Govt to rename NIFM as Arun Jaitley National Institute of Financial Management

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

Davos, Jan 22: President Donald Trump has said that the US is watching the developments between India and Pakistan over Kashmir "very closely" and repeated his offer to "help" resolve the longstanding dispute between the two neighbours as he met Prime Minister Imran Khan on the sidelines of the World Economic Forum here in the Swiss ski resort.

Addressing the media with the Pakistan Prime Minister prior to their private meeting on Tuesday, President Trump asserted that trade and borders were both critical points for discussion, while Khan said that for him, Afghanistan was the top priority.

Trump told Khan, whom he referred to as "my friend", that he would speak to Prime Minister Narendra Modi about the ongoing Kashmir issue. The US president is expected to visit India in the coming weeks, marking his first visit after taking up his post in the White House.

"What's going on between Pakistan and India … if we can help, we certainly will be willing to. We have been watching it very closely and it's an honour to be here with my friend," he said.

"The Pakistan-India conflict is a very big issue for us in Pakistan and we expect the US to always play its part in deescalating the tensions, because no other country can," Khan said.

President Trump has repeatedly offered to mediate following India's August 5 decision to revoke the special status to Jammu and Kashmir and bifurcate the state into two Union Territories, evoking strong reaction from Pakistan which has been trying to internationalise the Kashmir issue.

New Delhi has defended the move, saying Jammu and Kashmir is an integral part of India and the issue was strictly internal to the country, and the special status provisions only gave rise to terrorism in Jammu and Kashmir.

"The country took the decision of abrogation of Article 370, which had only given separatism and terrorism to that state," Prime Minister Narendra Modi said at a function in October last year.

This is the third meeting between Trump and Khan since Pakistan premier assumed office in 2018 and it came against the backdrop of Pakistan Foreign Minister Shah Mehmood Qureshi's recent trip to the US, amid reports that the US and Afghan Taliban were close to striking a peace deal.

"There are issues we want to talk about. The main issue is Afghanistan because it concerns the US and Pakistan. Fortunately, we are on the same page. Both of us are interested in peace there and an orderly transition in Afghanistan with talks with Taliban and the government," Khan said.

When a reporter asked Trump if he would visit Pakistan considering he was already set to visit India, the US president said he was meeting the Pakistan premier in Davos.

"Well, we're visiting right now. So we don't really have to. I wanted to say that from a relationship standpoint, we got a great relationship. From the standpoint our two countries, we're getting along very well. I would say we've never been closer with Pakistan the way we're right now. And this is a big statement," Trump said.

Khan left for Switzerland to attend the World Economic Forum and meet the world leaders, including President Trump, on the sidelines of the annual event which kicked off at the ski resort town of Davos on Tuesday.

The four-day summit marks the 50th anniversary of the forum.

A total of 53 heads of State are on the guest list. Nearly 3,000 participants from 118 countries are expected to attend the event during which political leaders, business executives, heads of international organisations and civil society representatives are set to deliberate on contemporary economic, geopolitical, social and environmental issues.

Jun 1: Gold prices rose on Monday as riots in major U.S. cities rattled investors already reeling from strained Sino-U.S. relations and boosted demand for the safe-haven metal, with a weaker dollar lending further support.

Spot gold gained 0.8% to $1,739.75 per ounce by 0242 GMT. U.S. gold futures ticked up 0.1% to $1,752.60.

"Concerns about the unrest in the United States at the moment appear to be weighing on market sentiment," said Michael McCarthy, chief strategist at CMC Markets, adding that rising tensions between the world's top two economies provided further support to gold.

Protesters have flooded the streets in the United States over the death of George Floyd in police custody, in a wave of outrage sweeping a politically and racially divided nation.

The closely packed crowds and demonstrators not wearing masks have sparked fears of a resurgence of COVID-19, which has killed more than 101,000 Americans.

In Asia, China's state media and the government of Hong Kong lashed out on Sunday at U.S. President Donald Trump's pledge to end Hong Kong's special status if Beijing imposes new national security laws on the city.

Gold is often used as a safe store of value during times of political and financial uncertainty.

Indicative of sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.3% to 1,123.14 tonnes on Friday, a fresh seven-year high.

Further supporting gold's appeal, the dollar index fell 0.4% against its rivals.

Elsewhere, silver jumped 2% to $18.20 per ounce, its highest since Feb. 26, before retreating slightly to trade 1.8% higher at $18.16.

Speculators cut their bullish positions in COMEX gold and increased them in silver contracts in the week to May 26, the U.S. Commodity Futures Trading Commission said on Friday.

Palladium rose 0.7% to $1,958.25 per ounce, while platinum declined 0.3% to $835.56.