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 27,2020

New Delhi, Feb 27: The US Commission on International Religious Freedom (USCIRF) has said that the Delhi violence in which over 30 people were killed, was specifically targeted against the Muslims.

Expressing "grave concern over the ongoing violence taking place in Delhi", the USCIRF in a statement said that as President Donald Trump's inaugural visit to India winds down, North-East Delhi has been rocked by deadly rioting, with reports of violence and mobs specifically targeting Muslims.

"These incidents are even more concerning in the context of efforts within India to target and potentially disenfranchise Muslims across the country, in clear violation of international human rights standards," USCIRF Commissioner Anurima Bhargava said.

"According to reports, several mosques have also been set alight or vandalized. Many Muslim residents have been forced to flee the area. This unrest comes in the wake of widespread protests against the Citizenship (Amendment) Act following its passage in December 2019.

"The brutal and unchecked violence growing across Delhi cannot continue," Bhargava said adding that the Indian government must take swift action to ensure the safety of all of its citizens.

"Instead, reports are mounting that the Delhi police have not intervened in violent attacks against Muslims, and the government is failing in its duty to protect its citizens."

USCIRF Chair Tony Perkins said the ongoing violence in Delhi and the reported "attacks against Muslims, their homes and shops, and their houses of worship are greatly disturbing".

One of the essential duties of any responsible government, he said, is to provide protection and physical security for its citizens, regardless of faith.

"We urge the Indian government to take serious efforts to protect Muslims and others targeted by mob violence."

In its annual report last year, the USCIRF classified India as a "Tier 2" country for engaging in or tolerating religious freedom violations that meet at least one of the elements of the "systematic, ongoing, egregious standard for designations as a "country of particular concern (CPC)", under the International Religious Freedom Act.

The ongoing violence in North-East Delhi erupted after clashes between pro and anti-CAA protesters on Sunday.

Besides the casualties, over 200 others have been injured in the deadliest violence in the national capital in decades.

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News Network
July 1,2020

Mumbai, Jul 1: Mumbai police on Wednesday imposed section 144 of CrPC prohibiting the movement of people in public places and gatherings, to prevent the spread of Covid-19, an official said.

The prohibitory order, issued by a senior police official, says restrictions on the movement of residents for non- essential work will remain in force till July 15.

The order prohibits "presence or movement of one or more persons in public places or gathering of any sort", the official said.

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News Network
April 11,2020

New Delhi, Apr 11: Calling upon chief ministers to popularise Aarogya Setu app, Prime Minister Narendra Modi on Saturday said it will an essential tool in India's fight against coronavirus and referred to the possibility of the app being an "e-pass which could subsequently facilitate travel from one place to other".

Interacting with chief ministers through video conference, the Prime Minister mentioned how South Korea and Singapore had got success in contact tracing and said India has made its own effort through the app amid efforts to contain the spread of coronavirus.

A PMO release said that the Prime Minister spoke about popularizing the Aarogya Setu app to ensure downloads in greater numbers.

"He referred to how South Korea and Singapore got success in contact tracing. Based on those experiences, India has made its own effort through the app which will be an essential tool in India's fight against the pandemic, he said. He also referred to the possibility of the app being an e-pass which could subsequently facilitate travel from one place to another," the release said.

The Prime Minister had earlier this week urged people to download the app saying it is an important step in the fight against COVID-19 and its effectiveness will increase as more people use it.

"Aarogya Setu is an important step in our fight against COVID-19. By leveraging technology, it provides important information. As more and more people use it, it's effectiveness will increase. I urge you all to download it," he had said in a tweet.

The app launched earlier this month in public-private partnership enables people to themselves assess the risk for their catching the coronavirus infection.

The app makes its calculations based on a person's interaction with others, using Bluetooth technology, algorithms and artificial intelligence.

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