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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Dental student death: Probe against faculty after harassment allegations
Kannur (Kerala)(PTI): Police have launched a probe against faculty members of Kannur Dental College after a first-year student died after falling from a building in a suspected suicide, officials said on Sunday.
Chakkarakkal police, who registered a case of unnatural death, initiated the probe after the parents and friends of the deceased alleged that he had been subjected to emotional harassment by faculty members.
The deceased has been identified as Nithin Raj RL (22), a native of Uzhamalackal, Puthukulangara, Thiruvananthapuram and a first-year BDS student of the college located in Anjarakandy here.
According to police, Raj was found critically injured near the medical college block after falling from the building on the afternoon of April 10. Though he was rushed to the medical college and given treatment, he later succumbed to his injuries.
Following the incident, the college initiated an internal inquiry and on Saturday suspended Dental Anatomy Department Head MK Ram and Associate Professor KT Sangeetha Nambiar.
Police said Raj had sent an audio message to his friends alleging harassment by faculty members, including threats of physical assault and academic repercussions such as reducing his marks in examinations.
Officials at Chakkarakkal police station said a detailed probe is underway into the incident, with digital evidence being collected.
Also, statements by Raj's classmates, college authorities and family members will be recorded soon, police added.
Raj's father Rajan told reporters that his son was emotionally and "verbally harassed" by teachers over his dark complexion and poor family background.
"He worked hard without any support to secure admission on a merit seat in the dental college. But he was harassed by faculty over his caste and complexion. They also threatened to harm him academically," Rajan claimed.
He said that they have lodged a complaint against the faculty members with the police and are expecting a fair probe into the death of his son.
Raj's sister Nikitha said that he had faced repeated harassment based on caste and complexion.
She claimed that Raj had filed a complaint with the college principal, but no action was taken.
"He used to tell us about such discrimination and harassment regularly. He was once called to the staff room where he was severely harassed," she alleged.
The sister also claimed that Raj was once called a "slum dog" in the classroom in front of other students by a faculty member. "Once, when the harassment became unbearable, he reacted, after which the verbal abuse intensified," she added.
When contacted, college authorities told PTI that two faculty members had been suspended and that they were cooperating with the police investigation.
"We will fully cooperate with the investigation and share all details. Further action will be taken based on the outcome of the police probe," an official said.
The body of Raj was brought to his residence in Thiruvananthapuram on Sunday, and buried on the land owned by the family.
Sheeba MR, mother of veterinary student Sidharthan JS, who died in 2024 allegedly after being ragged by fellow students at the Government Veterinary College, Wayanad, visited the house of Raj.
Sheeba said that after her son’s death, she had hoped such incidents would not recur in colleges, but a similar tragedy had happened again.
"These suspensions are only cosmetic as those responsible will be reinstated later. In Sidharthan’s case, the accused students were to be re-admitted soon. Only after our legal fight are they still kept out," she said.
Meanwhile, political leaders also demanded a detailed probe into the incident.
Congress leader Ramesh Chennithala called for a high-level inquiry into Raj’s death.
He said the government should take seriously the allegations by the student’s parents and relatives that caste-and-complexion-based harassment led to the death and take urgent steps to bring those responsible to justice.
Chennithala said the issue should not be closed by merely suspending two teachers and noted that the parents had firmly alleged severe caste discrimination.
Leader of the Opposition in the outgoing Kerala Assembly VD Satheesan visited Raj’s house and demanded a thorough probe.
"Teachers are expected to guide students. How did such people become teachers? There should be a detailed probe," he said.
He added that strict intervention was needed to ensure such incidents are not repeated in the state.
CPI(M) Rajya Sabha MP A A Rahim also visited the family and described the incident as painful.
Rahim said Raj was the hope of his family, which had supported his education despite hardship.
"CPI(M) will stand with the family until justice is delivered. Such an incident should not have happened in a society like Kerala," he said.
He also compared the incident with the death of Rohith Vemula at the University of Hyderabad.
"The family has told us that Raj faced repeated caste discrimination and was deeply affected by it. A detailed probe must be conducted and justice ensured. The action taken should set an example so that such incidents are not repeated in Kerala," Rahim said.
Meanwhile, the Kerala State Human Rights Commission on Sunday directed the police to conduct a detailed probe into the death of the student and submit a report within a week.
The Commission took a case on its own based on media reports.
Commission Judicial member K Baijunath issued directions to the Kannur City Police Commissioner to investigate the allegations surrounding the incident and file a report within the stipulated time, according to a statement.
