oppn parties Stocks: Carnage on Monday

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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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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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