Sensex tumbles over 850 pts on weak global cues, FII outflows; sinks below 75k
Mumbai, Feb 24 (PTI): Falling for the fifth straight session on Monday, equity benchmark BSE Sensex plunged over 850 points to drop below the crucial 75,000 level, tracking a weak global market trend and unabated foreign fund outflows amid escalating trade tensions.
Besides, deep losses in IT, telecom and metal stocks added to the gloom, analysts said.
The 30-share BSE benchmark tanked 856.65 points or 1.14 per cent to settle at 74,454.41. During the day, it plummeted 923.62 points or 1.22 per cent to 74,387.44.
The NSE Nifty dropped 242.55 points or 1.06 per cent to 22,553.35.
As many as 2,810 stocks declined, while 1,207 advanced and 183 remained unchanged on the BSE.
"The market is more concerned about the US' likely move to reciprocate higher tariff levies on exporting nations, which could impact developing countries, including India. Also, FIIs showing no signs of putting brakes on their India exit strategy continue to weigh heavily on markets, with expensive valuations driving investors to curb their equity bets here.
"Heavy selling in banking, IT, telecom and other old economy sectors saw benchmark Sensex end below the crucial level of 75k mark," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In the last five trading sessions, the BSE barometer lost 1,542.45 points or 2 per cent, and the Nifty tanked 406.15 points or 1.76 per cent.
From the Sensex pack, HCL Tech, Zomato, Tata Consultancy Services, Infosys, Tech Mahindra, Bharti Airtel, Tata Steel and NTPC were among the biggest laggards.
In contrast, Mahindra & Mahindra, Kotak Mahindra Bank, Maruti, Nestle and ITC were among the gainers.
Among BSE sectoral indices, BSE Focused IT dropped 2.65 per cent, IT (2.60 per cent), teck (2.56 per cent), telecommunication (2.26 per cent), metal (2.16 per cent), commodities (1.53 per cent) and utilities (1.42 per cent).
On the other hand, Auto and FMCG were the gainers.
The BSE smallcap gauge declined 1.31 per cent, and the midcap index dipped 0.78 per cent.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,449.15 crore on Friday, according to exchange data.
Foreign investors have pulled out over Rs 23,710 crore from equity markets so far this month, pushing total outflows past Rs 1 lakh crore in 2025 amid rising global trade tensions.
"The D-Street indices experienced a sharp drop to an eight-month low as market sentiment remained subdued. The decline was primarily driven by significant losses in heavyweight stocks, especially within the IT sector. This weakness followed reports of declining consumer confidence in the US, casting a shadow over the country's growth outlook.
"The broader market felt the impact, pulling down both small and midcap indices," Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox, said.
In Asian markets, Seoul, Shanghai and Hong Kong settled lower. Equity markets were closed in Tokyo for a holiday.
European markets were trading mostly in positive territory. US markets ended significantly lower on Friday.
"Global headwinds continue to weigh on the domestic market, with persistent volatility causing uncertainty among retail investors, who generally have a lower risk appetite. Weak US consumer sentiment and tariff concerns may further pressure export-oriented sectors such as IT," Vinod Nair, Head of Research, Geojit Financial Services, said.
Global oil benchmark Brent crude rose 0.04 per cent to USD 74.46 a barrel.
On Friday, the BSE benchmark dropped 424.90 points or 0.56 per cent to settle at 75,311.06. The Nifty declined 117.25 points or 0.51 per cent to 22,795.90.
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Speaker Khader dismisses BJP's charges of 'delay' in swearing-in of Jeevaraj as MLA
Bengaluru (PTI): Karnataka Assembly Speaker U T Khader on Wednesday rejected opposition BJP's allegations of delaying the swearing-in of D N Jeevaraj as MLA, asserting that the process was being handled strictly in accordance with constitutional provisions and rules.
BJP candidate Jeevaraj, who had lost the 2023 Sringeri Assembly election to Congress leader T D Raje Gowda, was declared elected late Sunday night after reverification and recounting of postal ballots in compliance with a High Court order.
The recount reduced 255 votes from Gowda's tally, overturning his earlier victory margin of 201 votes and reversing the result.
The recount followed an election petition filed by Jeevaraj.
Addressing reporters, Khader maintained that there was no delay in administering the oath to Jeevaraj, who was declared elected from the Sringeri Assembly constituency after a High Court-ordered recount of postal ballots.
“Where have we delayed? The application was submitted at 11 am. If an application is given in the morning and by evening someone says it’s delayed — how is that a delay?” he said, dismissing the allegations.
The Speaker said the matter involved 'technical issues' that required examination before fixing a date for oath-taking.
“When such a matter comes, we also need to examine it and take a decision as per rules. If an application is given in the morning, at least 24 hours must be given,” he said.
Khader stressed that his role was bound by the Constitution and not influenced by political considerations.
“When an elected MLA asks for time, we must give it under the Constitution and law. Can we refuse? No, we have to give it,” he said, rejecting suggestions that he was acting under party pressure.
He also underlined the need for trust in democratic institutions amid the controversy.
“A democracy and parliamentary system must function on trust. Without that, how can democracy be strengthened? Trust is essential,” he said, cautioning against creating suspicion around constitutional positions.
On claims that the delay was linked to the ongoing political and legal dispute over the recount, Khader said the issue did not fall within his purview.
“My responsibility is to act as per the Constitution and rules. I will ensure that whatever is due to them is done as soon as possible,” the Speaker explained.
He said he had already communicated his position when contacted and would formally inform the concerned parties. “There is no delay, nor any intention to delay. I will discharge my duties as per the Constitution,” he said.
Khader also pointed to possible legal complications in hastily administering the oath.
“If I give the oath to one person and tomorrow the court declares someone else the winner, what happens then? Will it automatically cancel? Will confusion arise?” he asked, indicating the need for due diligence.
On concerns that Jeevaraj had lost over two years of tenure, the Speaker said representation was linked to that constituency rather than an individual.
“Whoever becomes the MLA represents the constituency. Benefits are not given to an individual,” he said, adding that issues of alleged irregularities should be examined by the Election Commission.
The remarks come after the Leader of Opposition BJP in the Karnataka Assembly, R Ashoka on Wednesday accused the Speaker of 'deliberately' delaying the oath and approached Governor Thaawarchand Gehlot seeking intervention, even suggesting that the Governor administer the oath if required.
Chief Minister Siddaramaiah termed the process 'Vote Dacoity' by Jeevaraj and said an FIR has been registered against the newly elected Sringeri MLA.
Defending the recount process, Jeevaraj denied allegations of tampering, while the High Court has stayed an FIR filed against him in connection with the postal ballot issue.
