Investors lose over Rs 4 lakh crore in 2 days

Agencies
September 12, 2018

New Delhi, Sept 12: Investors have lost a whopping Rs 4.14 lakh crore in two days of trading as stock markets continued to face heavy selling pressure for the second straight session on Tuesday.

The BSE benchmark index crashed 509.04 points, or 1.34%, to end at 37,413.13 due to heavy selling in FMCG, metal, auto and financial stocks amid growing concerns over intensifying global trade war. This is the weakest closing since August 2 when it had ended at 37,165.16. It had lost 467.65 points the previous day.

Total investor wealth is measured in terms of the cumulative market value of all listed stocks on BSE.

Led by the steep decline in stocks, the market capitalisation of BSE-listed companies tumbled by Rs 4,14,121.84 crore to Rs 1,53,25,666 crore in two consecutive days. Experts said that rupee depreciation is a big concern for market sentiment.

The 30-share index tanked more than 1% for the second day in a row after the rupee slid to a new life-time low of 72.73 in afternoon trade. Stock markets had opened higher but bears regained control soon to wipe out initial gains as crude oil prices rebounded in Asian trade.

Besides, mounting tensions over trade war is a worrisome factor for the Indian market, experts said.

From the 30-share basket, 25 stocks ended with losses led by Tata Steel, Power Grid Corporation of India, Hero MotoCorp and Tata Motors.

The broader market also depicted bearish trend, with the S&P BSE mid cap falling by 1.36% and small cap index 1.37%. Sectorally, the BSE consumer durables index was the biggest drag, down 2.47%.

Surging crude oil prices, rupee plunging to record lows and widening trade deficit, besides negative global leads were major factors that dampened sentiments on the domestic bourses, a broker said.

In Asian trade, international benchmark Brent crude again went past $78 to trade at $78.52 a barrel, by rising 1.30% amid looming US sanction against Iran's petroleum industry.

Investors were cautious as trade war concerns between the US and China escalated, brokers said.

"The threat of trade tariffs, outflow of foreign funds and concern on domestic macros will influence investors to stay on a cautious note," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.

Moreover, expectations of a US interest rate hike this month by the Federal Reserve that may strengthen the dollar and accelerate sell-off by foreign funds in emerging markets too negatively impacted sentiments, brokers said.

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
March 15,2024

modiPM.jpg

Bengaluru: Prime Minister Narendra Modi would formally kickstart the BJP's Lok Sabha election campaign in Karnataka on Saturday from Congress President Mallikarjun Kharge's home turf— Kalaburagi.

He is scheduled to address a mega public meeting at the district headquarters town's N V Ground at 2 pm.

Kharge, who had represented Kalaburagi (Gulbarga Lok Sabha segment) twice in the past, lost to BJP's Umesh Jadhav by a margin of 95,452 votes in the 2019 general elections here— the octogenarian leader's first electoral loss in his political life spanning several decades.

BJP has once again fielded Jadhav from the segment.

Speculations are rife that the Leader of Opposition in Rajya Sabha, who has the role of managing the party nationally and coordinating with the opposition I.N.D.I.A bloc, may not contest the coming polls and, instead, the Congress is likely to field his son-in-law Radhakrishna Doddamani, a businessman, who also manages educational institutions.

On March 18, Modi will be in Shivamogga, the home district of veteran BJP leader B S Yediyurappa, and is scheduled to address a huge public meeting at 2 pm.

Yediyurappa's son B Y Raghavendra is the sitting MP from Shivamogga and has been re-nominated by the party. Yediyurappa's other son B Y Vijayendra, who represents Shikaripura assembly constituency in the district, is the state BJP President.

BJP has announced candidates for 20 seats in the State, which has a total of 28 constituencies.

After being ousted from power by the Congress in the 2023 Assembly polls, the BJP now is making a strong bid to regain the lost ground in Karnataka.

The BJP won 25 out of total 28 seats in the previous elections, and had ensured the win of a party supported independent candidate in Mandya. The then ruling Congress-JD(S) alliance had come a cropper winning just one seat each.

It is a role reversal of sorts for JD(S), which joined the NDA last September and has forged an electoral alliance with the BJP. The regional party is expected to contest in three seats— Mandya, Hassan and Kolar.

Sharing details of Modi's visit, state BJP General Secretary Sunil Kumar on Wednesday said BJP National President J P Nadda, Union Home Minister Amit Shah, Chief Minister of Uttar Pradesh Yogi Adityanath along with other leaders will visit different Lok Sabha constituencies for campaigning in the coming days.

Speaking about the party's poll preparations, he said: "We have divided 28 Lok Sabha constituencies into eight clusters for Lok Sabha elections. Keeping in view the local political and geographical background, programmes and strategies are being worked out in those eight clusters."

Several senior leaders including Shah and Nadda have already visited one of these clusters, Kumar said, adding, "Workers' convention, well-wishers' contacts have been made and election preparations are on in all these eight clusters. In the second phase, large public meetings will be held."

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
March 21,2024

modiwhatsapp.jpg

New Delhi, Mar 21: Election Commission (EC) on Thursday directed the Ministry of Electronics and Information Technology of Narendra Modi-led government to put an end to bulk WhatsApp messages labelled 'Viksit Bharat Sampark.' It has also sought a compliance report immediately from the ministry.

EC had received several complaints that such messages are still being delivered on citizens’ phones despite the announcement of Lok Sabha elections and the model code of conduct (MCC) entering into force.

In response, the govt informed the commission that although the letters were sent out before MCC came into force, some of them could have possibly been delivered to recipients with a delay because of systemic and network limitations.

In the past few days, several WhatsApp users have received messages from 'Viksit Bharat Sampark' seeking feedback and suggestions from the public. 

The message comes with a PDF that has a letter from Prime Minister Narendra Modi mentioning government schemes like Pradhan Mantri Awas Yojana, Ayushman Bharat, Matru Vandana Yojana, etc, and seeking suggestions from the citizens over government initiatives and schemes.

The letter which addresses users as 'my dear family members' had sparked political controversy. Congress has called the PDF file attached with the message a ‘political propaganda’.

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
March 27,2024

hdkprajwal.jpg

Hassan: Former Prime Minister and JD(S) supremo H.D. Deve Gowda has announced that his son, former Karnataka Chief Minister H.D. Kumaraswamy will contest from state's Mandya parliamentary seat as NDA candidate.

Deve Gowda told reporters on Tuesday that the decision to field Kumaraswamy, who is also JD(S) state president, in Lok Sabha polls from the Mandya seat was taken amid mounting public demand. "People are demanding that Kumaraswamy should contest from Mandya. In the core committee meeting as well, all members suggested that he should contest from Mandya," Deve Gowda said.

The former Chief Minister's son Nikhil Kumaraswamy had lost to independent candidate Sumalatha Ambareesh from Mandya in the 2019 Lok Sabha polls.

The JD(S) supremo further said that the name of senior leader Mallesh Babu has been finalised from the Kolar seat.

Deve Gowda's grandson and former Karnataka Minister H. D. Revanna's son sitting JD(S) MP Prajwal Revanna will be contesting as the NDA candidate from the Hassan seat.

Earlier in the day, Kumaraswamy in a media briefing indicated that he would contest from Mandya amid mounting public pressure on him.

Congress has fielded Venkatarame Gowda popularly known as ‘Star Chandru’ from the Mandya seat dominated by Vokkaligas. Star Chandru is a close associate of Deputy Chief Minister D.K. Shivakumar.

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.