Led by auto stocks equity indices rise; trade war concerns limit gains
Mumbai, July 6: Broadly positive global markets along with healthy buying in auto and consumer durable stocks lifted the key Indian equity indices on Friday.
Although the indices had opened on a negative note, they bounced back within the first hour of trade.
Weak sentiments due to the ongoing trade war between the US and China led the indices to cede major gains around the last hour of trade.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,772.65 points -- higher by 22.90 points or 0.21 per cent from its previous close of 10,749.75 points.
The barometer 30-scrip Sensex on the BSE, which had opened at 35,543.66 points, closed at 35,657.86 points -- up by 83.31 points or 0.23 per cent from its previous session's close of 35,574.55 points.
Sensex touched a high of 35,799.46 points and a low of 35,532.21 points during the intra-day trade. The BSE market breadth was tilted towards the bulls with 1,451 advances against 1,197 declines.
"Markets ended higher on Friday after the minor correction seen on Thursday," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"A sell-off from the highs of the day curbed the gains when China retaliated as the tariffs on $34 billion of Chinese exports to the US came into force," he said, however adding that positive European markets supported the Indian indices.
Vinod Nair, Head of Research, Geojit Financial Services said: "Market showed signs of stability as improving outlook on auto and consumption oriented sector lifted the sentiment."
"However, emergence of profit booking towards end on account of continuing trade tensions led the indices to end with marginal gains," he added.
According to Jasani, broad market indices like the BSE mid-cap and small cap indices outperformed the main indices.
The S&P BSE mid-cap rose by 0.56 per cent and the S&P BSE small cap ended 0.46 per cent higher from its previous close.
On the currency front, the rupee ended at 68.87 per dollar, eight paise stronger than its previous close of 68.95 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 968.18 crore while the domestic institutional investors bought stocks worth Rs 1,480.82 crore.
Sector-wise, the S&P BSE auto index surged by 337.86 points, the capital goods index rose by 201.04 points and the oil and gas stocks ended 97.91 points higher.
On the other hand, the S&P BSE healthcare index fell by 105.67 points, the consumer durables index was down 45.21 points and the FMCG index ended lower by 17.90 points from its previous close.
The major gainers on the Sensex were Hero MotoCorp, up 3.83 per cent at Rs 3,636.70; Tata Motors, up 3.69 per cent at Rs 271.15; Tata Motors (DVR), up 2.25 per cent at Rs 156.85; Bajaj Auto, up 1.80 per cent at Rs 3,023.35; and Tata Consultancy Services, up 1.68 per cent at Rs 1,913.30 per share.
The top losers were Sun Pharma, down 1.28 per cent at Rs 558.45; NTPC, down 1.22 per cent at Rs 150.25; HDFC, down 0.82 per cent at Rs 1,915.75; Wipro, down 0.75 per cent at Rs 263; and Vedanta, down 0.72 per cent at Rs 219.50 per share.
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B'luru: "Least priority, shifted late," says brother of patient who died in Ramaiah hospital fire
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Bengaluru: Hours after a fire broke out at the Critical Care Unit (CCU) of the MS Ramaiah Memorial Hospital on New BEL Road on Thursday, a 34-year-old patient, Sujay Sujathan Panicker, tragically passed away. His family has accused the hospital authorities of negligence, which they claim led to his death.
The fire at Ramaiah Memorial Hospital is believed to have been caused by a short circuit. Initial reports suggested that there were no casualties in the incident.
Sujay, originally from Kollam in Kerala, had been residing in Bengaluru with his family since 2004. He was undergoing treatment for pneumonia, Acute Respiratory Distress Syndrome (ARDS), and H1N1 since September 1 at the hospital.
Sujay's wife and father released a video accusing the hospital of negligence. In the video, his wife, Rohini Jayan, alleged that the hospital authorities took no action against those responsible for the fire.
Sujay’s brother, Sujin Sujathan Panicker, speaking to Vartha Bharathi, detailed the family’s ordeal. He said that despite his sister-in-law requesting assistance during the chaos, the hospital staff pushed her away, assuring her that all patients had been safely evacuated to the Medical Intensive Care Unit (MICU). However, Sujin claims that his sister-in-law did not see Sujay being shifted.
He further stated, “Sometime later, when a doctor arrived, she (Rohini) inquired about Sujay. It was only after the doctor questioned the staff that they rushed to evacuate him.”
Sujin added that by the time his brother was evacuated, 50 minutes had already passed since the fire broke out. "He was still inside, while all the other patients were taken out first. He was admitted to the hospital with a respiratory illness, yet he was given the least priority during the chaos. He was the last one to be evacuated."
He also claimed that Rohini had already noticed that Sujay’s condition had deteriorated and believed he had passed away, though the hospital authorities did not officially declare his death.
Sujin further stated that the hospital authorities called him and his father to the board room at the 8th floor of the hospital, where senior executives and doctors who had treated Sujay were present “During the interaction they (hospital authorities) claimed that Sujay was still alive and that his condition had worsened amid the smoke and that his chances of survival were less, which was not true.”
"Despite staff being present to evacuate my brother, they remained negligent. The fire broke out at 1:00 p.m., so why did it take 50 minutes to get him out? He was in a corner bed in the CCU, and it seemed they either overlooked the room or ignored it. Even after repeated requests, it took them 50 minutes to evacuate him," Sujin added.
Sujin also expressed concerns that the hospital authorities might attempt to influence the investigation. "They can influence anyone—any hospital, any report."
At the time of the interview, Sujin stated that neither anyone from the government nor from the health department had contacted the family.
A complaint has been filed in connection with the incident at the Sadashivanagar police station. "The statements of the family members have been recorded, and an investigation into the matter is underway. An FIR has been lodged under Bharatiya Nyay Sanhita (BNS) Section 106 (causing death due to negligence)," said Sadashivanagar police station Sub-Inspector.
Meanwhile, officials from Ramaiah Memorial Hospital were unavailable for comment.
