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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May 12,2020

New Delhi, May 12: A total of 12 special evacuation flights from across the globe will bring home stranded Indians on the sixth day of 'Vande Bharat Mission' on Tuesday.

The special flights include Air India flight from Manila to Ahmedabad, London to Hyderabad, Newark-Mumbai-Ahmedabad, AI flight from Singapore to Delhi, AI flight from Dhaka to Srinagar, Dammam to Kochi, Kuala Lumpur to Mumbai, Manila to Delhi, Muscat to Chennai, Dubai to Kannur, Dubai to Mangalore and Singapore-Bengaluru-Kochi.

Amidst the coronavirus pandemic, India is conducting 'Vande Bharat' Mission -- its biggest ever repatriation exercise since independence -- to bring back stranded Indians from abroad, including from the US, the UAE and the UK.

On the fifth day of Vande Bharat Mission, as many as 1,667 Indian nationals were repatriated from different countries in eight special flights.

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March 3,2020

Daman, Mar 3: A BJP councillor was shot dead on Monday in the Union Territory of Daman, police said.

Salim Memon was sitting in his motorcycle showroom when three to four unidentified persons shot four to five bullets after asking a visitor there to move out, an official said quoting eye-witnesses.

While fleeing, they also shot two rounds close to this visitor who was standing outside, he said.

"Memon was rushed to a hospital in Marwad area but was declared dead on arrival. CCTV footage is being scanned to nab the culprits," said Daman Superintendent of Police Vikramjit Singh.

Memon was elected to Daman municipality as a Congress candidate but then switched over to the BJP.

Sources said Memon, who also has a land brokerage business, had come out of jail a few months back in connection with a case of rivalry.

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May 15,2020

New Delhi, May 15: Microsoft founder Bill Gates on Friday thanked Prime Minister Narendra Modi for the interaction and stressed that combating the coronavirus pandemic requires global collaboration.

"Thank you for the conversation and partnership PM Narendra Modi. Combating the pandemic requires global collaboration. India's role is key as the world works to minimize social and economic impact, and pave the way to vaccine, testing, and treatment access for all," Bill Gates said.

Prime Minister Narendra Modi on Thursday interacted with philanthropist and Microsoft co-founder Bill Gates and discussed the global response to Covid-19 and the importance of global coordination on scientific innovation to combat the pandemic.

The Prime Minister underlined the conscious approach that India has adopted in its fight against the health crisis - an approach based on ensuring public engagement through appropriate messaging, a PMO release said.

He explained how this people-centric bottom-up approach has helped win acceptability for physical distancing, respect for frontline workers, wearing of masks, maintaining proper hygiene, and respecting lockdown provisions.

They agreed that given India's willingness and capacity to contribute to global efforts, particularly for benefit of fellow developing countries, it was important for India to be included in the ongoing global discussions for coordinating responses to the pandemic.

The Prime Minister also suggested that the Gates Foundation could take the lead in analyzing the necessary changes in lifestyles, economic organisation, social behaviour, modes of disseminating education and healthcare, that would emerge in the post-Covid world, and the associated technological challenges that would need to be addressed.

He said that India would be happy to contribute to such an analytical exercise based on its own experiences.

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