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  • Abhijeet Dipke of CJP gave a call for 'jaqil bharo andolan' from Mumbai's Shivaji Park to protest electoral irregularities
  • The BJP government in Bengal is likely to remove the Urban Land Ceiling Act to facilitate development
  • Supreme Court ruled ferrying cattle is not a crime and cannot be equated with slaughter
  • CJP held a well-attended protest rally at Shivaji Park, Mumbai. Celebrities like Shabana Azami and Naseeruddin Shah were also present
  • More than 500 protesters, including former Delhi chief minister Atishi, were detained in Delhi as police moved to prevent a demonstration against Chief Election Commissioner Gyanesh Kumar and the Election Commission's handling of electoral-roll revision. Police had denied permission for the Jantar Mantar protest and imposed restrictions in central Delhi
  • US Trade Representative Jamieson Greer said an India-US trade agreement is not imminent, despite negotiations having entered their final phase, citing a range of unresolved sticking points. His remarks came after talks with Commerce Minister Piyush Goyal during the G20 Trade Ministers' meeting in Milwaukee
  • The Education Ministry reviewed preparations for upcoming national examinations with the NTA, focusing on exam security, candidate convenience and computer-based testing infrastructure amid discussions over a possible shift of NEET-UG from pen-and-paper to online examination
  • Delhi Police said it had busted an alleged India-Dubai extortion network linked to the Goldy Brar gang and arrested three operatives, who allegedly demanded ₹1 crore from a Delhi businessman and planned to open fire at his residence. Police said the threats were made through UAE-based communications infrastructure
  • Mumbai Police's Economic Offences Wing arrested actor Dino Morea in connection with the alleged ₹65.54-crore Mithi River desilting scam after questioning him for several hours at his Bandra residence. The investigation concerns alleged financial irregularities in contracts linked to the river's desilting and rejuvenation
  • Bengaluru police busted an interstate counterfeit-currency network and arrested seven people after recovering 4,337 fake ₹500 notes with a face value of about ₹21.7 lakh, along with printing equipment, computers, phones and other material allegedly used in the operation
  • India produced a record six-gold haul at the Asian Games, winning titles in women's hockey, boxing, wrestling and archery and adding two silver and two bronze medals. The day's results lifted India's overall tally to 76 medals, including 16 golds, putting the country fifth in the standings
  • Lovlina Borgohain won her first Asian Games gold, defeating China's Bao Ziyi by unanimous decision in the women's 75kg boxing final on her 29th birthday. Parveen Hooda and Ankush Panghal also won boxing golds, completing India's first Asian Games boxing gold sweep in 12 years
  • India's women's hockey team defeated China 1-0 in the Asian Games final to win the country's first women's hockey gold at the Games since 1982. Lalremsiami scored the decisive goal and goalkeeper Savita Punia saved a penalty stroke, while the victory also secured India's qualification for the 2028 Los Angeles Olympics
  • Worldwide praise continued to pour in for Captain Smit Machchhar, the flydubai pilot who fought an assailant in the cockpit and saved the lives of 180 passengers
  • Supreme Court judges decline to meet ONOP parliamentary panel due to reasons of propriety as they said that the matter might later be a subject of court review
Asian Games: October 3 gold medallists: Kumkum Mohod (Archery), Pranavi Urs (Golf), Aman Sehrawat (Wrestling), India men’s cricket team (Cricket), and India men’s hockey team (Hockey) /////// India finishes its campaign in 4th position in the Asian Games medal table: 21 gold, 27 silver, 37 bronze; 85 medals.
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Stock Markets: Indices And Market Capitalization At All-Time Highs

By Ashwini Agarwal
First publised on 2021-06-12 06:19:09

The Sensex had hit its then all-time high of 52517 points on February 16, 2021 as the first wave had all but gone and the second wave was neither on the radar nor was being talked about. Everything was open, GST collections were inching up to record highs every month, other economic data also showed that recovery was on track, the Covid vaccination drive had begun and was one month old by then and there was a positive vibe in the economy. But then, disaster struck. The ferocity of the second wave took everyone by surprise and when restrictions started being imposed in many states, the markets were despondent.

Yesterday, June 12, 2021, the Sensex hit 52643 in intraday trade to surpass the earlier figure. It closed at 52475 which was its all-time high closing. The Nifty also closed at an all-time high of 15799. The market capitalization of BSE stood at 233.7 lakh crore, another all-time high figure. As the second wave recedes (it is now down to one-fourth of its peak) and as states press the unlock button and as the vaccination drive picks up after a lull, market operators see this as a sign of rapid economic recovery. The current rally, though fuelled by foreign fund buying initially, is now being sustained by domestic funds. Selected shares are making huge gains.

But with experts predicting a third wave and with the middleclass grappling with financial distress, is the rally premature? Will demand pick up exponentially and will companies post good results in the short term to sustain this rally? There is no doubt about the resilience of the Indian economy and it will bounce back in time, but at current valuation, some shares definitely look heavily overpriced. Further, with the government not showing any immediate inclination of investing in infrastructure, recovery will be slow. This is proved by slow credit offtake as entrepreneurs have turned risk-averse.

Pic courtesy: investinghaven.com

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