Stock markets fall for 3rd day on foreign fund outflows; Sensex drops nearly 314 points
Mumbai (PTI): Stock markets closed lower for the third consecutive session on Tuesday with the benchmark Sensex sliding nearly 314 points due to selling in IT and auto shares as foreign fund outflows dampened investor sentiment.
In a volatile trade, the 30-share BSE Sensex dropped 313.70 points or 0.37 per cent to settle at 84,587.01 with 24 of its constituents closing lower and six with gains. During the day, it fell by 363.98 points or 0.42 per cent to 84,536.73.
The 50-share NSE Nifty declined 74.70 points or 0.29 per cent to 25,884.80. Nifty has dropped 307 points or over 1 per cent in three sessions since Friday to slip below the 26,000 level while Sensex has shed 1,045 points or 1.2 per cent during the period.
Among Sensex stocks, Tata Motors Passenger Vehicles, Trent, Infosys, Power Grid, HDFC Bank, HCL Tech, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance were the major laggards.
However, Bharat Electronics, State Bank of India, Tata Steel, Eternal, Bharti Airtel and Reliance Industries were the gainers.
Foreign institutional investors (FIIs) offloaded equities worth Rs 4,171.75 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 4,512.87 crore in the previous trade.
"The domestic market witnessed sharp volatility on monthly expiry day, driven by a weakening INR and continued FII outflows. Caution prevailed as investors awaited clarity on a possible rate cut in the upcoming FOMC meeting and progress on the Indo-US trade deal, despite some improving signals," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Broader markets were positive with the BSE smallcap gauge rising by 0.20 per cent and midcap index by 0.19 per cent.
Among sectoral indices, IT dropped 0.75 per cent, BSE Focused IT (0.64 per cent), consumer durables (0.53 per cent), teck (0.39 per cent), energy (0.32 per cent), auto (0.25 per cent) and utilities (0.25 per cent).
Realty, commodities, healthcare, telecommunication, capital goods and metal were the gainers.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled in positive territory.
Markets in Europe were trading on a mixed note. US markets ended significantly higher on Monday.
Brent crude, the global oil benchmark, dipped 0.69 per cent to USD 62.93 per barrel.
On Monday, the Sensex declined by 331.21 points or 0.39 per cent to settle at 84,900.71. The Nifty fell by 108.65 points or 0.42 per cent to 25,959.50.
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Power tariffs under BESCOM to rise from May 1
Bengaluru (PTI): Power bills for consumers under the Bangalore Electricity Supply Company Limited (BESCOM) will go up from May 1, following an order issued by the Karnataka Electricity Regulatory Commission (KERC) on Friday.
The hike comes after KERC allowed the BESCOM to recover a revenue deficit of Rs 2,068 crore incurred in 2024-25, from the consumers.
As a result, for every unit of electricity consumed in 2024-25, the customers will be charged an additional 56 paise, it said.
"BESCOM shall calculate, for each of the active consumers of FY2024-25 the amount to be recovered based on their actual energy consumption during FY2024-25. Such amount shall be recovered during FY 2026-27 in equal monthly instalments, to be called as 'FY25 True up Charges', commencing from the first meter reading date falling on or after 1 May 2026 and concluding with the reading date ending on 30 April 2027," the order said.
"It is further ordered that BESCOM shall maintain a separate head of account, allocated for the purpose, to record the adjustment of the said amount to ensure full recovery of the deficit," it added.
Similarly Chamundeshwari Electricity Supply Corporation Limited (CESC) has also recorded a revenue deficit of Rs 121.71 crore and can collect an additional 15 paisa per unit for consumption in 2024-25, official sources said.
