oppn parties Stocks: Carnage on Monday

News Snippets

  • SP drops two candidates owing allegiance to Azam Khan from Rampur and Moradabad
  • In Assam, a controversy erupted after a picture of UPPL leader Benjamin Basumatary, lying on a stack of Rs 500 notes circulated on social media. UPPL is an ally of the BJP
  • AAP's Jalandhar-West MP Sushil Kumar Rinku joins the BJP. He was the only AAP Lok Sabha MP
  • Supreme Court dismisses Centre's plea to review its 2023 verdict in the PMLA case
  • Close save for passengers as they remain unhurt after the wings of two planes graze at Kolkata airport. Pilots derostered and inquiry ordered by DGCA
  • Bengal BJP leader Dilip Ghosh gets notice from the EC as well as the BJP for making ugly remarks about Mamata Banerjee's parentage
  • Sadanand Vasanth Date, who faught terrorists in the 26/11 attack and was awarded the Preisent's Police medal, has been appointed the head of the NIA
  • Centre will borrow Rs 7.5L cr in the first six months of FY25, nearly 50% of the target for the full year
  • 25 stocks, including SBI, will see same day trade settlements from today in the world's fastest settlement mode in both BSE and NSE
  • Stocks recover smartly on Wednesday: Sensex rises 526 points to 72996 and Nifty 118 points to 22123
  • Tennis: Rohan Bopanna-Matthew Ebden reached the semifinals of the Miami Open
  • IPL: records tumble as SRH beat MI in a high-scoring match. SRH score 277/3 with 18 sixes and Mumbai score 246 with 20 sixes to fall short by 31 runs. Atotal of 38 sixes, highest in an IPL match were hit and both teams combined to score 523 runs, the highest aggregate in an IPL match
  • Amul will launch fresh milk in the US
  • IPL: RCB beat Punjab by 4 wickets as Kohli and Karthik shine with the bat
  • India strongly objected to German foreign office remarks over the arrest of delhi CM Arvind Kejriwal, called it "biased assumptions"
Delhi Lt Governor Vinai Kumar Saxena says government cannot be run from jail, hints at President's Rule in the capital ////// In a dangerous incident, the wings of two planes grazed while taxiing on the runway at Kolkata airport, all passengers were safe but DGCA ordered an inquiry and the pilots were derostered
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.