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Sensex, Nifty fall amid weak global trends; metal, oil & gas stocks hit hard

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Mumbai, Feb 3: India’s stock markets on Monday were trading lower as weak global cues and a decline in Asian markets weighed on investor sentiment.

The benchmark indices, Sensex and Nifty, struggled throughout the day, with most sectors witnessing losses.

At the closing bell, the BSE Sensex had dropped 319.22 points, or 0.41 per cent, to settle at 77,186.74, while the Nifty was down 121.10 points, or 0.52 per cent, to close the trading session at 23,361.05.

The decline in the Indian share market is due to US President Donald Trump’s decision to impose a 25 per cent tariff on imports from Canada and Mexico, along with a 10 per cent duty on Chinese goods.

Trump argues that these measures are necessary to protect American borders and curb illicit activities.

Out of 50 constituent stocks on Nifty, 35 closed in the red as the exchange was in negative territory throughout the trading session.

Heavyweights like Larsen & Toubro, Tata Consumer, Hero MotoCorp, Coal India, and Bharat Electronics are among the top losers on NSE with losses extending up to 4.67 per cent.

On the other hand, 13 stocks managed to stay in positive territory, led by Bajaj Finance, Shriram Finance, Mahindra & Mahindra, Wipro, and Bajaj Finserv, which recorded gains of up to 5.12 per cent.

Most sectors were in the red, except for IT, which went up by 0.39 per cent and consumer durables, which rose 0.33 per cent.

The biggest losers were metal stocks, which fell 3 per cent, and oil & gas stocks, which declined 2.80 per cent.

Other sectors facing pressure included FMCG which was down by 2.14 per cent, PSU Banks was down by 2.02 per cent, and realty declined by 1.20 per cent.

The Nifty Bank index was also under pressure, slipping 0.61 per cent, along with financial services, healthcare, and pharma stocks.

The broader markets also struggled, with the BSE SmallCap index falling 1.85 per cent and the BSE MidCap index losing 1.29 per cent.

Meanwhile, India’s market volatility index, India VIX, rose 2.30 per cent to 14.42.

National

Those who tried to erase Sindoor lay in ruins: PM Modi in Rajasthan’s Bikaner

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Bikaner (Rajasthan), May 22: Delivering a fiery address in Palana, Bikaner, his first visit to Rajasthan after Operation Sindoor — Prime Minister Narendra Modi on Thursday presented a firm, uncompromising stance against terrorism, asserting India’s new principles in dealing with threats.

“Operation Sindoor has established three clear principles,” the Prime Minister said.

First, any terrorist attack on India will receive a decisive response, with the timing and method left to the armed forces.

Second, India will not be intimidated by nuclear threats.

Third, there will be no distinction between terror groups and the governments that support them, PM Modi said.

Slamming Pakistan, PM Modi declared: “The game of state and non-state actors is over. India will hold all responsible parties accountable. Those bullets pierced the hearts of 140 crore Indians. Those who tried to erase the Sindoor of our sisters have been razed to the ground.”

Referring to the Pahalgam terror attack on April 22, which took place exactly a month ago when 26 innocent civilians were killed, he revealed that India’s forces destroyed nine major terrorist hideouts in Pakistan and Pakistan-occupied Kashmir within 22 minutes.

“The world saw what happens when Sindoor turns into Barood (gunpowder),” he said.

Making a scathing attack on the neighbouring country, he said, “Pakistan cannot face India directly, so it resorts to terrorism. But they forgot — now Modi stands here with his chest puffed out. My mind stays calm, but my blood runs hot with Sindoor.”

In his address, the Prime Minister said that seven Indian delegations comprising political leaders and foreign policy experts will visit different countries to expose Pakistan’s role in supporting terrorism.

“No talks, no trade with Pakistan — only talk will be about PoK,” he asserted, adding, “India will not back down. This is our resolve, and no power in the world can shake it.”

Describing Operation Sindoor as “not revenge, but the new face of justice,” he said, “This is the fierce form of Samarth Bharat — capable India.”

He recalled a symbolic connection with Rajasthan: “Five years ago, after the Balakot airstrike, my first public meeting was in Rajasthan. Today, after Operation Sindoor, I’m once again in this Veer Bhoomi (land of the brave).”

Earlier in the day, PM Modi visited the Karni Mata Temple in Deshnok before inaugurating 103 modernised Amrit Bharat railway stations and flagging off the Bikaner-Bandra Express.

He also launched and laid foundation stones for projects worth Rs 26,000 crore, including water and infrastructure initiatives for Rajasthan.

Highlighting India’s development strides, the Prime Minister cited engineering marvels like the Chenab Bridge, Atal Setu, and Pamban Bridge, and praised the Vande Bharat and Namo Bharat trains as symbols of a fast-moving India.

