oppn parties Carnage On Stock Exchanges: Investors Lose Rs 6.71 Lakh Crore In A Single Session

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  • Supreme Court questions the continuing relevance of two-child norms. The Court observed that falling fertility rates have weakened the population-control rationale behind laws disqualifying people with more than two children from contesting local body elections. It referred the issue to a larger Bench for consideration
  • Supreme Court declines to shift Tirupati laddu case outside Andhra Pradesh. The Court rejected a plea seeking transfer of the trial, despite arguments that political statements by Andhra Pradesh's Chief Minister and Deputy Chief Minister could affect the fairness of proceedings
  • Supreme Court transfers Azam Khan's fresh ED bail plea to Allahabad High Court. The apex court declined to consider the Samajwadi Party leader's bail request in a fresh Enforcement Directorate case and directed that it be listed before a division Bench of the High Court on November 16
  • Two killed in Delhi building collapse; contractor booked. Two bodies were recovered after a building collapsed in Chawri Bazaar. Delhi Chief Minister Rekha Gupta said the contractor had been booked and the concerned junior and assistant engineers suspended
  • Uttar Pradesh voter rolls show a 2.4-crore discrepancy. A difference of approximately 2.4 crore names has been reported between the state's panchayat and rural Assembly voter lists. The Election Commission has ordered the two sets of rolls to be matched
  • Gujarat announces 3% dearness allowance hike. The state government announced a three-percentage-point increase in dearness allowance for government employees and pensioners ahead of Diwali
  • Sensex and Nifty post their strongest single-day gains in months. The Sensex surged 2,008.61 points, or 2.60%, to close at 79,310.01, while the Nifty 50 climbed 576 points, or 2.40%, to 24,536.60. Financial and automobile stocks led the rally, supported by falling crude prices and renewed foreign investor buying
  • Maaya Rajeshwaran reaches WTA-level quarter-final. The 17-year-old Indian defeated Poland's Weronika Falkowska 6-4, 6-3, becoming the first Indian woman since Sania Mirza in 2012 to reach a quarter-final at a WTA Tour-level singles event
  • Tanvi Patri reaches Youth Olympics badminton final. The 15-year-old defeated Japan's Yuzuno Watanabe in the semi-final, assuring India of a medal and becoming the first Indian badminton player to reach the girls' singles final at the Youth Olympics
  • India beat Pakistan 3-2 in SAFF Championship. India defeated Pakistan in a closely contested match, having led 3-0 before conceding two late goals. The victory was reported as a significant result for India's second-string side
  • India beat Japan 4-1 to win a record sixth Asian Champions Trophy. India recovered from an early deficit to defeat Japan in the final at Mohali, extending its record as the tournament's most successful men's team
  • The Supreme Court issued notice to the Centre and the Election Commission on a petition challenging Section 16 of the Chief Election Commissioner and Other Election Commissioners Act, 2023, which grants the CEC and Election Commissioners protection from legal proceedings for acts performed in their official duties. The petition argues that such blanket immunity could leave citizens without an effective remedy for alleged wrongdoing by the Commission
  • The Supreme Court told voters whose names were deleted from Delhi's draft electoral rolls not to be apprehensive about seeking re-enrolment through Form 6, after the Election Commission assured it that such applicants would not be prosecuted merely because their names had appeared in earlier rolls
  • Congress leader Rahul Gandhi opened the party's campaign for the 2027 Punjab Assembly elections with an Insaaf rally in Sangrur, Chief Minister Bhagwant Mann's home district, accusing the AAP government of failing to control drugs, gangster violence and corruption. Congress president Mallikarjun Kharge outlined six commitments, including a drug-free Punjab, protection of farmers, employment for young people and action against corruption
  • Rahul Gandhi accused the AAP government of running Punjab through a remote control from Delhi and questioned Bhagwant Mann's ability to tackle drug abuse, making personal allegations about the Chief Minister's conduct during their time together in Parliament
Stock markets on fire due to US results, Sensex gains 2008 points to reach its highest level in 8 months
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Carnage On Stock Exchanges: Investors Lose Rs 6.71 Lakh Crore In A Single Session

By A Special Correspondent
First publised on 2022-05-19 17:46:06

The stage was set for a rout in the stock markets on Friday as global and local cues were negative. The Dow Jones had crashed by 1000 points or 3% on Thursday and the UK had reported that inflation was at 9%, the highest in over 40 years. With India also reporting that inflation, as measured by the wholesale price index (WPI) had breached the 15% level and was highest in 9 years, investors were spooked. The markets also seem to be getting ready for another big hike in interest rates as the RBI governor gave a hint yesterday by saying that the off-cycle hike was done to prevent the shock of a much bigger hike in the regular June meeting. The RBI is likely to raise rates by 75 basis points, effectively negating the concessions given due to the pandemic and bring rates back to what they were in March 2019.

All this, and the fact that technology stocks have lost investor faith all over the world, meant that the Sensex crashed by 1416 points to end at 52792 and the Nifty slid by 430 points to finish the day at 15809 points. Both the indices slumped by more than 2.5%. As all over the world, IT stocks were hammered down by up to 6% and investors lost as much as Rs 6.71 lakh crore in a single session. FMCG major ITC bucked the trend and rose by 3%. FIIs continued to be net sellers.

The carnage does not seem to have ended as after the Indian markets closed for business, the US markets continued to witness selling pressure. The Dow Jones was down 1.5% on Friday after the big slide a day earlier. This shows that the bears have got a firm grip on the markets and the period of volatility witnessed in Indian markets for over a month now has now become a one-way downhill journey. It is difficult to predict when sentiments will improve as the world battles with inflation, disturbed supply chains due to the war in Ukraine, monetary policy tightening by central banks worldwide and the after effects of a long pandemic. 

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