Sensex plunges 600 pts; Nifty cracks below 11,750

Agencies
October 28, 2020

sensex.jpeg

Mumbai, Oct 28: Equity benchmark Sensex plunged 600 points on Wednesday, tracking heavy losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a massive selloff in European markets.

After hitting a low of 39,774.60 during the day, the 30-share BSE index ended 599.64 points or 1.48 per cent lower at 39,922.46.

Similarly, the broader NSE tanked 159.80 points or 1.34 per cent to close at 11,729.60.

IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by HDFC, ICICI Bank, Tech Mahindra, Bajaj Finance, UltraTech Cement and Tata Steel.

On the other hand, Bharti Airtel was the top gainer, rallying more than 4 per cent, after the country's second largest telecom operator reported its highest-ever quarterly consolidated revenue, helping it narrow losses in the July-September period.

Consolidated revenue rose 22 per cent to Rs 25,785 crore in the September quarter, while net loss narrowed to Rs 763 crore.

M&M, Maruti and L&T also ended with gains.

According to analysts, Indian equities faced intense selloff after European markets opened with heavy losses amid spiking COVID-19 cases.

Extremely volatility was also witnessed ahead of monthly derivatives expiry and US presidential election, they said.

Benchmarks in Europe plunged up to 3 per cent in early deals.

Bourses in Hong Kong and Tokyo ended on a negative note, while Shanghai and Seoul were in the positive territory.

Meanwhile, international oil benchmark Brent crude was trading 3.20 per cent lower at USD 40.28 per barrel.

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Agencies
November 19,2020

Mumbai, Nov 19: The Indian equity benchmark indices was trading in the red on Thursday afternoon.

The 30-scrip BSE Sensex opened at 43,902.24 and was trading at 44,109.29 (at 1:15 pm), down by 70.76 points or 0.16 per cent.

BSE Sensex was trading at a high of 44,230 points and low of 43,821.39 points so far in the trading session.
Similarly, 50-scrip NSE Nifty was trading at 12,921.25 points (at 1:16 pm), down by 17 points or 0.13 per cent.

During the trading session, the sectors trading high were - fast moving consumer goods up by 1.06 per cent, utilities higher by 2.70 per cent, consumer durables went up by 2.16 per cent, oil & gas increased by 1.30 per cent and power higher by 1.99 per cent.

The sectors, which were trading lower were - finance down by 0.65 per cent and bankex plummeted by 0.88 per cent.

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Agencies
November 20,2020

New Delhi, Nov 20: The Supreme Court Friday said it would hear on November 23 the plea filed by Rajya Sabha MP Binoy Viswam seeking direction to the RBI for framing regulation to ensure that data collected on UPI platforms is not exploited or used in any manner other than for processing payments.

The matter came up for hearing before a bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian which listed it for hearing next week.

On October 15, the apex court had sought responses from the Centre, Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) and others including Google Inc, Facebook Inc, WhatsApp and Amazon Inc on the plea.

Viswam, the Communist Party of India (CPI) leader, has sought a direction to the RBI and the NPCI to ensure that data collected on Unified Payments Interface (UPI) platforms is not shared with their parent company or any other third party under any circumstances.

In India, the UPI payments system is being regulated and supervised by Respondent no. 1 (RBI) and Respondent no. 2 (NPCI), however the RBI and the NPCI instead of fulfilling their statutory obligations and protecting and securing the sensitive data of users are compromising the interest of the Indian users by allowing the non-compliant foreign entities to operate its payment services in India, the plea has alleged.

The RBI and NPCI have permitted the three members of Big Four Tech Giants' i.e. Amazon, Google and Facebook/WhatsApp (Beta phase) to participate in the UPI ecosystem without much scrutiny and in spite of blatant violations of UPI guidelines and RBI regulations, it claimed.

The plea has alleged that this conduct of RBI and NPCI put the sensitive financial data of Indian users at huge risks, especially when these entities have been continuously accused of abusing dominance and compromising data , among other things.

It said these allegations have become particularly worrisome at a time when India has banned host of Chinese applications on the ground that those applications were or could be used for data theft and could lead to security breaches.

It has further sought a direction that RBI and NPCI should ensure that WhatsApp is not permitted to launch full scale operations of WhatsApp Pay' in India without fulfilling all legal compliances to the satisfaction of the court regarding requisite regulatory compliances.

It said that in April 2018, the RBI, with a view to secure the data of Indian users, had issued a circular directing all system providers to ensure that entire data relating to payment systems operated by them are stored in systems only in India and they were asked to ensure compliance by October 15, 2018.

The plea claimed that later, the RBI toned down the April 2018 circular by issuing Frequently Asked Questions (FAQs) and permitted processing of all payment transaction abroad, including domestic transactions.

In the said FAQ it was clarified that in cases of data processing done abroad, the data should be deleted from the systems abroad and brought back to India within 24 hours, the plea said.

It has sought the apex court's direction to declare the FAQ dated June 26, 2019 issued by the RBI as ultra vires to the circular dated April 6, 2018.

The plea referred to another pending petition in the apex court and said that in that matter, the counsel appearing for WhatsApp had undertook that his client would not go ahead with payment services without complying with all the regulation in force.

It alleged that Google and Facebook already have access to immense personal data of millions of Indian users and if they are permitted to collect unrestricted financial data of Indian users while operating at the UPI platform, the same would give them draconian control over sensitive Indian data.

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Agencies
December 3,2020

Mumbai, Dec 3: Equity benchmark indices opened in the green on Thursday with Sensex up by 192.68 points and Nifty up by 56.45 points.

At 9:16 am, the 30-scrip BSE Sensex was up by 192.68 points or 0.43 per cent at 44,810.72.

Similarly, 50-scrip NSE Nifty was trading at 13,170.20, at 9:16 am, up by 56.45 points or 0.43 per cent.

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