Sensex sinks 792 points to close below 35,000-mark

Agencies
October 5, 2018

Mumbai, Oct 5: The BSE Sensex plunged 792 points on Friday to end at a near six-month low of 34,376.99 after the RBI unexpectedly maintained status quo on the policy rate but changed its stance to "calibrated tightening" amid the rupee breaching the 74-mark.

The central bank kept the interest rate unchanged at 6.5 per cent.

Sentiments were also bearish largely in tandem with a sell-off in global markets as US Treasury yields surged to multi-year highs on robust economic data and comments from the Federal Reserve, sparking fears of accelerating inflation, brokers said.

The Indian rupee Friday crashed below the 74-level against the US dollar for the first time ever after the Reserve Bank kept its key policy rate unchanged.

The domestic currency was quoting 65 paise lower at 74.23 (intra-day) against the dollar soon after the RBI announced its monetary policy.

The 30-share index remained in the negative zone through the session. Selling activity gathered momentum after the RBI kept rates unchanged but changed its stance to "calibrated tightening". The benchmark hit a low of 34,202.22, before finishing 792.17 points, or 2.25 per cent down at 34,376.99.

This is its lowest closing since April 23 when it had finished at 34,450.77 points.

The gauge had lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices.

The wider National Stock Exchange index Nifty too tanked 282.80 points, or 2.67 per cent to close at 10,316.45 points. Intra-day, it hit a low of 10,261.90 soon after RBI's policy announcement.

The Monetary Policy Committee (MPC) voted 5:1 in favour of a status quo, with only Chetan Ghate voting for a 0.25 per cent hike.

The MPC, headed by RBI Governor Urjit Patel, said that the recent excise duty cut on petrol and diesel will help contain inflation.

RBI maintained growth estimate at 7.4 per cent for current fiscal and projected retail inflation to rise to 3.8-4.5 per cent in October-March.

Marketmen were expecting the six-member Monetary Policy Committee to go for at least a 0.25 per cent hike at the review.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 21,2020

Bengaluru, May 21: The top two food-delivery startups, Swiggy and Zomato, will begin delivering alcohol in some cities starting from today, as they cash in on the high demand for booze during the country's coronavirus lockdown.

India was among the few countries to restrict liquor and tobacco sales as it announced one of the world's strictest lockdowns in March.

Hundreds of people started queuing up at liquor stores earlier this month when the government eased some restrictions, leading the police to resort to baton-charges to disperse crowds in some cases.

The companies will roll out the service in select cities in Jharkhand, starting with Ranchi from today, Swiggy and Zomato said in separate statements.

Swiggy said it was in advanced talks with multiple states to launch the service in more locations, and both firms said the move to allow alcohol orders through smartphones will promote social distancing and customer safety.

"By enabling home delivery of alcohol, we can generate additional business for retail outlets while solving the problem of overcrowding," said Anuj Rathi, vice president of products at Bengaluru-based Swiggy.

The new service also comes as both Swiggy and Zomato face sharp declines in their core business, with restaurants remaining shut during the two-month lockdown, forcing the companies to cut hundreds of jobs to save cash.

News agency reported earlier this month that Zomato was aiming to branch out into delivering alcohol. Swiggy is backed by South African internet group Naspers Ltd, while Ant Financial, an affiliate of Chinese e-commerce giant Alibaba Group Holding Ltd, is a major investor in Zomato.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 1,2020

New Delhi, May 1: Amid the lockdown due to the COVID-19 pandemic, the University Grants Commission (UGC) and the Human Resource Development Ministry are planning to conduct the PhD and MPhil exams through online mediums in various universities across the country. The universities have been informed by the UGC and the MHRD about this.

Union Human Resource Development Minister Ramesh Pokhriyal 'Nishank' said, "Phd, MPhil exams, practicals, viva etc can be conducted through Skype or any other meeting apps."

When this system is implemented in colleges, students will not have to wait long for various types of examinations. Especially internal examinations can be taken online. Students' viva tests can also be conducted via Skype or any other similar meeting apps.

Regular classes in the universities will resume after the lockdown is removed. The classes for the first year will start from September 1 while for the second and third years the classes will start from August 1. However, students of various colleges will have to appear for basic exams in July.

A special committee constituted by the UGC has emphasized on conducting examinations online. The committee in its recommendation said that various colleges and universities should conduct online examinations including internal exams of colleges for 25 per cent marks.

The National Testing Agency (NTA), on the advice of the Ministry of Human Resource Development, has extended the date of filling the entrance examination forms for various universities.

According to the orders of the NTA, the date of filling the form for the entrance examinations of Jawaharlal Nehru University, National Council for Hotel Management 'G' and for Phd and MBA from IGNOU has been extended till May 15.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 30,2020

May 30: A Delhi court on Saturday granted interim bail for 10 days to former municipal councillor from the Congress Ishrat Jahan, who has been booked under the stringent Unlawful Activities (Prevention) Act, to get married.

She has been booked under the anti-terror law in a case related to communal violence in northeast Delhi in February.

Additional Sessions Judge Dharmender Rana granted the interim relief from June 10 to June 19 to Jahan on furnishing two sureties of Rs 1 lakh.

The court directed her not to tamper with any evidence or influence the witnesses in the case.

According to the interim bail plea, filed through advocates S K Sharma and Lalit Valeecha, Jahan's marriage was fixed in 2018 for June 12, 2020.

The plea further said that Jahan would not tamper with any evidence or influence the witnesses if granted bail.

The petition, also filed through advocates Tushar Anand and Manu Prabhakar, claimed that Jahan has been falsely implicated in the case.

It alleged that upon bare perusal of the contents of the FIR, no incident of violence can be attributed to her and the wild and baseless allegations made against her were not only irresponsible and false, but also caused serious harm to her reputation.

Jahan, who is also an advocate, was only a supporter of ongoing peaceful protests and it was one of the fundamental rights of the citizens to protest and register their dissent against any unreasonable measure of the government, the plea said.

Besides Jahan, Jamia Millia Islamia University students Asif Iqbal Tanha, Gulfisha Khatoon, Jamia Coordination Committee members Safoora Zargar, Meeran Haider, president of Jamia Alumni Association Shifa-Ur-Rehman, suspended AAP councillor Tahir Hussain, activist Khalid Safi, JNU student Natasha Narwal and former student leader Umar Khalid have also been booked under the anti-terror law in the case.

The police had claimed in the FIR that Khalid and his associates had instigated people to start riots in the area and it was a "premeditated conspiracy".

Communal clashes had broken out in northeast Delhi on February 24 after violence between citizenship law supporters and protesters spiralled out of control, leaving at least 53 people dead and around 200 injured.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.