Parliament adjourned sine die

Feb 28: Market benchmark Sensex plummeted over 1,100 points, wiping off over Rs 5 lakh crore investor wealth, in opening session on Friday amid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth.

The 30-share index sank 1,100.27 points, or 2.77 per cent, to 38,645.39, while the NSE Nifty cracked 329.50 points, or 2.83 per cent, to 11,303.80.

All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.

In the previous session, the Sensex settled 143.30 points, or 0.36 per cent, lower at 39,745.66, and the Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30.

According to analysts, till last week the market was of the view that coronavirus was going to have minimum impact on global economy as situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.

Further, incessant selling by foreign investors is also spooking domestic market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed.

Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 4 per cent in their morning sessions.

On Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 per cent.

The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago.

World oil prices too tumbled by more than 4 per cent overnight as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.

Brent crude oil futures fell another 2.47 per cent to USD 50.45 per barrel early in the day.

The rupee depreciated 28 paise to 71.89 against the US dollar in morning session.

New Delhi, Feb 1: Prime Minister Narendra Modi on Saturday greeted the Indian Coast Guard on its raising day, appreciating its efforts to keep the country's coasts safe.

The Coast Guard came into being in 1977.

"Greetings to the Indian Coast Guard on their foundation day. Our Coast Guard has made a mark due to their remarkable efforts to keep our coasts safe," Modi tweeted.

The prime minister said the force's "concern towards the marine ecosystem is also noteworthy".

Jun 13: The Congress on Saturday accused the BJP-led government of burdening the common man with high taxes on petrol and diesel and earning Rs 2.5 lakh crore since March 5.

Congress leader Kapil Sibal said while international crude oil prices have fallen and are at the lowest level in 15 years, yet petrol and diesel prices are skyrocketing and common people continue to suffer under the Modi dispensation.

He said instead of passing the benefit of lower crude prices to consumers, petrol and diesel prices were hiked for the seventh straight day on June 13.

"The government has earned as much as Rs 44,000 crore in the last six days due to hike in petrol, diesel prices. Since March 5, the government has earned as much as Rs 2.5 lakh crore by way of increasing petrol, diesel prices.

"If the government had even the slightest feelings for the common man, instead of benefitting the companies and the government, the prime minister would have helped the common man with reduced fuel prices," Sibal said at an online press conference.

According to a report by Care Ratings, he said the hike effectively meant that the Central government is collecting around 270 per cent taxes on the base price of petrol and 256 per cent in case of diesel.

The former union minister said petrol was selling at Rs 71.41 in Delhi on May 1, 2014, when international crude oil prices were USD 106.85, while on June 12, 2020, the price of petrol was Rs 75.16 when the crude oil was at USD 38.

He said central excise and VAT cumulatively account for 69 per cent of tax on fuel in India which is higher than anywhere else in the world. He said the tax of fuel in the US was 19 per cent, Japan 47 per cent, the UK 62 per cent, France 63 per cent and Germany 65 per cent.