Global cues, caution ahead of F&O expiry pull equity indices lower
Mumbai, Sep 27 : The key equity indices slipped into the red for the second consecutive session on Thursday as investors turned cautious ahead of the expiry of September futures and options (F&O) contracts.
Weak global cues also weighed on the Indian market, analysts said. Globally, the markets were subdued after the US Federal Reserve raised its key interest rate by 0.25 per cent for the third time in 2018 bringing it to the 2-2.25 per cent range.
Although the Indian indices had opened on a positive note, they could not hold on to the gains for long.
Sector-wise, almost all the sectors, led by finance, banking and capital goods, came under selling pressure on Thursday. However, TECK (technology, entertainment and media) and IT stocks gained.
Index-wise, the Nifty50 on the National Stock Exchange closed at 10,977.55 points, lower 76.25 points or 0.69 per cent from its previous close.
The BSE Sensex, which had opened at 36,691.93 points, closed at 36,324.17 points, down 218.10 points or 0.60 per cent from its previous close of 36,542.27 points.
It touched an intra-day high of 36,711.62 points and a low of 36,238.23 points.
Major Asian markets closed on a mixed note, while European indices like DAX and CAC 40 traded in the red, Deepak Jasani, Head of Retail Research at HDFC Securities said.
On the currency front, the Indian rupee closed at 72.59 per US dollar, two paise stronger from its previous close of 72.61 per greenback. Rupee appreciated marginally as the government on Wesnesday raised import duties on various items in order to narrow down the current account deficit and arrest the fall of Indian currency.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 552.44 crore and domestic institutional investors sold stocks worth Rs 186.69 crore.
The top Sensex gainers were: Tata Consultancy Services, up 2.16 per cent at Rs 2,187.80; Coal India, up 1.39 per cent at Rs 276.30; Power Grid, up 0.93 per cent at Rs 194.80; Infosys, up 0.88 per cent at Rs 724.15; and HDFC Bank, up 0.54 per cent at Rs 1,977.95 per share.
On the other hand, major Sensex losers were: Yes Bank, down 9.14 per cent at Rs 203.20; Tata Motors (DVR), down 3.69 per cent at Rs 118.75; Maruti Suzuki, down 3.68 per cent at Rs 7,556.05; Tata Motors, down 3.32 per cent at Rs 225.55; and Axis Bank, down 2.79 per cent at Rs 598.70 per share.
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SP has ended contract with I-PAC due to fund constraints: Akhilesh Yadav
Lucknow (PTI): Samajwadi Party president Akhilesh Yadav on Wednesday said his party has severed its association with the Indian Political Action Committee (I-PAC) due to a lack of funds.
He dismissed speculations that the termination of contract was because of recent election results.
Addressing a press conference here, Yadav said the party had engaged I-PAC for a brief period ahead of the 2027 Uttar Pradesh Assembly elections but could not continue the arrangement.
"Yes, we had an association. They worked with us for a few months, but we are not able to continue because we do not have that kind of funding," he said.
The I-PAC is a political consultancy firm known for managing major election campaigns across the country.
Election strategist-turned-politician Prashant Kishor has also been associated with the organisation in the past and has worked with multiple parties, including the BJP and the Congress.
In a lighter vein, Yadav took a swipe at the ecosystem of political consultancies. "We thought that if we have to work with a 'winning agency', then there are several big companies."
He said that some people suggested conducting surveys, hiring another firm, keeping a social media company, and even engaging agencies for negative campaigning against other parties.
"There are one or two more companies whose names are not yet known. I can get those for you as well," Yadav said.
Yadav rejected the suggestion that the decision to end the deal was influenced by recent election outcomes in states such as West Bengal.
"There is no such thing. Do not ask questions based on baseless reports. That is not true," he said.
"This is not the reason for ending the agreement. We simply do not have enough funds. If you (the media) give us funds, we can hire another company," the former Uttar Pradesh chief minister said.
