Sensex drops below 35,000-mark ahead of RBI policy outcome
Mumbai, Oct 5 : The BSE Sensex fell over 300 points Friday, extending its losing run for the third day, ahead of the RBI's bi-monthly policy meet outcome amid weak global cues.
The 30-share index after cracking the 35,000-mark by falling over 335 points to touch a low of 34,833.81, pared some losses to quote 194.44 points, or 0.55 per cent lower at 34,974.72.
It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices.
Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent.
Stocks of state-run oil companies were under selling pressure as the government Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre and asked oil companies to absorb another Re 1.
Shares of BPCL, HPCL and IOC were trading sharply lower by up to 20.50 per cent on nervous selling by investors.
The NSE Nifty also dropped by 90.40 points, or 0.85 per cent, to 10,508.85.
Brokers said investors offloaded their positions, tracking a selloff in global markets as US Treasury surged to multi-year highs on robust economic data and comments from the Federal Reserve, sparking fears of accelerating inflation.
Besides, caution ahead of RBI's monetary policy announcement which expected to hike interest rates by 25 basis points, too, dented sentiments, they added.
Shares of ONGC, Bajaj auto, HUL, ITC, M&M, RIL, Maruti Suzuki, Hero MotoCorp, Adani Ports, HDFC Bank, NTPC, Vedanta, HDFC, HDFC Bank, Tata Steel and Axis Bank tanked up to 11.27 per cent.
On the other hand, Sun Pharma, IndusInd Bank, Tata Motors, Infosys, Yes Bank, PowerGrid, TCS and Kotak Bank bucked market trend, and were trading in the green, rising up to 2 per cent.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 2,760.63 crore Thursday, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,823.59 crore, provisional data showed.
Among other Asian markets, Japan's Nikkei, Hong Kong's Hang Seng, Strait Times and Taiwan indices fell up to 1.73 per cent.
The US Dow Jones Industrial Average too ended lower Thursday.
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KSCA expresses disappointment over missing IPL playoffs, says it was ready to host matches in B’luru
Bengaluru: The Karnataka State Cricket Association (KSCA) has issued a clarification stating that it was fully prepared to host the IPL playoffs and final matches in Bengaluru but the fixtures were allotted to other venues.
In a media note, KSCA said it was disappointed with the decision. The association stated that its president, former India cricketer Venkatesh Prasad, had been in touch with the Board of Control for Cricket in India (BCCI) and had formally conveyed the association’s readiness and interest in hosting the matches at the M. Chinnaswamy Stadium.
KSCA said the IPL matches held in Bengaluru this season were appreciated for smooth conduct, crowd management and overall experience for spectators. It said this reflected its ability to handle high-profile matches.
The association also stated that it had sent a detailed communication to the BCCI explaining its preparedness and the operational arrangements followed during the current IPL season. According to KSCA, these systems have been in place since the start of the Indian Premier League in 2008 and were followed consistently, including during previous playoff matches hosted in Bengaluru.
The clarification added that the communication sent to the BCCI was only meant to provide factual and operational details and to bring clarity on logistical and stakeholder-related requirements involved in hosting such matches.
KSCA said that although it had shown willingness and preparedness, the BCCI has decided to allocate the playoff matches to other venues. It added that the reasons for this decision have not been formally shared with the association, but it respects the authority of the board in taking such decisions.
The association further said it remains ready to host matches of national and international importance and will continue to cooperate with the BCCI, franchises, government authorities and other stakeholders for conducting cricket events.
The statement was issued by KSCA official spokesperson Vinay Mruthyunjaya, who also thanked the media and cricket fans for their continued support.
