Sensex, Nifty open lower as North Korea spooks markets yet again
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Key indices on Monday opened flat over escalating global tensions after a fresh nuclear test by North Korea on Sunday.
Asian markets were under pressure as North Korea’s latest nuclear disrupted markets and forced investors to run towards safe haven assets.
On September 3, the US Geological Survey suggested that a 6.3-magnitude earthquake registered at North Korea’s Punggye-ri testing site. Experts believe that the earthquake indicated that Pyongyang detonated a hydrogen bomb with a 100-kiloton yield.
At home, Markets could see an impact over Cabinet reshuffle. POsitive sentiment is expected as Nirmala Sitharaman became India’s first full-time woman Defence Minister. Piyush Goyal, who took charge as India’s new Railway Minister, Petroleum Minister Dharmendra Pradhan and the Minority Affairs Minister Mukhtar Abbas Naqvi, have been also elevated to Cabinet rank.
The former Railway Minister, Suresh Prabhu has been now given charge of Commerce and Industry ministry.
However, in early trade, most sectoral indices were trading in red dragged by banking and financial indices except the auto and metal indices, that were trading in green on NSE.
At 9:17 am, the S&P BSE Sensex was trading at 31,839, down 53 points while the broader Nifty50 index was ruling at 9,968 down 6 points.
Major losers among Sensex components were Adani Ports, Dr Reddy's, Kotak Bank, Asian Paint, Sun Pharma, Infosys, HDFC Bank, Bharti Airtel, L&T, Hind Unilever, Hero MotoCorp, NTPC,HDFC Ltd, M&M and Tata Steel, losing by up to 1.88%. Among other Asian markets, Japan's Nikkei was down 0.86% while Hong Kong's Hang Seng fell 0.49 per cent inearly trade. Shanghai Composite Index, however, was marginallyup by 0.08 per cent. The US Dow Jones ended 0.18 per cent higher in Friday's trade.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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