutta High Court having ordered CBI investigations into post-poll violence after the 2021 assembly elections.
Alleging that TMC workers and leaders were facing atrocities at the hands of police and CAPF personnel, Banerjee said her party cadres "were ready to die".
The TMC supremo, who usually steps out of her Kalighat residence in the afternoon on polling day to cast her vote at Mitra Institution School, went out before 8 am and visited several polling stations in the constituency, including those in the Chetla area of south Kolkata.
She later sat outside a polling station at Chakraberia in Bhabanipur and spoke to reporters, alleging irregularities and accusing the BJP of trying to influence the polling process through central forces and observers.
"Several observers have come from outside and are acting as per the BJP's directions. People are supposed to cast their votes -- can voting take place like this?" Banerjee said.
She also alleged that all TMC party flags had been removed beforehand and claimed that outsiders were interfering with the polling process.
"They are not allowing the councillor of ward number 70 to step out. They are picking up all our boys. Abhishek and I stayed awake the entire night," she said.
Banerjee further claimed that some people from outside the state were trying to create disturbances in the constituency and sought immediate intervention from the Election Commission.
The BJP, however, dismissed her allegations, claiming that the ruling party was trying to create confusion after sensing public anger against it.
Adhikari said the CM will lose the election.
The LoP offered prayers at two temples in the constituency's Khidirpur area.
Adhikari said people are coming out in large numbers to vote, with the Election Commission making proper arrangements for ensuring free and fair election.
"Does not matter, she will lose," Adhikari told reporters about the TMC chief venturing out on polling day early in the morning in a departure from her practice of going out only in the afternoon to cast her vote.
The party's de facto second-in-command Abhishek Banerjee, on the other hand, asserted that the TMC will win with a higher number of seats than in 2021.
The Diamond Harbour MP, after casting his vote at Mitra Institution, accused the poll observers of highhandedness in different places.
"But these things will not matter, we will win by a higher number of seats this election," he told reporters.
Voting is underway in 142 constituencies in the second and final phase of the West Bengal assembly elections amid unprecedented security arrangements.
Polling began at 7 am with voters lining up outside booths across Kolkata, Howrah, North and South 24 Parganas, Nadia, Hooghly and Purba Bardhaman -- districts that together form the political and electoral core of the state.
The outcome of this phase is expected to be crucial as it covers south Bengal, considered the TMC's traditional stronghold, where the BJP is seeking major inroads.
Polling will continue till 6 pm.
The first phase of the assembly elections on April 23 had recorded a turnout of 93.19 per cent -- the highest ever in the state.
Counting of votes will take place on May 4.
