Investors become poorer by Rs 12 lakh cr in three days of market fall
New Delhi, Jan 10: Investors' wealth tumbled Rs 12 lakh crore in three days of market slump due to uninterrupted foreign fund outflows and concerns over quarterly earnings.
Also, rising crude oil prices and a strengthening dollar index added to investors' pessimism.
In three days, the BSE benchmark Sensex tanked 820.2 points or 1.04 per cent.
On Friday, the 30-share BSE benchmark declined 241.30 points or 0.31 per cent to settle at 77,378.91. During the day, the benchmark gyrated 820.15 points between the day's high of 77,919.70 and low of 77,099.55.
The NSE Nifty dropped 95 points or 0.40 per cent to 23,431.50.
The market capitalisation of BSE-listed firms diminished by Rs 12,07,314.99 crore to Rs 4,29,67,835.05 crore (USD 5 trillion) in the three days.
From the 30-share blue-chip pack on Friday, IndusInd Bank, NTPC, UltraTech Cement, State Bank of India, Sun Pharma, Axis Bank, Tata Steel and Power Grid were among the major laggards.
Tata Consultancy Services jumped nearly 6 per cent after the IT services company reported an 11.95 per cent surge in the December quarter net profit to Rs 12,380 crore.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "Strong quarterly earnings from TCS drove the IT index up 3.4 per cent, helping the market withstand a sharp sell-off."
However, despite broad gains across IT stocks, the Nifty fell for the third consecutive session, Vakil added.
Tech Mahindra, HCL Tech, Infosys and Bajaj Finserv were the other big gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,170.87 crore on Thursday, according to exchange data.
"Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector's resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations.
"Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance," Vinod Nair, Head of Research at Geojit Financial Services, said.
The BSE smallcap gauge dropped 2.40 per cent and midcap index declined 2.13 per cent.
Among BSE sectoral indices, power tanked 3.07 per cent, utilities (2.86 per cent), realty (2.64 per cent), industrials (2.08 per cent), commodities (2.05 per cent) and consumer durables (1.98 per cent).
BSE Focused IT jumped 3.17 per cent, IT (2.65 per cent) and teck (2.24 per cent) were the biggest gainers.
As many as 3,167 stocks declined while 827 advanced and 84 remained unchanged on the BSE.
"Markets continued its downward trajectory as the rupee dropping to new lows against the strengthening dollar has further dampened investors' sentiment. Amid concerns of subdued economic growth and expectations of a slowdown in the quarterly earnings, investors cut their bet on banking and mid & small cap stocks.
"With expensive valuations of Indian markets at large still a concern, investors would mostly resort to stock-specific activities," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
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Savarkar remarks: Rahul Gandhi appears in Pune court via video link in defamation case, gets bail
Pune, Jan 10: A special court in Pune on Friday granted bail to Congress leader Rahul Gandhi in a defamation case related to his alleged objectionable remarks on Hindutva ideologue V D Savarkar.
The MP/MLA court granted bail to the Leader of Opposition in the Lok Sabha on a surety bond of Rs 25,000 after he appeared before it through video conferencing, his lawyer said.
Senior Congress leader Mohan Joshi stood as surety for Gandhi (54) before the court presided over by Amol Shinde, judicial magistrate (first class) and special judge for MP/MLA cases.
Advocate Milind Pawar, representing Gandhi, said soon after his client appeared before the court, they moved a bail application.
The judge allowed the plea and granted bail to the former Congress president on a surety bond of Rs 25000, he informed.
The advocate said the court also granted permanent exemption to the Lok Sabha MP from Rae Bareli from appearing before it.
The case was filed on a complaint by V D Savarkar's grandnephew Satyaki, who alleged Gandhi had made defamatory remarks against the Hindutva icon at a programme he attended in London in March 2023.
Earlier, advocate Sangram Kolhatkar, representing Satyaki Savarkar, objected to Gandhi's application seeking virtual appearance.
There was no provision that allows an accused to appear in court through video conferencing before securing bail, Kolhatkar argued.
The court, however, permitted Gandhi to attend the proceedings online.
Wearing a bottle green sweater, the Congress MP appeared before the court and stated his name when the judge asked for it.
The matter will be next heard on February 18.
As per the complaint, Gandhi, while speaking at the London event, stated that Savarkar had written in a book that he and five to six of his friends once beat up a Muslim man and he (Savarkar) felt happy.
According to the complaint, the freedom fighter had not written this anywhere and the Congress leader's remarks were aimed at defaming him.
At the time, the court had asked the Pune police to investigate the allegations and file a report.
The Vishrambaug police, after an inquiry, submitted that there was prima facie truth in the complaint.
Gandhi had skipped the previous court appearance on December 2 citing the winter session of Parliament which he was attending.
His lawyer Pawar had then assured that the opposition parliamentarian will appear in the court on January 10.
