oppn parties Huge Crash In Stock Markets

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News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
oppn parties
Huge Crash In Stock Markets

By Linus Garg
First publised on 2023-10-27 08:44:43

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

On Thursday 26th October, stock markets, which were on slippery ground for the last five trading sessions, saw huge selling by foreign funds due to the worsening war situation in the Middle-East. The Sensex crashed by 901 points on the day, taking the total losses to nearly 3300 points in just six trading sessions. Investors have lost a combined Rs 17.8 lakh crore in these six sessions. Along with the scare generated by the war-like situation in Gaza, foreign funds are also withdrawing funds as the yield on government bonds in the US is rising.

Initially, given Israel's record of responding promptly and harshly to any security threats, the markets had discounted the situation there and thought that the matter will end with a retaliatory strike by Israel. But with hostages in captivity, Hamas has an upper hand as of now and it seems that the situation will remain tense for a longer period. That is likely to affect economies around the world as supply chains will be disturbed and demand will go down.

There has not been any fundamental change in the attractiveness of Indian stocks in the last 15 days. The markets were rising even after the Hamas attack. But it seems that foreign funds have now accounted for a long-drawn affair in Gaza that will lead to uncertainty. Still it is dismaying that foreign funds are withdrawing funds from India, a country that is not likely to be majorly disturbed by the conflict. Hence, the crash in the market is an opportunity for the shrewd investor to pick up selected and fundamentally-strong shares at a discount. For those who had invested when the markets were rising, this is not the time to sell. They must hold and wait for the situation to improve.

                                                                                                                                                                                  

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