Stock markets tumble, rupee down; investors lose Rs 6 trn

November 9, 2016

Mumbai, Nov 9: Stock markets tumbled today with an estimated Rs 6 lakh crore getting wiped off from the invested wealth within seconds of opening trade as Sensex plunged 1,689 points on the US election trends showing lead for Donald Trump and the withdrawal of high-denomination notes worth billions.

share marketRupee also lost value, but gold appeared to be a gainer as an investment option with sovereign gold bonds and gold- linked Exchange Traded Funds gaining ground as key non-cash instruments.

The Sensex opened sharply lower at 26251.38 points this morning and moved further down within seconds to touch a low of 25902.45 points -- down 1,689 points from its previous close -- with all 30 stocks from the benchmark index trading deep in the red.

Buying at lower levels, however, helped the Sensex to recover some lost ground in late morning trade. It was down nearly 975 points at 1100 hours.

The overall investors' wealth, measured in terms of valuation of all listed stocks, was down by nearly Rs 6 lakh crore in early morning trade from nearly Rs 111.44 lakh crore at the end of yesterday's trade.

Stocks from real estate and other cash-focussed sectors were hit the worst, while the major losers in the Sensex pack were Adani Ports, ICICI Bank, Hero MotoCorp, ITC, TCS, HDFC, Bajaj Auto, M&M, Maruti and Tata Steel.

Gail, Cipla, ONGC, Wipro, SBI, Asian Paints, L&T, Sun Pharma, RIL, Axis Bank, Dr Reddy's and Infosys were also down sharply.

The rupee turmoil continued as it slumped further by 28 paise to 66.90 against the US dollar in morning deals on the government's sudden action to ban on Rs 500 and Rs 1,000 currency notes in order to curb black money.

The domestic currency opened lower at 66.70 as against yesterday's closing level of 66.62 per dollar at the Interbank Foreign Exchange (Forex) market. Soon, it spiralled downward further and languished between 66.90 and 66.70 during morning deals. It was quoting 66.90 at 1045 hrs.

Meanwhile, the dollar index dropped by 2.06 per cent at 95.91 against a basket of six currencies in the early trade.

Taking cues from global markets, spooked domestic investors indulged in across the spectrum sell-off including in secondline shares of midcap and small companies. All the indices pack led by realty, consumer durables, financials, banks, IT, auto, metal, healthcare, power and industrials languished in massive selling.

The Sensex was trading at 26,604.02 in late morning deals, showing a drop of 987.12 points, or 3.58 per cent, from its last close. The 50-share Nifty was also slumped by 319.35 points, or 3.74 per cent, to quote at 8,224.20.

Key frontline shares all fell led by Adani ports 6.29 per cent, Heromotoco 6.13 per cent, ICICI Bank 5.93 per cent, HDFC 5.00 per cent and TCS 4.83 per cent. Foreign portfolio investors (FPIs) bought shares worth a net Rs 86.66 crore yesterday, as per provisional data.

Overseas, Asian markets slumped in volatile trading as investors await the outcome of the US presidential election, with early results showing Donald Trump capturing several states.

In US, stocks finished in positive territory for a second straight day, as gains in the consumer goods, utilities and telecoms sectors led shares higher.

Comments

Skazi
 - 
Wednesday, 9 Nov 2016

Naren and Bhupa.....Hope you have not lost anything in shares ..... I am happy that I have nothing to lose in this share market.... I was in this trading but I quit the share market 10 years ago ....
i pity the doctors and vakils of coastal districts, who are members of sangha parivar have lost heavily in cash and share market

Mangana kaiyalli manikkya ...

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Agencies
May 27,2020

Lucknow, May 27: Uttar Pradesh chief minister Yogi Adityanath has taken a U-turn, two days after he declared that permission would be needed if other states employ workers from UP.

The issue sparked a major controversy and an official spokesman has now said that the government would not include this clause of 'prior permission' in the bye-laws of the Migration Commission.

The government spokesman also said it was working on modalities to set up the commission to provide jobs and social security to migrant workers returning to the state. It has named the migration commission as the "Shramik Kalyan Aayog (Workers welfare commission).

About 26 lakh migrants have already returned to the state and an exercise to map their skills is being carried out to help them get jobs.

Yogi Adityanath has discussed the modalities for setting up the commission and told his officers to complete the skill mapping exercise in 15 days.

