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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
Stocks: Carnage on Monday

By Linus Garg
First publised on 2022-06-14 03:02:02

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.

After a slide of 1069 points on Friday, the Sensex went down by 1456 points on Monday.  The two-session carnage has wiped out more than Rs 9 lakh crore investor wealth. Such was the across-the-board sell-off that among the major shares, only Nestle India was in the green and all other shares tumbled by 2-4%. The broader Nifty slid by 427 points to 15774. The carnage was witnessed across sectors with banking, IT and metals leading the slide.

Experts said that with FIIs taking funds out of India as there is a chance that the US Fed will go for a good rate hike and squeeze out money from the system due to the record inflation in US, the Indian markets will mirror what is happening in bourses worldwide. After fears of stagflation being stoked by some economists, the sentiment has soured and investors are looking for safer investment instruments. With overnight sell-off in US markets, the outlook for Indian markets remains negative on Tuesday too.

But the Indian economy, despite elevated inflation, is showing signs of growth although the pace seems to have slackened. As per recent numbers, it is the fastest growing major economy in the world and although consumer demand has still not picked up, the outlook remains positive. But inflation, supply chain disruptions and high commodity and crude prices can play spoilers and that is why the confidence in the stock market is taking a beating.

Yet, if one has a long term outlook, there are many stocks that are now available at a bargain. But one will have to do proper research and invest with care. The bottom has not been reached yet and investors should wait. Remember, this is the time when one will be flooded with text messages from unverified sources asking one to buy this or that share at a bargain with a promise of astronomical rise in a short time. Steer clear of falling into such traps. Invest wisely. 

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