Sensex shows withdrawal symptoms, slides 122 points
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Caution took over investors as the market frittered away all the early gains as the benchmark Sensex started moving down, showing signs of heavy volatility.
Selling pressure distinctly came to the fore in telecom, auto, capital goods and technology sectors.
What contained the damage was indication that US economy is regaining momentum after upbeat retail sales data. But lingering worries about a US rate hike on horizon made investors skittish, which could affect liquidity flow for emerging markets.
The 30-share index resumed higher at 27,776.14 and hovered between 27,803.21 and 27,663.82 before quoting at 27,551.59 at 1206 hours, down 122.01 points, or 0.44 per cent, from its last close.
The NSE 50-share Nifty too was trading lower by 57.65 points, or 0.67 per cent, at 8,525.75.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 946.42 crore on yesterday, showed provisional data.
Notable losers were Bharti Airtel 2.08 per cent, M&M 1.49 per cent, Asian Paints 1.18 per cent, HDFC Bank 1.11 per cent and Bajaj Auto 0.80 per cent.
Overseas, Asian markets witnessed a mixed trend. US stocks registered small gains last Friday as investors digested the commentary from key Federal Reserve officials.
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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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