Stock markets tumble, rupee down; investors lose Rs 6 trn

November 9, 2016

Mumbai, Nov 9: Stock markets tumbled today with an estimated Rs 6 lakh crore getting wiped off from the invested wealth within seconds of opening trade as Sensex plunged 1,689 points on the US election trends showing lead for Donald Trump and the withdrawal of high-denomination notes worth billions.

share marketRupee also lost value, but gold appeared to be a gainer as an investment option with sovereign gold bonds and gold- linked Exchange Traded Funds gaining ground as key non-cash instruments.

The Sensex opened sharply lower at 26251.38 points this morning and moved further down within seconds to touch a low of 25902.45 points -- down 1,689 points from its previous close -- with all 30 stocks from the benchmark index trading deep in the red.

Buying at lower levels, however, helped the Sensex to recover some lost ground in late morning trade. It was down nearly 975 points at 1100 hours.

The overall investors' wealth, measured in terms of valuation of all listed stocks, was down by nearly Rs 6 lakh crore in early morning trade from nearly Rs 111.44 lakh crore at the end of yesterday's trade.

Stocks from real estate and other cash-focussed sectors were hit the worst, while the major losers in the Sensex pack were Adani Ports, ICICI Bank, Hero MotoCorp, ITC, TCS, HDFC, Bajaj Auto, M&M, Maruti and Tata Steel.

Gail, Cipla, ONGC, Wipro, SBI, Asian Paints, L&T, Sun Pharma, RIL, Axis Bank, Dr Reddy's and Infosys were also down sharply.

The rupee turmoil continued as it slumped further by 28 paise to 66.90 against the US dollar in morning deals on the government's sudden action to ban on Rs 500 and Rs 1,000 currency notes in order to curb black money.

The domestic currency opened lower at 66.70 as against yesterday's closing level of 66.62 per dollar at the Interbank Foreign Exchange (Forex) market. Soon, it spiralled downward further and languished between 66.90 and 66.70 during morning deals. It was quoting 66.90 at 1045 hrs.

Meanwhile, the dollar index dropped by 2.06 per cent at 95.91 against a basket of six currencies in the early trade.

Taking cues from global markets, spooked domestic investors indulged in across the spectrum sell-off including in secondline shares of midcap and small companies. All the indices pack led by realty, consumer durables, financials, banks, IT, auto, metal, healthcare, power and industrials languished in massive selling.

The Sensex was trading at 26,604.02 in late morning deals, showing a drop of 987.12 points, or 3.58 per cent, from its last close. The 50-share Nifty was also slumped by 319.35 points, or 3.74 per cent, to quote at 8,224.20.

Key frontline shares all fell led by Adani ports 6.29 per cent, Heromotoco 6.13 per cent, ICICI Bank 5.93 per cent, HDFC 5.00 per cent and TCS 4.83 per cent. Foreign portfolio investors (FPIs) bought shares worth a net Rs 86.66 crore yesterday, as per provisional data.

Overseas, Asian markets slumped in volatile trading as investors await the outcome of the US presidential election, with early results showing Donald Trump capturing several states.

In US, stocks finished in positive territory for a second straight day, as gains in the consumer goods, utilities and telecoms sectors led shares higher.

Comments

Skazi
 - 
Wednesday, 9 Nov 2016

Naren and Bhupa.....Hope you have not lost anything in shares ..... I am happy that I have nothing to lose in this share market.... I was in this trading but I quit the share market 10 years ago ....
i pity the doctors and vakils of coastal districts, who are members of sangha parivar have lost heavily in cash and share market

Mangana kaiyalli manikkya ...

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Agencies
February 11,2020

New Delhi, Feb 11: Delhi BJP chief Manoj Tiwari on Tuesday said the party will review why it failed to meet its own expectations in the Assembly polls and saw a moral victory in the fact that the party's vote share has increased since 2015.

"Delhi must have given mandate after careful thinking. Our vote percentage has increased from 32 per cent to around 38 per cent. Delhi did not reject us and the increase (in vote share) is a good sign for us," he told reporters.

He said the BJP hopes that there would be less blame game and more work in the national capital and congratulated Arvind Kejriwal on his party's victory in the polls.

After winning the Patparganj seat, AAP senior leader Manish Sisodia accused the BJP of indulging in the politics of hate.

"We indulge in politics of development not politics of hate. We're against the roadblock in Shaheen Bagh as we were earlier," he said.

