Sensex, Nifty tumbles over 3.6% after global sell-off

Agencies
February 6, 2018

Feb 6: The BSE Sensex cracked below the 34,000-mark by plunging about 1,275 points or 3.6 per cent in opening trade today due to across-the-board losses after investor sentiment was hit by a sell-off in world markets.

Extending its falling streak for the sixth straight session, the 30-share index fell by 1,274.35 points, or 3.66 per cent, to 33,482.81 with all sectoral indices led by realty, consumer durables, metal and banking tradings in the negative zone.

The index had lost 1,526 points in the previous five sessions after its remarkable over 2,200-point gain in January month.

Also, the broader NSE Nifty cracked below 10,300-mark by falling 390.25 points, or 3.65 per cent to 10,276.30.

Market sentiment took a beating in line with sharp losses at other Asian markets after a record-breaking loss on Wall Street after investors fret over rising US borrowing costs, brokers said.

The US Dow suffered its deepest fall in history, erasing all of its 2018 gains, while the S&P 500 took a beating to sit down for the year yesterday.

Asian markets followed the trend with Tokyo diving more than 5 per cent, Hong Kong 4 per cent and Sydney 3 per cent, Singapore 2.3 per cent, Seoul 3 per cent, Taipei 3.7 per cent, and Shanghai 2.1 per cent.

The heavy profit booking comes after months of surges fuelled by corporate earnings, global outlook and optimism over the US economy.

In domestic markets, caution ahead of RBI monetary policy meeting which begins later in the day and the rupee depreciating by 29 paise to 64.36 against the dollar too dampened the sentiment, brokers said.

Strong selling pressure dragged down all the Sensex and the Nifty components.

Foreign institutional investors sold equities worth Rs 1,263.57 crore in yesterday’s trade, as per provisional data.

The laggards include Tata Motors, Yes Bank, Axis Ban, SBI, Asian Paint,Tata Steel, Adani Ports, ICICI Bank, IndusInd Bank, HDFC Bank, Maruti Suzuki, L&T and Hero MotoCorp, plunged by up to 7.55 per cent.

Comments

Zakir Husain
 - 
Tuesday, 6 Feb 2018

Baloon must burst somehow....

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Agencies
February 18,2020

British lawmaker Debbie Abrahams' e-Business visa was revoked as she was involved in anti-India activities and the cancellation was conveyed to her on February 14, government sources said on Tuesday.

Asserting that the grant, rejection or revocation of a visa or electronic travel authorisation is the sovereign right of a country, the sources said Abrahams was issued an e-Business visa on October 7 last year which was valid till October 5, 2020 for attending business meetings.

"Her e-Business visa was revoked on February 14, 2020 on account of her indulging in activities which went against India's national interest. The rejection of the e-Business visa was intimated to her on February 14," a source said.

Abrahams, who chairs a British parliamentary group on Kashmir, was denied entry into India upon her arrival at the New Delhi airport on Monday.

Government officials had said on Monday also that she was informed in advance that her e-visa had been cancelled.

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News Network
June 30,2020

Beijing, June 30: China said on Tuesday it was concerned about India’s decision to ban Chinese mobile apps such as Bytedance’s TikTok and Tencent’s WeChat and was making checks to verify the situation.

Chinese foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that (the Prime Minister Narendra Modi-led government of) India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59, mostly Chinese, mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

The apps are “prejudicial to the sovereignty and integrity of India, the defence of India, the security of state and public order", the ministry of information technology said in a statement, which came two weeks after 20 Indian Army personnel were killed in a violent clash on the India-China border in Ladakh.

The companies have been invited to offer clarifications before a government panel, which will decide whether the ban can be removed or will stay.

The move also came ahead of military and diplomatic talks between India and China scheduled this week.

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News Network
January 12,2020

Kolkata, Jan 12: Strongly defending the new citizenship law, Prime Minister Narendra Modi said on Sunday the dispute that has arisen over it has made the world aware of persecution of religious minorities in Pakistan.

He, however, deplored that a section of the youth is being “misguided” over the Citizenship (Amendment) Act, which is aimed at giving and not taking away anybody's citizenship rights.

“CAA is not about taking away citizenship, it is about giving citizenship. Today, on National Youth Day, I would like to tell this to the youngsters of India, West Bengal, North East that this is not an overnight law for giving citizenship.

“We must all know that any person of any religion from any country of the world who believes in India and its Constitution can apply for Indian citizenship through due process. There's no problem in that,” he told a gathering at Belur Math, the headquarters of Ramkrishna Mission.

Modi said even Mahatma Gandhi had favoured Indian citizenship to those fleeing religious persecution and that his government has only delivered on the wishes of the freedom fighters.

Referring to anti-CAA protests in the North-East, Modi vowed to protect the distinct identity and culture of the people of the region, and asserted the new law will not hurt their interests.

“We've only done what Mahatma Gandhi had said decades ago. Should we send these refugees back to die? Are they our responsibility or not? Should we make them our citizens or not?” he said, evoking a thunderous applause by the gathering.

Modi said some people with political interests are deliberately spreading rumours about the new citizenship law, despite “complete clarity” over the CAA.

“Our initiative to amend the citizenship act has created a dispute. It is the result of our initiative that Pakistan will now have to answer why they have been persecuting minorities for the last 70 years. Human rights have been demolished in Pakistan,” he said.

Seeking to assuage the concerns of the people of the North-East, Modi called the region “our pride”. “Their culture, traditions and demography remains untouched by this amended law,” he said.

He said the citizenship law was only “changed a little” for those who were ill-treated in Pakisan after Partition.

“They were having a bitter time living there. Women were in danger of losing their pride,” he said.

“Young people have understood the whole thing but those who want to indulge in politics over it will not,” he said.

Modi said five years ago, there was disappointment among the youth of the country, but the situation has changed now.

“Not just India, the entire world has a lot of expectations from the youth of the country. The youth are not afraid of challenges....they challenge the challenges,” he said at the Belur Math, the abode of Swami Vivekananda for several years until his death in 1902, aged 39 years.

Modi, an ardent devotee of Vivekananda, spent the night at the Math.

He has a long association with the Ramkrishna Mission order founded by Vivekananda in 1897. Inspired by the teachings of Vivekananda, Modi had arrived at the Mission Ashram in Gujarat's Rajkot and expressed desire to join the order.

Swami Atmasthananda, who later went on to become the 15th president of the Ramakrishna Math and the Ramakrishna Mission, then headed the Rajkot branch and had advised him that sanyas was not for him and that he should work among people.

During those days, Modi used to regularly meet Atmasthananda and sought his spiritual guidance.

Although Modi went back after spending some time there his the relationship with Swami Atmasthananda and the Ramkrishna Mission continued.

Whenever Modi used to visit Kolkata, even during his days as Gujarat chief minister, he would travel to the Math.

In 2013, during his Kolkata visit, he had gone to Belur and sought the blessings from Atmasthananda.

He had in 2015 called on ailing Swami Atmasthananda at Ramakrishna Mission Seva Pratisthan, a hospital run by the Mission in south Kolkata and enquired about his health.

After Atmasthananda's death in 2017, Prime Minister Modi had termed it as a “personal loss”.

On Sunday, the prime minister paid tributes to Swami Vivekananda on his birth anniversary, which is celebrated as the National Youth Day, and spent some time in the spiritual leader's room in quietude.

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