A senior official of Team 11, said, "The chief minister discussed the modalities for setting up the commission, as well. There will be no provision requiring other states to seek UP government's prior permission for employing our manpower. The commission is being set up to provide jobs and social security to the workers. We will also link the migrants to the government schemes to provide them houses and loans etc."

Yogi Adityanath said a letter should be sent to all state governments to find out about migrant workers wanting to come back to Uttar Pradesh.

Earlier, the chief minister, while speaking at a webinar on Sunday, had said, "The migration commission will work in the interest of migrant workers. If any other state wants UP's manpower, they cannot take them just like that, but will have to seek permission of the UP government. The way our migrant workers were ill-treated in other states, the UP government will take their insurance, social security in its hands now. The state government will stand by them wherever they work, whether in Uttar Pradesh, other states or other countries."

The statement had sparked a row with some political leaders and parties questioning the move.

Former Congress president Rahul Gandhi sharply criticized Adityanath's stand, saying the workers were not the chief minister's personal property.

"It is very unfortunate that the chief minister of Uttar Pradesh views India in such a way. These people are not his personal property. They are not the personal property of Uttar Pradesh. These people are Indian citizens and they have the right to decide what they want to do and they have the right to live the life they want to live," he had said.

Maharashtra Navnirman Sena chief Raj Thackeray had also taken on Adityanath and said that if UP insists on "permission" before other states can employ workers from there, "then any migrant entering Maharashtra would need to take permissions from us, from the Maharashtra state, our police force too."

Meanwhile, the government spokesman said, "The chief minister is deeply moved by the condition of migrants. They have been treated badly by other states. So, when the chief minister spoke about the need for seeking UP government's permission, he did so as a guardian for workers. It's only his concern for the migrants that came out as a political statement."

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News Network
April 11,2020

Thiruvananthapuram, Apr 11: The effective handling of Covid-19 pandemic by the Kerala Government has received a big endorsement in the International media with the latest being a report in Washington Post which suggests that the State’s success could prove instructive to the entire country.

The Washington Post quoted Kerala Health Minister K K Shailaja Teacher as saying “We hoped for the best but planned for the worst. Now, the curve has flattened, but we cannot predict what will happen next week.”

"The Minister said six states had reached out to Kerala for advice. She, however, noted that it might not be easy to replicate Kerala’s lessons elsewhere," according to the Minister's office quoting the report here on Saturday.

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News Network
January 31,2020

Jan 31: Twenty-three children aged between six months and 15 years, who had been taken hostage by a murder accused after inviting them to his daughter's birthday party, were rescued late on Thursday night after police killed their captor in a village here.

The hostage drama began at Kasaria village in the afternoon and continued for about eight hours.

"The accused was killed and there were about 23 children who were rescued safely," Additional Chief Secretary (Home) Awanish Awasthi told reporters at a hurriedly called press conference at 1.20 am.

"The accused had invited the children for the birthday party of his daughter and held them hostage. It started about 5.45 pm on January 30 and continued for about eight hours," Director General of Police (DGP) O P Singh said, adding that in the entire operation they had tried to "engage" the accused and were successful.

He said the accused, identified as Subhash Batham, had initially released a six-month-old girl by handing her over to his neighbour from a balcony.

Eyewitnesses said a restive crowd gathered outside the house where the children were kept with some women wailing and praying for their safe release.

The crowd broke open the door of the house to rescue the children, they said.

As the accused opened fire, the police retaliated killing him on the spot.

In the exchange of fire, the captor's wife was injured, but none of the children suffered any injury.

A man and two policemen also suffered bullet injuries.

The motive of the accused was not known immediately.

Chief Minister Yogi Adityanath monitored the situation in Farrukhabad, which is nearly 200 km from state capital Lucknow.

"The CM as soon as he got to know about the incident called a meeting of the crisis management group and personally monitored the situation and ensured children are rescued safely," Awasthi said.

Earlier, a team of NSG (National Security Guard) commandos had taken a special aircraft to reach Farukhabad, a senior security official in Delhi said.

Police said Batham, a murder accused, seemed to be mentally unstable.

Inspector-General of Police, Kanpur Range, Mohit Agarwal, said, "The man called the children for a birthday party and held them hostage in the basement of the house. He fired six shots from inside the building."

Batham initially wanted to talk to the local MLA, but refused to speak to the leader when he arrived, Agarwal said.

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