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News Network
June 20,2020

Jun 20: Congress leader Rahul Gandhi on Saturday attacked Prime Minister Narendra Modi over his remark that neither is anyone inside India's territory nor has any of its posts been captured, alleging that the PM has "surrendered" Indian territory to Chinese aggression.

In a statement on the all-party meeting called by Modi on Friday to discuss the situation at the India-China border, the government said, "At the outset, prime minister clarified that neither is anyone inside our territory nor is any of our post captured."

Tagging PM's remarks with his tweet, Gandhi said, "PM has surrendered Indian territory to Chinese aggression."

"If the land was Chinese: 1. Why were our soldiers killed? 2. Where were they killed?" Gandhi said.

The categorical statement by the prime minister came in the wake of reports that Chinese military has transgressed into the Indian side of the Line of Actual Control, the de-facto border, in several areas of eastern Ladakh including Pangong Tso and Galwan Valley.

Soon after Gandhi's tweet, Union Home Minister Amit Shah posted video of father of a soldier, who was injured in Galwan face-off, and hit out at the Congress leader, accusing him of indulging in "petty politics".

"A brave armyman’s father speaks and he has a very clear message for Mr. Rahul Gandhi. At a time when the entire nation is united, Mr. Rahul Gandhi should also rise above petty politics and stand in solidarity with national interest," Shah wrote.

The prime minister's assertion came even as Congress president Sonia Gandhi, at the all-party meet, questioned the government's handling of the situation, asking if there was any intelligence failure, and seeking assurance that China will "revert" to its original position.

Rahul Gandhi on Friday accused senior ministers in the government of "lying" to protect the prime minister and that the Centre was "fast asleep" while martyred jawans paid the price in Ladakh.

The former Congress chief also tagged a one-minute video of a jawan's father saying the Indian soldiers were unarmed when they were attacked by Chinese troops.

He has been questioning the government on the LAC standoff and asking how the Chinese occupied Indian territory and why Indian soldiers were sent "unarmed to martyrdom" in Ladakh.

Twenty Indian Army personnel, including a colonel, were killed in a clash with Chinese troops in the Galwan Valley in eastern Ladakh on Monday night, the biggest military confrontation in over five decades that has significantly escalated the already volatile border standoff in the region.

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News Network
April 5,2020

New Delhi, Apr 5: Joining efforts to fight COVID-19, the Defence Research and Development Organisation (DRDO) has designed a full-body disinfection chamber and a special face protection mask for healthcare professionals, officials said.

The special chamber called 'PSE' has been designed by Vehicle Research Development Establishment (VRDE), Ahmednagar, a DRDO Laboratory.

The walk through enclosure is designed for personnel decontamination, one person at a time. It is a portable system equipped with sanitiser and soap dispenser, officials said.

The decontamination is started using a foot pedal at the entry. On entering the chamber, electrically-operated pump creates a disinfectant mist of hypo sodium chloride for disinfecting, the DRDO said in a statement.

The mist spray is calibrated for an operation of 25 seconds and stops automatically indicating completion of operation. As per procedure, personnel undergoing disinfection will need to keep their eyes closed while inside the chamber, it said.

The system consists of roof mounted and bottom tanks with a total of 700 litres capacity. Approximately 650 personnel can pass through the chamber for disinfection until the refill is required, the DRDO said.

The system has see-through glass panels on side walls for monitoring purpose and is fitted with lights for illumination during night-time operations, it added.

This system can be used for disinfection of personnel at the areas of controlled ingress and egress such as entry and exit to hospitals, malls, office buildings and critical installations, officials said.

Also, Research Centre Imarat (RCI), Hyderabad, and Terminal Ballistics Research Laboratory (TBRL), Chandigarh, have developed face protection mask for healthcare professionals handling COVID-19 patients, the DRDO added.

Its light weight construction makes it convenient for comfortable wear for long duration. This design uses commonly available A4 size Over-Head Projection (OHP) film for face protection, it said.

One thousand face shields are being produced daily in TBRL and provided to Postgraduate Institute of Medical Education and Research (PGIMER), Chandigarh, it said.

Similarly, 100 are produced at RCI and these have been handed over to Employees' State Insurance Corporation (ESIC), Hyderabad. A demand of 10,000 shields has been received from PGIMER and ESIC hospitals based on successful user trials, the DRDO added.

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