Top News
Global cues unleash bears, Sensex plunges by over 1,000 points (Third Lead)
Mumbai, Feb 6 (IANS) A massive downturn in the US and East Asian stock markets unleashed a selling frenzy in the Indian equity markets during the trade session on Tuesday.
The two main indices of the Indian equity market — S&P BSE Sensex and NSE Nifty50 — plunged by around 3.30 per cent each, with the Sensex plunging by over 1,000 points.
Market observers pointed-out that factors like the budgetary proposal to tax long-term gains on shares and concerns over the central government’s fiscal prudence measures amplified the global downturn.
All the major Asian stock markets — Nikkei, Hang Seng, Shaghai, Taipei, Seoul and Singapore — edged-lower following an overnight downward correction in Dow Jones by over 1,100 points.
Just after the pre-open session, the barometer 30-scrip Sensitive Index of the BSE traded more than 1,000 points or 2.90 per cent lower from Monday’s close.
Similarly, the wider Nifty50 of the National Stock Exchange receded deep into the red. It plunged by over 300 points or 3.00 per cent.
Around 12.00 p.m., the Sensex traded lower by 1,023.77 points or 2.95 per cent to 33,733.39 points from its previous close of 34,757.16 points.
The NSE Nifty50 traded lower by 311.35 points or 2.92 per cent at 10,355.20 points.
“The unprecedented downfall in Dow yesterday (Monday) and combination of other negative factors like the high fiscal deficit projected and proposal on LTCG and fear of the stand that the RBI (Reserve Bank of India) will take during Wednesday’s review has led to this melt-down or selling panic,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Not just India but globally this downturn has taken place due to the fear of high interest rates regime coming into the developed markets amid high valuations… On the domestic front other factors like high valuations, uncertainties on growth, inflation and interest rates and fears of RBI turning hawkish are unnerving investors.”
Vinod Nair, Head of Research, Geojit Financial Services said that a spike in global bond yield and high valuation triggered a sell-off in the global equity market.
“Currently, we are under a tactical shift in asset classes after the overwhelming return from equity market in the last one to three years, funds are shifting out of equity asset to bonds. In India, we are seeing an extended impact in the domestic market post the LTCG and fiscal deficit turmoil.
“The government’s 10-year yield stands at 7.55 per cent compared to 6.90 per cent three month back. This negative trend will stabilise as valuation sets to a normal level along with reduction in bond yield. In the short-term the upcoming RBI monetary policy will be a key trigger for the market, the outcome of which is expected to be status quo, but any commentary over government’s fiscal policy and concern over rising yield can add volatility.”
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, more “volatility” was expected and can last till Thursday.
In terms of sectors, all the 19 sub-indices of the BSE plunged into the negative territory during the intra-day trade.
The S&P BSE banking index plummeted by 1,039.97 points, followed by consumer durables index by 847.81 points, automobile index by 751.27 points, the metals index by 517.01 points and the capital goods index by 429.26 points.
Major Sensex losers were: Tata Motors, down 6.45 per cent at Rs 370.50; Tata Motors DVR, down 5.35 per cent at Rs 207.10; Axis Bank, down 4.83 per cent at Rs 538.75; Yes Bank, down 3.75 per cent at Rs 331.20; and HDFC Bank, down 3.71 per cent at Rs 1,843.
–IANS
rv/ksk
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
