Indian stock market slips below trillion-dollar mark, rupee at record low

August 6, 2013

Indian_stockMumbai, Aug 6: Indian stock market slipped below the trillion-dollar level in terms of total valuation of all listed companies on Tuesday morning, as downward pressure continued on rupee and share prices.

Rupee touched its all-time low level of Rs 61.51 against the US dollar in early trade and the stock market also lost further ground with a fall of over one per cent in the benchmark Sensex.

As a result, the total market capitalisation of all listed stocks in the country fell to nearly USD 992 billion (close to Rs 60.9 lakh crore), pushing India out of the elite global league of markets having a trillion-dollar valuation.

The BSE benchmark Sensex tumbled by more than 200 points in the late morning trade on fresh selling mainly in realty, metal, consumer durable, banking and captial goods sectors.

Indian stock market has been holding to the trillion-dollar level by a wafer-thin margin for last few days amid continuing weakness in stocks and rupee values.

At the end of Monday's trade, the total valuation of all listed stocks in India stood at Rs 61,55,448.63 crore (USD 1.011 trillion), while it had touched a low of USD 1.004 trillion last week.

With India out of this league, only 13 stock markets across the world currently enjoy a trillion-dollar status, led by the US (an estimated USD 20 trillion).

Other members of this elite club are - UK, Japan, China, Canada, Hong Kong, Germany, France, Switzerland, Australia, South Korea, Nordic region and Brazil.

While markets like Russia, Spain and South Africa have moved out of this club after enjoying a trillion-dollar status in the past, at least three more markets -- Brazil, South Korea and Nordic region markets -- are maintaining this level with small margins.

India had first entered the trillion-dollar club in June 2007, but moved out in September 2008, amid a global slowdown. It again got back into this elite league in May 2009 and had largely remained there since then, except for some brief periods.

Rather than the fall in share values, the rupee weakness has been the greater force behind the dollar-valuation plunge in the recent months.

Since the beginning of the current fiscal in April 2013, though the rupee valuation of Indian stock market has fallen by only about 4 per cent (from Rs 63.88 lakh crore to Rs 60.90 crore), but its dollar valuation has plunged by about 18 per cent (from USD 1,209 billion to USD 992 billion).

Rupee has depreciated by over 12 per cent during this period.

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Agencies
January 6,2020

Lucknow, Jan 6: Undeterred by the large scale protests that claimed as many as 20 lives in the state, Uttar Pradesh government has started the process of implementing the controversial Citizenship (Amendment) Act.

According to sources in the government, the district magistrates have been directed to identify the migrants from Pakistan, Bangladesh and Afghanistan, who have been living in their districts.

Sources said that the state home department has given oral instructions to the district magistrates. ''No written orders have been issued,'' said a senior official here preferring anonymity.

The official said that the district magistrates would be preparing a list containing names of those minorities, who had migrated from these countries following their persecution and had been living without obtaining the citizenship of India.

According to sources, the government expected that the migrants, who could be eligible for the Indian citizenship in accordance with the CAA, could be more in number in the districts, including Rampur, Ghaziabad, Shahjahanpur, Lucknow and some others.

''The list will be sent to the union home ministry,'' the official added.

Sources said that the state government will also inform the centre about the ''illegal Muslim migrants'' for their ultimate deportation to their countries of origin.

Different parts of UP had witnessed large scale violence last month during the protests against the CAA. At least 20 people, mostly youngsters, were killed allegedly in police firing and many others were injured. The state government had denied the charge. 

Alleged police excesses during and after the protests triggered a nationwide outrage with several rights organisations and activists slamming the BJP government and demanding a high-level probe into the allegations.

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News Network
January 9,2020

New Delhi, Jan 9: The Union government has removed the central security cover of Tamil Nadu Deputy Chief Minister O Paneerselvam and DMK leader M K Stalin, officials said on Thursday.

They said while Paneerselvam had a smaller 'Y+' cover of central paramilitary commandos, Stalin had a larger 'Z+' protection.

The security cover of these two politicians has been taken off from the central security list after a threat assessment review was made by central security agencies and approved by the Union home ministry, they said.

Central Reserve Police Force (CRPF) commandos were protecting these two leaders of Tamil Nadu.

However, they said, the central security cover will be formally taken off after the state police takes over their security task, they added.

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Agencies
January 19,2020

Thiruvananthapuram, Jan 19: The CPI(M) will soon launch a nation-wide house-to-house campaign to explain to the people, the 'link' between CAA-NPR-NRC, party general secretary, Sitaram Yechury said on Sunday.

The intense campaign will take place all over the country, he said while briefing the media about the three-day central committee held at Vilapilsala near here.

The central committee also urged the people not to answer the NPR questions.

"The Central committee has called upon the people not to answer any questions concerning the NPR when the enumerators come to their houses...," the left leader said.

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