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 ...

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 26,2020

New Delhi, May 26: With India now in the bracket of top 10 nations worst hit by the novel coronavirus, experts have attributed the surge in cases to easing of travel restrictions and movement of migrants besides enhanced testing capacity.

According to AIIMS Director, Randeep Guleria, the present rise in cases has been reported predominantly from hotspot areas but there is a possibility of further rise in the number of COVID-19 cases in the coming few days due to increased travel.

"Those who are asymptomatic or are in presymptomatic stage will pass through screening mechanisms and may reach areas where there have been minimal or less cases," Guleria said.

He said there was a need for more intense surveillance and monitoring in areas where migrants have returned to contain the spread of the disease.

If proper social distancing and hand hygiene is not maintained at a time when people are out on roads, the coronavirus infection will transmit much faster, he said.

Guleria also noted that testing capacity has been significantly ramped up which is reflecting in the increasing number of cases being detected.

Commenting on the partial resumption of rail and road transport services and migrants returning to their native places, Dr Chandrakant S Pandav, former president of the Indian Public Health Association and Indian Association of Preventive and social medicine, said the floodgates have been opened.

"This is a classic case of creating an enabling environment for coronavirus to spread like wildfire. In the coming few days, the number will rise dramatically. While it is true that lockdown cannot go on forever, the opening up should have been in a measured, calibrated and informed manner," he said.

"Travelling leads to spread of the infection. Now, the government will have to ensure even stronger surveillance to curb the infection but if that will be done is something to be observed," he said.

The death toll due to COVID-19 rose to 4,167 and the number of cases climbed to 1, 45,380 in the country, registering an increase of 146 deaths and 6,535 cases since Monday 8 am, according to the Union Health Ministry.

Dr K K Aggarwal, President of the Confederation of Medical Association of Asia and Oceania (CMAAO), and former IMA President, said there will be a further surge in cases in the coming days if migration continues without any proper social distancing.

"Within the next ten days, the cases will cross two lakh. The very fact that number of cases was rising before the end of the third lockdown and continuing during the fourth lockdown means that people are not following physical distancing as required," he said.

"Even in the last week of May when the temperature is very high, the rising number of cases would mean that human-to-human transmission is more important than surface-to-human transmission. Normally in heat the surface-to-human transmission should have reduced the new cases by half which has not happened," Aggarwal said.

However, Professor K Srinath Reddy, president of the Public Health Foundation of India, said an increase in the number of cases reflects both an increase in testing rates and an increase in spread.

"What we need to see is the number of new tests performed per day and the number of new cases that were identified from them. That gives a better idea of the rate of spread than the total number of new cases alone.

"We also have to see if the testing criteria has remained the same between the two periods of comparison.We may open up gradually but will have to continue case detection, contact tracing and follow personal protection measures as vigorously as possible," he added.

A total of 31,26,119 samples have been tested as on May 26, 9 am and 92,528 samples have been tested in the last 24 hours, ICMR officials said.

India is the tenth most affected nation by the pandemic after the US, Russia, UK, Spain, Italy, Brazil, Germany, Turkey and France, as per the John Hopkins University data.

The country has recorded 6,088, 6,654, 6,767 and 6977 cases on May 22, 23, 24 and 25 respectively. Also, the number of RT-PCR tests for detection of COVID-19 in the country crossed the 30-lakh mark on Monday.

The first two phases of the lockdown led to 14-29 lakh COVID-19 cases being averted, while the number of lives saved in that period was between 37,000 and 78,000, the government said last Friday, citing various studies, and asserted that the unprecedented shutdown has paid "rich dividends" in the fight against the pandemic.

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
July 24,2020

Lucknow, Jul 24: A special CBI court on Friday recorded the statement of veteran BJP leader LK Advani in the Babri mosque demolition case.

The statement of the 92-year-old former deputy prime minster was recorded through video conferencing in the court of special Judge S K Yadav.

On Thursday, the court recorded the statement of BJP veteran Murli Manohar Joshi in the case. 

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
January 5,2020

New Delhi, Jan 5: Senior Congress leader P Chidambaram on Sunday sàid it was "shameful" that Sadaf Jafar, SR Darapuri and Pavan Rao were arrested by the Uttar Pradesh Police for violence without any evidence against them.

He also said that it was a shocking admission by the police that there is no evidence of their involvement.

"Sadaf Jafar, S R Darapuri and Pavan Rao Ambedkar released on bail after police ADMITTED no evidence of their involvement in violence. Shocking admission," he said on Twitter.

"If that were so, why did the police arrest them in the first place? And how did the Magistrate remand them to custody without looking at the evidence," he asked.
"The law says 'find evidence, then arrest'. The reality is 'first arrest, then search for evidence'. Shameful," Chidambaram tweeted.

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.