Indian shares crash as coronavirus pandemic worries escalate; rupee hits record low

News Network
March 23, 2020

Bengaluru, Mar 23: Indian stocks plunged over 9% on Monday, as the rapidly spreading coronavirus pandemic sent major states including the country's capital into a lockdown amid increasing fears that outbreak could bring world economies to a grinding halt.

The NSE Nifty 50 index slipped 9.17% to 7,937.75 by 0408 GMT, while the S&P BSE Sensex was 9.42% lower at 27,093.24.

Over the weekend in India, the virus drove several companies to shut operations and the government sent states into lockdowns, bringing normal life to a grinding halt.

"Panic has gone up domestically because of the lockdown situation," said Vinod Nair, head of research at Geojit Financial Services.

"There is fear that the situation will not be brought under control soon."

The rupee hit a fresh record low of 76.05 against the dollar, as a flight into cash and worries about tightening liquidity boosted demand for the world's reserve currency.

Meanwhile, global markets crumbled, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding nearly 4% as the global death toll climbed to over 14,000, further battering economic activity, and raising fears of a global recession.

After market hours on Friday, the Securities and Exchange Board of India halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares to curb "abnormally high" volatility amid the pandemic.

In domestic trading, the Nifty PSU Bank Index plunged 8%, while the Nifty bank index crashed nearly 10%.

The Nifty Auto Index slid 9% after several carmakers over the weekend suspended production due to the virus.

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News Network
June 18,2020

New Delhi, Jun 18: With the highest single-day increase of 12,881 COVID-19 cases reported in the last 24 hours, India's coronavirus count has reached 3,66,946 on Thursday.

This includes 1,60,384 active cases and 1,94,325 cured, discharged and migrated patients, according to the Union Health and Family Welfare Ministry.

Meanwhile, with 334 deaths being reported due to the infection, the toll due to the virus stands at 12,237 in the country.

There is a big increase in the number of confirmed cases in the country today as compared to the recent days when the spike had been limited to under 11,000 cases.

Maharashtra with 1,16,752 cases continues to be the worst-affected state in the country with 51,935 active cases while 59,166 patients have been cured and discharged in the state so far. The toll due to COVID-19 stands at 5,651 in the state.

The number of confirmed cases in Tamil Nadu also crossed the 50 thousand mark on Thursday and reached 50,193. The national capital is the third-worst affected by the infection in the country with the count reaching 47,102 today.

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News Network
March 16,2020

New Delhi, Mar 16: A total of 110 cases of coronavirus, including 17 foreign nationals have been confirmed across India, Union Ministry of Health and Family Welfare said on Sunday.

The maximum positive cases have been reported from Maharashtra (32), followed by Kerala (22).

The total number of passengers screened at airports is 12,76,046, the ministry said.

The World Health Organisation (WHO) has declared that Europe has become the new 'epicentre' of the coronavirus pandemic that has infected more than 15 lakh people with over 6,000 deaths globally.

The virus had first emerged in China's Wuhan city in December last year.

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Agencies
February 23,2020

New Delhi, Feb 23: Hailing the role of first Prime Minister Jawaharlal Nehru in shaping India a modern nation state, former Prime Minister Manmohan Singh on Saturday hit out at the Narendra Modi-led Central government, saying "nationalism" and the slogan of 'Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India.

Speaking at the launch of a book on Jawaharlal Nehru's works and speeches, Singh said: "I am extremely happy that this book makes an effort to revisit Pandit Nehru. He had led this country in its volatile, formative days when we adopted democratic way of life, accommodating divergent social and political views."

The former Prime Minister said that Nehru, who was very proud of Indian heritage, "assimilated it", and harmonised them into the needs of a "new modern" India.

"A great visionary, Nehruji laid the foundation for shaping India as a modern nation state," he said.

Highlighting the works of the first Prime Minister, Singh said: "If India is recognized in the comity of nations as a vibrant democracy and, if it is considered as one of the important world powers, it was Nehru, who should be recognised as its main architect."

He said Nehru was not only a statesman of high international standing, but a great historian and literary figure too.

"With an inimitable style, and a multi-linguist, Nehru laid the foundation of the universities, academies and cultural institutions of Modern India. But for Nehru's leadership, Independent India would not have become what it is today," he said.

Taking an apparent dig at the BJP government, he said: "But unfortunately, a section of people who either do not have the patience to read history or would like to be deliberately guided by their prejudices, try their best to picture Nehru in a false light.

"But I am sure, history has a capacity to reject fake and false insinuations and put everything in proper perspective," he said.

He said the book "Who is Bharat Mata" is such an attempt to set the narrative in the right direction.

Singh said that selecting appropriate pieces from Nehruji's works, the book justifies its title "Who is Bharat Mata?"

"As this book contains a timely collection of writings by and on Pandit Jawaharlal Nehru- the leader, who shaped India and the Icon whose legacy is the subject of intense and often angry reaction today.

The book also comprises reminiscences and assessments of Nehru by some of his contemporaries and near contemporaries-among them, including Mahatma Gandhi, Bhagat Singh, Sardar Patel, Maulana Azad, Aruna Asaf Ali, Sheikh Abdullah, Ramdhari Singh Dinkar, Ali Sardar Jafri, Baldev Singh, Martin Luther King Jr, Richard Attenborough, Lee Kuan Yew and Atal Bihari Vajpayee.

"It is a book of particular relevance at a time when nationalism and the slogan of ‘Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India that excludes millions of residents and citizens," Singh said attacking the BJP government.

The two time Prime Minister further said that in the pages of the carefully complied anthology-which also carries illuminating introductions by the authors Nehru emerges as a "remarkable man of ideas and action", who had an instinctive understanding of India's civilisational spirit and as a visionary with clear commitment to the promotion of scientific temper, who despite the compulsions of politics, remained a true democrat.

"His legacy continues to be of immense significance-perhaps more today than at any other time in our history," he said.

He also warned that "Nehru makes a very significant and time relevant remark on the dangers of leaderships falling into a trap and getting removed far away from the common people whom they are supposed to serve".

"In an atmosphere, when emotions are deliberately get provoked and the gullible are misled by false propaganda, misusing communication technology, this book makes a refreshing break through," Singh added.

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