Sensex, Nifty tank over 1 pc amid foreign fund exodus; take downtrend to 5th day
Mumbai, Feb 11 (PTI): Benchmark stock indices Sensex and Nifty tanked more than 1 per cent on Tuesday amid unabated foreign fund outflows and fresh US tariffs that reignited trade war fears.
Declining for the fifth day running, the 30-share BSE Sensex dropped 1,018.20 points or 1.32 per cent to settle at a two-week low of 76,293.60. During the day, it tumbled 1,281.21 points or 1.65 per cent to 76,030.59.
The NSE Nifty cracked 309.80 points or 1.32 per cent to 23,071.80 with 44 of its constituents closing lower and six with gains.
Among 30 Sensex shares, Zomato tanked over 5 per cent. Tata Steel, Bajaj Finserv, Tata Motors, Power Grid, Larsen & Toubro, Kotak Mahindra Bank, Hindustan Unilever and ITC were the biggest laggards.
Bharti Airtel was the only gainer among Sensex scrips.
In the past five days, the BSE bellwether gauge has slumped 2,290.21 points or 2.91 per cent, while the Nifty tanked 667.45 points or 2.81 per cent.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,463.72 crore on Monday, according to exchange data.
"The ongoing uncertainty surrounding US trade policies and tariffs, coupled with domestic economic growth concerns and persistent selling by FIIs, is dampening market sentiment. The mid and smallcap stocks experienced significant declines due to demand concerns and higher valuations," Vinod Nair, Head of Research, Geojit Financial Services, said.
The BSE smallcap gauge plunged 3.40 per cent and midcap index tumbled 2.88 per cent.
In Asian markets, Shanghai and Hong Kong settled lower while Seoul ended higher.
European markets were trading mostly lower. US markets ended in positive territory on Monday.
Global oil benchmark Brent crude climbed 1.15 per cent to USD 76.74 a barrel.
The Sensex dropped 548.39 points or 0.70 per cent to settle at a week's low of 77,311.80 on Monday. The Nifty declined 178.35 points or 0.76 per cent to 23,381.60.
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Karnataka to approach SC seeking permission to continue MGNREGA
Bengaluru (PTI): The Karnataka Cabinet on Thursday decided to approach the Supreme Court seeking permission to continue implementation of MGNREGA in the state, contending that the Centre had repealed the rural employment guarantee law without consultation and failed to put in place any alternative mechanism under the VB-G RAM G Act.
Briefing reporters after the Cabinet meeting, Karnataka Law and Parliamentary Affairs Minister H K Patil said the state would immediately move the apex court seeking permission to prepare and implement the annual action plan for rural employment works, while also challenging what it described as an infringement on the constitutional rights of states.
The parliament passed VB-G RAM G in December that replaces MGNREGA.
Patil explained that the Cabinet decided to approach the court seeking permission for the State Government to prepare an action plan in this regard. Since the Centre’s stand interferes with the constitutional rights of state governments, the Cabinet has also decided to challenge this issue before the appropriate court
“There are two points here. One is that they have come in the way of our constitutional right of providing the right to work. That has been halted, and, therefore, the State Government has decided to approach the Supreme Court. The second point is that the Government of India has not provided any alternative,” the Minister said.
The Central Government has not yet issued a notification to implement the VB-G RAM G Act, nor has it made any alternative arrangements and hence continuing Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is unavoidable in the public interest, the Minister said.
“Therefore, in the interest of the public, farmers and agricultural labourers, we must continue MGNREGA. For that purpose, the Cabinet has decided to approach the court seeking permission for the State Government to prepare the action plan for this year,” he added.
The Minister also said the Centre had only permitted continuation of pending and spillover MGNREGA works without releasing grants or announcing a fresh action plan.
“The Centre itself has said that pending, spillover and half-done MGNREGA works can continue. That means MGNREGA is actually still functioning in practice. But there is no new action plan,” he said.
Patil said the state had already passed a resolution on the issue, while Chief Minister Siddaramaiah had written to the Prime Minister and the Rural Development Minister had held discussions with Union Ministers.
Replying to questions, the minister said the state would move court “as immediately as possible.”
He clarified that the state was seeking permission to formulate and implement this year’s action plan under the existing framework.
“What we are asking the Supreme Court is to allow us to have the action plan for this year and implement it,” he said.
The Cabinet also held detailed discussions on the final report submitted by the State Education Policy Commission headed by former UGC chairman Professor Sukhadeo Thorat.
Patil said a Cabinet sub-committee would be constituted to examine the report and recommend measures for implementation.
“No decision has been taken yet. The Cabinet sub-committee will recommend what should be accepted and what should be modified,” he said.
He said the report comprised around eight volumes and covered issues relating to financial implications, human resources, curriculum reforms, deemed universities, unitary universities and newly established universities. The Chief Minister has been authorised to constitute the sub-committee.
The Cabinet also approved the Karnataka Motor Transport and Other Related Workers’ Social Security and Welfare Amendment Bill, 2026, transferring welfare administration of transport-related workers from the Labour Department to the Transport Department.
The Cabinet further approved establishment of three new industrial estates in Kalaburagi, Yadgir and Surpur under the Karnataka State Small Industries Development Corporation and Kalyana Karnataka Region Development Board schemes at an estimated cost of Rs 200 crore.
The Cabinet also approved amendments to Karnataka Civil Services (General Recruitment) Rules, 2026, providing two per cent reservation in state civil services appointments for sportspersons.
