oppn parties Stocks: Carnage on Monday

News Snippets

  • Rajasthan Police arrest Md Riyaz Akhtari and Gaus Mohammed for beheading the tailor in Udaipur
  • Curfew imposed in 7 police station areas in Udaipur and internet services suspended across Rajasthan as a tailor is beheaded in Udaipur for his social media post in support of Nupur Sharma
  • West Bengal chief minister Mamata Banerjee says the state will not give preference to Agniveers as it will clean "BJP's dustbin"
  • Enforcement Directorate asks Shiv Sena leader Sanjay Raut to appear before it on Friday
  • Devendra Fadnavis meets Amit Shah, discusses tie-up with Shinde
  • Rebels reject Uddhav Thackeray's emotional appeal to come and discuss the issues
  • BJP wants MVA government to face floor test, petitions the government on the same
  • Rupee hits a new low of 78.84 against the dollar, might breach the 79 mark
  • Hotel rooms below Rs 1000 and unbranded packed food to be brought under GST
  • Pallonji Mistry, the head of the Shapoorji Pallonji group, dies at 93. He was the single largest shareholder of Tata Sons with a 18.4% stake
  • India just about manage to beat a rampaging Ireland as the latter make a valiant attempt to chase down India's mammoth score of 225 in the second and final T20. India won by 4 runs
  • Experts believe that the time granted by the Supreme Court to rebel MLAs paves the way for holding a floor test in the Maharashtra assembly
  • Uddhav Thackeray strips rebel ministers of portfolios but stops short of sacking them
  • PM Modi says that energy access should not be limited to rich nations
  • BJP says it is ready with a plan and a new government in Maharashtra may be sworn in by Sunday
Uddhav Thackeray resigns as Supreme Court does not provide relief /////// Jasprit Bumrah to lead India in the 5th Test against England as Rohit Sharma ruled out due to Covid
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.