Response to strike overwhelming, say trade unions

Feb 28: Market benchmark Sensex plummeted over 1,100 points, wiping off over Rs 5 lakh crore investor wealth, in opening session on Friday amid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth.

The 30-share index sank 1,100.27 points, or 2.77 per cent, to 38,645.39, while the NSE Nifty cracked 329.50 points, or 2.83 per cent, to 11,303.80.

All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.

In the previous session, the Sensex settled 143.30 points, or 0.36 per cent, lower at 39,745.66, and the Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30.

According to analysts, till last week the market was of the view that coronavirus was going to have minimum impact on global economy as situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.

Further, incessant selling by foreign investors is also spooking domestic market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed.

Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 4 per cent in their morning sessions.

On Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 per cent.

The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago.

World oil prices too tumbled by more than 4 per cent overnight as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.

Brent crude oil futures fell another 2.47 per cent to USD 50.45 per barrel early in the day.

The rupee depreciated 28 paise to 71.89 against the US dollar in morning session.

New Delhi, Feb 14: AAP convenor Arvind Kejriwal has invited Prime Minister Narendra Modi to his swearing-in ceremony scheduled to take place at the Ramlila Maidan on February 16, senior party leader Gopal Rai said on Friday.

Rai, the convenor of the Aam Aadmi Party's Delhi unit, said a letter was sent to the prime minister on Friday morning.

All seven Delhi MPs and eight newly-elected BJP MLAs have also been invited for the oath-taking ceremony, Rai told news agency.

No chief minister or political leaders from other states will be part of the event as it will be a "Delhi-specific" ceremony, Rai had said on Thursday.

Kejriwal, through front-page advertisements in newspapers, has urged Delhiites to attend his oath-taking ceremony as he is set to become the chief minister of Delhi for the third consecutive term.

Kejriwal will take oath as Delhi Chief minister along with his cabinet at Ramlila Maidan at 10 am on Sunday.

New Delhi, Jul 19: Blaming the BJP for the political drama in Rajasthan, senior Congress leader Digvijaya Singh on Sunday asked Sachin Pilot not to leave the grand old party.

In an interview to news agency, the former Madhya Pradesh chief minister said Pilot should not follow Jyotiraditya Scindia into the BJP, as he has bright future in Congress.

His remarks follow Pilot's open rebellion against the Ashok Gehlot government, which has been on shaky ground with at least 18 legislators backing the rebel leader.

Pilot was sacked as Rajasthan deputy chief minister and the state Congress chief recently and the Congress has accused the BJP of making efforts to topple the Gehlot-led government by indulging in horse-trading.

"The BJP is behind the crisis in Rajasthan," Singh said.

The Congress veteran said he tried to call Pilot but his calls and text messages went unanswered.

"Age is on your side. Ashok (Gehlot) may have offended you, but all such issues are best resolved amicably. Dont make the mistake that Scindia made. BJP is unreliable. Nobody who joined it from any other party has succeeded there," Singh said.

He said this is the first time that Pilot hasn't responded to him.

"Sachin is like my son. He respects me and I also like him. I called him three-four times and also texted him. He didn't revert. He used to respond immediately earlier," he said.

"It is good to be ambitious. How can one move forward without having ambitions, but along with ambition, one must also have commitment to your organisation, ideology and the nation," Singh said.

For latest updates on the Rajathan Political Crisis, click here

"I heard that he (Pilot) may form a new party. But what is the need for it. Has Congress not given him anything? He was made an MP at 26, a Union minister at 32, the state Congress president at 34 and deputy chief minister at 38. What else does he want? Time is on his side," Singh said.

If Pilot had any issue, then as the state party unit president, he should have called a meeting and discussed the matter, he said. Pilot could have involved Congress national general secretary and Rajasthan in-charge Avinash Pande in talks with Gehlot to resolve differences, he added.

"If you have faith in your legislators, why have you have confined 18-19 of them in ITC Grand hotel at Manesar in Haryana," Singh said.

This is the same hotel where the BJP kept MLAs from Maharashtra, Karnataka and Madhya Pradesh (during political dramas in those states), he said.

Pilot should forget whatever has happened, come back and sit across the table to discuss how Congress could be strengthened, he said