Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
Reserve Bank Governor Raghuram Rajan expressed confidence in India's growth and said the country is on target to meet Jan inflation target of below 6%.
On a day when several mandis across the country are closed in protest against the recent Centre's decision to impose stringent stock-holding limit on pulses, the government clarified that limits have been defined as retail prices are still higher than last year though there is some moderation in the last few weeks. It said the same logic also holds true for edible oils, the import duties on which was slashed few days back and curbs lifted on import of refined oils. The decision on edible oil and pulses have caused massive resentment among the trading community as it came just ahead of the kharif sowing season, when prices were off their peaks due to multiple steps announced previously. Sources said trading activity in some of the major mandis dealing in pulses such as Sholapur, Amravati and Latur in Maharashtra, Indore and Dewas in Madhya Pradesh along with Kanpur in Uttar Pradesh was impacted as traders went on a flash strike in protest against the decision to impose stock limits.
The Bombay Stock Exchange has warned investors to be careful before investing in the stock markets.
On the BSE, 2,243 scrips declined, while 224 advanced and 106 remained unchanged.
The regional fallout could continue.
The Sensex plunged by 1,743 points, the largest fall in a single day ever witnessed in the history of the Indian stock markets.
Investors turned cautious as trade war concerns between the US and China escalated and a persistent weakness in the rupee became lingering concerns leading to volatility in the market
BSE Bankex and Telecom indices led the fall.
'Rhetoric and chest-thumping are running high on India's recent growth record.'
'But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?' asks Debashis Basu.
Ashish Shah of A C Choksi says Timex and International Travel House are great stocks to buy.
A plea has been filed in the Supreme Court seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to enquire and investigate into the Hindenburg Research report which made a slew of allegations against the business conglomerate led by industrialist Gautam Adani. The fresh public interest litigation (PIL), filed by advocate Vishal Tiwari, has also sought directions to set up a special committee to oversee the sanction policy for loans of over Rs 500 crore given to big corporates. Last week, another PIL was filed in the apex court seeking prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the "artificial crashing" of Adani Group's stock value in the market.
If the central banks act harshly now, the markets will crash and then rally. If they are hesitant, the pain will be prolonged, predicts Debashis Basu.
On the Sensex chart, Axis Bank, Titan, IndusInd Bank, HDFC Bank, Dr Reddy's, HDFC and Asian Paint were major losers.
Senior Executive Director & Co Head (Strategy) of Kotak Institutional Equities Sanjiv Prasad tells Prasanna D Zore/Rediff.com that even if there are a number of challenges facing the Indian equity markets, there are certain sectors that offer a ray of hope.
Heightened volatility and lacklustre returns continue to make a dent in retail participation in the equities cash market segment. The percentage of retail participation in the average daily turnover in the National Stock Exchange's (NSE's) cash segment has come down to 40.8 per cent in February 2023, from 52 per cent a year ago. At the peak, retail investors accounted for nearly two-thirds of cash market volumes in July 2020.
The stock market nearly made up for the 1,744 points it tanked on Wednesday after the government and regulator SEBI reassured investors there was no move to ban Participatory Notes (PNs) but only curb funds inflow.
'All imaginary figures are pushed by government bureaucrats.' 'They never showed that the production of wheat was less this time.'
As many as 205 stocks touched their one-year low on the Bombay Stock Exchange.
Market experts on why the bulls will be on the rampage first thing on Monday after the scrapping of enhanced surcharge on FPIs and other measures to ease the systemic liquidity squeeze and boost demand. Prasanna D Zore reports.
The regulator, which is already working on new guidelines to avoid repeat of such incidents, is also investigating whether the flash crash of over 15 per cent could have been avoided or contained at an earlier stage by the exchange.
The Supreme Court has agreed to hear on Friday a plea seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
The Sensex on Thursday closed 807.07 points down at 22,951.83 points - the lowest closing level for the benchmark since May 8, 2014.
With auctions unable to proceed, the median onion price declined 17 per cent or Rs 6 a kg to trade at Rs 30 a kg on Monday, with arrivals of around 500 tonnes.
Investors should diversify their portfolio to reduce risks.
Why do we need a cure here for peculiarly Western diseases when we don't have those diseases, and which the West itself is not trying to cure, asks Debashis Basu.
'In investing, you have to first make sure you don't make big mistakes.' 'I would advise small investors to be systematic, don't be arbitrary; don't be on either end of the risk spectrum.' 'Don't go from fixed deposit to option trading or crypto trading.'
Valuations are much higher than the consensus earnings expectations warrant and also much too high in historical terms, says Devangshu Datta.
Flow surge in equity schemes is an important reason why Indian stock market did not crash.
Rebalance your portfolio in case it has become overweight on equities vis-a-vis your strategic asset allocation.
IT major Infosys crashed 8.5 per cent to 3,357.50 on reports that the management expects sluggish growth in January-March quarter in the current financial year.
Four years ago, steel tycoon Laxmi Mittal purchased his first house on Kensington Palace Gardens for about pound 57 million. Last year, he purchased a pound 70 million house for his daughter Vanisha and a pound 117 million mansion for his son Aditya in the same street. At the time, the combined value of the three properties was valued at about pound 440 million. Today, the houses are worth about $ 200 million, an amount almost equivalent to the purchase prices.
IndusInd Bank was the biggest loser in the Sensex pack, shedding 7.46 per cent, followed by SBI, Tata Motors, M&M, Bajaj Finserv, Axis Bank and Infosys. In contrast, Tech Mahindra was the only winner.
The bloodbath continues at the bourses with the Sensex crashing below 8K.
IndusInd Bank was the top laggard in the Sensex pack, sinking over 12 per cent, followed by Bajaj Finance, ICICI Bank, Axis Bank, M&M, Tata Steel, ONGC and Maruti. On the other hand, Bharti Airtel, Hero MotoCorp and Nestle India were the gainers. NSE Nifty plummeted 280.40 points, or 3.03 per cent, to 8,981.45.
'Returns can be very variable in equity markets.' 'That is why I tell small investors don't put 100 per cent of your money in equities, even if you are young.'
Commodity markets are attracting large non-traditional investors across the globe.
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