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Saturday 30 May 2020

LTCG jitters: Sensex plunges 592 points; Nifty below 10,900-mark

Editorials

Reforms By Modi Run Into Tired Socialist Criticism

The motley group of right-thinking Indians in this socialist society should not only promote the reforms announced last week but also push every Indian government and political party towards better economics

In India

Lockdown in spirit: Shah asks Modi how to do it

The next phase of lockdown will be described as “lockdown extension in spirit”, remaining stricter only in 11 cities that have nearly 70% of the country’s overall COVID-19 cases

कसाब की पहचान करने वाले पहले गवाह हरिश्चंद्र का निधन

कामा अस्पताल के निकट हरिश्चंद्र को दो गोली लगी थी, जब 10 आतंकवादियों ने इस हमले को अंजाम दिया था, उन्होंने कसाब के साथी इस्माइल को अपने ऑफिस के बैग से मारा था

योगी सरकार 11.50 लाख प्रवासी श्रमिकों को उपलब्ध कराएगी रोजगार

योगी ने दूसरे राज्यों से उत्तर प्रदेश के 26 लाख प्रवासी श्रमिकों की घर वापसी कराई है, श्रमिकों और कामगारों को प्रदेश में ही रोजगार देने का वादा किया है

Mumbai: The benchmark indices plunged up to 1.72% in late morning trade after Fitch Ratings said weak public finances constrain India’s sovereign ratings.

The Sensex tumbled by 591.69 points or 1.64% to quote at 35,314.97 as banking, financials capital goods and auto stocks nosedived.

Also, the NSE Nifty dipped below the 10,900-mark to trade at 10,826.50, down by 190.40 points, or 1.72%.

Widespread selling dragged all the sectoral indices led by realty, consumer durables, power, capital goods and banking sectors, falling up to 5.17%.

Stocks had opened down as the government’s proposal to impose a 10% long-term capital gains tax on equity gains of over Rs 1 lakh hit triggered profit booking in frontline stocks.

Finance Minister Arun Jaitley projected a fiscal deficit of 3.5% of GDP for current fiscal against the earlier target of 3.2% which also dampened the market sentiment.

The sentiment took another jolt after Fitch Ratings today said high debt burden of the government constrains India’s rating upgrade.

Banking stocks led by Yes Bank, SBI, ICICI Bank, Kotak Bank, HDFC LTD and IndusInd Bank suffered losses up to 3.80%.

Other losers that pulled down the key indices from their crucial levels were ONGC, Tata Steel, Maruti Suzuki, M&M, Hero Motocop, Power Grid, Coal India, Asian Paints, Reliance Ind, Coal India.

In the broader market, the BSE Midcap index fell by 2.79% while the Small index took a bigger hit of 3.67% on heavy losses in PC Jewellers.

PC Jewellers tanked 50% in early trade before trading at Rs 397.10, down by 17% at 11.35 AM.

Global markets were also trading in the negative after most of the US stock indices fell due to political crisis and growth concerns.

PTI

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Articles

Tirupati: Where Protector Of Three Worlds Needs Protection

Tirupati temple authorities were considering the liquidation of land-assets and buildings donated by devotees to Lord Venkateswara to help tide over what the management called “COVID-19 related financial crisis” and an inability to pay staff salaries

আম্ফানের আঘাতে চূর্ণ মমতার আস্ফালন

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Paatal Lok: Antidote To Anti-Hindu Propaganda

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News

Lockdown in spirit: Shah asks Modi how to do it

The next phase of lockdown will be described as “lockdown extension in spirit”, remaining stricter only in 11 cities that have nearly 70% of the country’s overall COVID-19 cases

कसाब की पहचान करने वाले पहले गवाह हरिश्चंद्र का निधन

कामा अस्पताल के निकट हरिश्चंद्र को दो गोली लगी थी, जब 10 आतंकवादियों ने इस हमले को अंजाम दिया था, उन्होंने कसाब के साथी इस्माइल को अपने ऑफिस के बैग से मारा था

योगी सरकार 11.50 लाख प्रवासी श्रमिकों को उपलब्ध कराएगी रोजगार

योगी ने दूसरे राज्यों से उत्तर प्रदेश के 26 लाख प्रवासी श्रमिकों की घर वापसी कराई है, श्रमिकों और कामगारों को प्रदेश में ही रोजगार देने का वादा किया है

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