Stock markets fall for 3rd day on foreign fund outflows; Sensex drops nearly 314 points
Mumbai (PTI): Stock markets closed lower for the third consecutive session on Tuesday with the benchmark Sensex sliding nearly 314 points due to selling in IT and auto shares as foreign fund outflows dampened investor sentiment.
In a volatile trade, the 30-share BSE Sensex dropped 313.70 points or 0.37 per cent to settle at 84,587.01 with 24 of its constituents closing lower and six with gains. During the day, it fell by 363.98 points or 0.42 per cent to 84,536.73.
The 50-share NSE Nifty declined 74.70 points or 0.29 per cent to 25,884.80. Nifty has dropped 307 points or over 1 per cent in three sessions since Friday to slip below the 26,000 level while Sensex has shed 1,045 points or 1.2 per cent during the period.
Among Sensex stocks, Tata Motors Passenger Vehicles, Trent, Infosys, Power Grid, HDFC Bank, HCL Tech, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance were the major laggards.
However, Bharat Electronics, State Bank of India, Tata Steel, Eternal, Bharti Airtel and Reliance Industries were the gainers.
Foreign institutional investors (FIIs) offloaded equities worth Rs 4,171.75 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 4,512.87 crore in the previous trade.
"The domestic market witnessed sharp volatility on monthly expiry day, driven by a weakening INR and continued FII outflows. Caution prevailed as investors awaited clarity on a possible rate cut in the upcoming FOMC meeting and progress on the Indo-US trade deal, despite some improving signals," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Broader markets were positive with the BSE smallcap gauge rising by 0.20 per cent and midcap index by 0.19 per cent.
Among sectoral indices, IT dropped 0.75 per cent, BSE Focused IT (0.64 per cent), consumer durables (0.53 per cent), teck (0.39 per cent), energy (0.32 per cent), auto (0.25 per cent) and utilities (0.25 per cent).
Realty, commodities, healthcare, telecommunication, capital goods and metal were the gainers.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled in positive territory.
Markets in Europe were trading on a mixed note. US markets ended significantly higher on Monday.
Brent crude, the global oil benchmark, dipped 0.69 per cent to USD 62.93 per barrel.
On Monday, the Sensex declined by 331.21 points or 0.39 per cent to settle at 84,900.71. The Nifty fell by 108.65 points or 0.42 per cent to 25,959.50.
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55-bed free palliative care centre to open near Bengaluru’s Nelamangala
Bengaluru: A new 55-bed palliative care centre for terminally ill patients, named the Nemmadi Centre for Palliative Care, will be inaugurated near Nelamangala on Sunday. The facility will offer all services completely free of cost.
According to a report published by Deccan Herald on Saturday, the centre has been set up by the Sukruthi Charitable Trust in collaboration with Rotary Bangalore Midtown. Around Rs 20 crore has been invested in the project, which will operate without a billing counter, ensuring that families do not have to pay for treatment.
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The centre will provide comprehensive palliative care, including medical support, counselling for patients and their families, and bereavement care. The facility aims to help families cope with the physical and emotional challenges of caring for terminally ill patients.
“A cornerstone of the project was the generous donation of land by former MLC E Krishnappa, which made the centre possible,” DH quoted Palani Loganathan as saying.
The inauguration ceremony will be attended by Madhusudan Sai, founder of the Sri Madhusudan Sai Global Humanitarian Mission, Karnataka Health Minister Dinesh Gundu Rao and Rajya Sabha MP Dr C.N. Manjunath who also serves as the chief medical advisor to the centre will also be present, along with several senior government officials and healthcare leaders.
