The broader markets ended lower with mid-caps and small-caps falling over 1 per cent on the BSE.
Equity benchmarks Sensex and Nifty halted their five-day rally on Tuesday and settled deep in the red, mirroring weak global markets, with decline in index heavyweights Reliance Industries, Infosys and HDFC Bank. Despite opening with gains of over 200 points, the 30-share Sensex turned highly volatile and tumbled 709.17 points or 1.26 per cent to close at 55,776.85. During the day, the benchmark index plunged 1,067.07 points or 1.88 per cent to 55,418.95. The broader NSE Nifty also declined 208.30 points or 1.23 per cent to close at 16,663.
Markets slumped for fourth straight session this Monday as investors braced for the central bank meeting with caution.
A United States judge has reserved his orders on submissions by the Congress party that the 1984 anti-Sikh riots case filed against it by a rights group in New York be dismissed as the Manhattan court does not have jurisdiction over the case.
The 30-share Sensex ended down 151 points at 20,709 and the 50-share Nifty ended down 51 points at 6,167.
'New record for the Nifty50 is only a question of when.'
Rising for the fourth straight day, benchmark indices Sensex and Nifty settled marginally higher after a choppy session on Friday, tracking mixed global trends amid uncertainties on the geopolitical front. The BSE Sensex opened weak and declined 414.44 points to 55,049.95 in opening deals. But within minutes, it pared all its losses and jumped 369.56 points to 55,833.95. Facing volatility, the index finally settled at 55,550.30, higher by 85.91 points or 0.15 per cent.
Samvat 2071: Sensex drops most in 4 years
With the international markets facing uncertainty after Russia invaded Ukraine and Western nations retaliated with sanctions, Indian companies are putting their international fundraising plans on hold as they wait for the markets to recover. Bankers said apart from the geopolitical crisis, international rates are hardening in anticipation of interest rate hikes by the US Federal Reserve to control rising prices in the US. The Ukraine situation has implications for the market. In such a situation, international investors try to shift to safe haven assets by exiting from emerging markets.
India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
Former World Championship silver medallist L Sarita Devi, who lost to five-time world champion M C Mary Kom in the trials, was included in the Indian women's boxing team for the November Asian Games as a reserve.
After trading hours, the government said the June-quarter current account deficit widened to $21.8 billion from $18.1 billion in the previous quarter.
HCL Tech was the top loser in the Sensex pack, shedding around 4 per cent, followed by Infosys, Dr Reddy's, TCS, Reliance Industries, Tech Mahindra and NTPC. NSE Nifty slumped 163.45 points to 14,557.85.
Current account deficit could ease to around 3 per cent in the current fiscal year from prior estimates of about 4 per cent due to sharp drop in global commodity prices.
The 30-share Sensex ended down 249 points or 0.94% at 26,304 levels.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
Stock markets opening with losses too put pressure on the domestic unit.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
He takes over at Mint Road at a time when the governor's job is even less easy than it is normally.
The RBI had opened special swaps windows to attract deposits from non-resident Indians and allow oil-marketing companies to source dollars.
As markets complete the first half of the calendar year 2022 (CY22) with a fall of around 9 per cent, the interest-rate hike trajectory by global central banks, paired with the conundrum of inflation and growth, will move the needle for the market, observe experts. Here's a quick rundown on what they'll react to over the next six months.
The central bank also asserted that the country is ready for the tapering of the US Federal Reserve's bond purchases.
India's benchmark index, Sensex ended on a flat note after a volatile trading session as investors braced for the US Federal Reserve policy meeting with caution.
Sharif, the three-time former premier, said that there is a need for all the political parties to sit together and form a government to pull Pakistan out of its difficulties.
The Congress said the rally by the INDIA will send a "strong message" to the Lok Kalyan Marg, where the prime minister's residence is located, that the BJP-led government's "time is up".
'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
A Bangladeshi man with alleged links to Al Qaeda was arrested in New York after an undercover operation by the Federal Bureau of Investigation foiled his plot to detonate a 1,000-pound bomb and blow up the city's Federal Reserve Building. Quazi Mohammad Rezwanul Ahsan Nafis, 21, faces charges of attempting to use a weapon of mass destruction and attempting to provide material support to Al Qaeda.
India is better prepared to deal with any further US Fed tapering, but the country needs to remain vigilant to face eventualities, Reserve Bank Governor Raghuram Rajan said.
All eyes are on new Reserve Bank Governor Raghuram Rajan who will come out with his maiden monetary policy review on Friday amid conflicting demands for rate cut and an urgent need to contain inflation which soared to 6-month high of 6.1 per cent in August.
'The idea is to invest where there is opportunity.'
He also feels that the govt should hike diesel and petrol rates.
The report did not specify the impact the rate hike will have on India.
Financials were among the top losers along with Sun Pharma and index heavyweight Reliance Industries
The S&P BSE Sensex plunged 461 points to end at 25,603.
A Bangladeshi man with alleged links to Al Qaeda, who was arrested in New York on terror charges, was in the United States on a student visa to attend a legitimate academic programme, an American official said. Quazi Mohammad Rezwanul Ahsan Nafis was arrested after an undercover operation by the Federal Bureau of Investigation foiled his plot to detonate a 1,000-pound bomb and blow up the city's Federal Reserve Building.
The 30-share Sensex dropped 68.16 points at 18,664.88 and the 50-share Nifty fell 23.15 points at 5,519.10 levels.
Edtech unicorn Vedantu has laid off 424 employees, about 7 per cent of its workforce, according to a blog post shared by the Bengaluru-based firm. This comes as the focus in the edtech space has shifted to profitability, according to experts. The lay-off comes days after the company fired 200 contractual and full-time employees, at a time when offline schools and colleges are opening up and learning is evolving into a more nuanced blended delivery model with a mix of online and offline.
'Markets could face uncertainty in the short to medium term.' 'It would be prudent to invest in alternative asset classes, especially debt, for about a year.' 'Bank fixed deposits are offering rates as high as 9 per cent per annum and these can be used as a great hedging tool until equity markets stabilise.'
It fell 11 per cent in 2013, its third successive annual loss.
The 30-share Sensex ended down 563 points at 25,202.