A touching moment unfolded when a woman named Sumitra from a self-help group presented a bullock cart model to PM Modi and tried to touch his feet. The Prime Minister gently stopped her and bowed in return.

Governor Haribhau Bagde, Chief Minister Bhajanlal Sharma, and senior BJP leaders were present at the event. Prime Minister Modi also visited an exhibition celebrating Rajasthan’s heroes.

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Business activity in India surges to 13-month high in May: HSBC Composite PMI

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New Delhi, May 22: The HSBC Flash India Composite Output Index – which measures the month-on-month change in the combined output of India’s manufacturing and service sectors – on Thursday reported robust business activity in May in the country, climbing to a 13-month high of 61.2, compared with 59.7 in the previous month.

At 61.2 in May, the HSBC Index showcased a sharp rate of expansion in private sector activity.

“The increase was the most pronounced since April 2024. There was a mild loss of growth momentum in the manufacturing industry but service providers reported the fastest rise in output in 14 months,” according to a HSBC Flash India PMI note.

The HSBC Flash India Manufacturing PMI was little changed from April’s reading of 58.2. At 58.3 in May, the latest figure was consistent with a sharp improvement in the health of the sector.

Private sector growth in India moved up a gear during May, boosted by an acceleration in the service economy.

Strong influxes of new business, both from domestic and international markets, induced quicker expansions in business activity and employment.

There was also an improvement in business confidence for the first time since January, said the HSBC.

“India’s flash PMI indicate another month of strong economic performance. Growth in production and new orders among manufacturing firms remains robust, despite a marginal cooling from the rates of increase observed in April,” said Pranjul Bhandari, Chief India Economist at HSBC.

Notably, there is a firm pick-up in the employment, especially in the service sector, suggesting healthy job creation accompanies the expansion of both India’s manufacturing and service sectors, Bhandari added.

While goods producers indicated the slowest increase in output for three months during May, service providers reported the fastest rise since March 2024.

At the composite level, the latest upturn was the quickest in just over a year. Monitored companies attributed growth to buoyant demand, investment in technology and expanded capacities, according to the note.

“Underlying data indicated that ongoing job creation enabled companies to stay on top of their workloads in May. Not only did employment continued to increase, but growth also hit a fresh series record (since December 2005). Anecdotal evidence showed that full- and part-time staff had been recruited on permanent and temporary bases,” said the HSBC report.

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National

After Kolkata mysterious drone-like objects spotted in skies of Bengal’s Sagar Island

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Kolkata, May 22 : After Kolkata, mysterious movements of drone-like illuminated objects have been spotted in the skies of Sagar Island in the South 24 Parganas district of West Bengal.

Sagar Island, located at the confluence of the River Ganges, is famous for the iconic Kapil Muni Ashram and the annual Gangasagar Mela there.

Eyewitnesses told the police and the media persons that at around 12.30 p.m., illuminated objects with colours like red, green and yellow were spotted in the skies of Sagar Islands.

As per the latest information available, such mysterious movements of illuminated objects were also spotted in the skies of Sagar Island-adjacent Mousuni Island, Fraserganj and Namkhana.

The local residents of Sagar Island, after noting the illuminated objects in the sky, immediately contacted the local police station. However, none of the eyewitnesses were able to specify the exact number of the flying objects.

The district police superintendent of Sundarban District Police, Koteswar Rao, claimed that an investigation has already been started in the matter.

The mysterious light movements were spotted for around 10 to 15 minutes. The movements, according to eyewitnesses, were from the southern side to the northern side of the Sagar Islands.

Similar movements of drone-like illuminated objects were spotted in the skies of Kolkata during the intervening night of Tuesday and Wednesday. Both the Kolkata Police and the Eastern Command of the Indian Army had taken note of these.

In that case, the mysterious movements of light were first spotted by some on-duty cops in some police stations in the city, who immediately informed the Kolkata Police headquarters and subsequently the office of the Eastern Command.

The light movements surfaced from the sides of Maheshtala and Behala in the southern outskirts of Kolkata. They remained visible in the skies over central Kolkata for around 10 to 15 minutes, following which a couple of them vanished on the northern side and some on the eastern side of the city.

There were confusing inputs regarding the exact number of light movements.

Later, the office of the Eastern Command of the Indian Army issued a statement confirming receipt of information about “suspected drones” being spotted in the city skies on Tuesday late at night. “Reports of drone sightings over Kolkata have been received and are currently under investigation. Efforts are underway to ascertain the veracity of this event. Further information will be shared as facts are established. In the interim, the media is urged to refrain from speculation,” the Wednesday statement read.

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