'The government has failed to understand the seriousness of the situation, and that's why they are underestimating the problem.' 'They think some tinkering here and there will fix the economy automatically.'
The official data on April-June GDP will be released on August 31.
Markets ended over 1% lower, snapping a five-day winning streak, amid a sell-off in bank shares after the central bank late Tuesday imposed fresh restrictions on commercial banks' access to cash.
Markets end four-day losing streak led by shares of private banks, rebound in L&T and Tata Steel.
Spot silver rose 0.3 per cent to $15.35 an ounce.
Investors sinking lump sum money in equities seem to have applied the brakes.
Many political detainees have been released but former chief ministers Farooq Abdullah, Omar Abdullah and Mehbooba Mufti, who were whisked into custody in the early hours of August 5, 2019, are still in preventive detention.
Bank of Baroda ended flat after sharp gains in the previous session.
India's forex reserves enough to cover imports for just 7 months.
The 30-share Sensex ended at 18,719 down 526 points or 2.74% and the 50-share Nifty ended at 5,656 down by 166 points or 2.86%.
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
India is emerging Asia's canary in the 'hot money' mine.
Liquidity issues post the crisis at DHFL, progress of monsoon, rupee trajectory at the domestic level and oil prices are some factors that will keep markets choppy, analysts say.
The Sensec ended marginally higher on favourable cues in domestic market.
The Bombay Stock Exchange benchmark Sensex has lost 478.60 points, or -2.80 per cent, to slip to 16,586.55 in afternoon trade on Thursday amid panic selling in markets worldwide following the US Federal Reserve's warning that the outlook for the world's largest economy is grim.
The recent round of sell-off is losing momentum and buying is again picking up due to firm marriage season demand.
Possible higher dividend, capital gains taxes weigh.
India is finally waking up to the fact that its credit drought might be here to stay.
The biggest losers in the Sensex pack were M&M, ONGC, Vedanta, Tata Steel, L&T, HDFC, NTPC and Axis Bank, falling up to 3.04 per cent.
With markets expected to remain volatile, promoters and lenders exposed to the industrials and materials space can face brunt of the price erosion of the pledged shares.
Plunged as much as 60% in some cases, amid panic selling on speculations of sale of pledged shares.
The rupee resumed lower at 54.37 per dollar as against the last closing level of 54.07 at the Interbank Foreign Exchange Market.
The broader NSE Nifty reclaimed the key 10,000-mark and touched a high of 10,143.50 before finally settling at 10,130.65
The primary market showed some signs of life in a busy day.
Market players said the sell-off was triggered by pessimism that the government may not be able to balance growth with macro-stability.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
Still, it is not expected to gain much strength and will likely trade around Rs 63.00 to the US dollar by the end of April.
Macroeconomic factors under control, says Rajan
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
The implementation of the NRC as nothing but a political vendetta of the Bharatiya Janata Party-led central government, she told the assembly.
To discourage investors from quick sell-offs, fund houses have started raising exit loads - a penalty charged when investors redeem investments before a specified time.
The hectic buying by domestic institutions, as also by some top-shot brokers in their proprietary accounts, was in sharp contrast to heavy selling of stocks by foreign portfolio investors
A lower opening of the domestic equity market put pressure on the rupee.
Gold prices fell due to persistent selling by stockists triggered by a heavy sell-off in global markets.
'Equities are likely to be range-bound with a downward bias for the remaining part of the year.'
The 30-share Sensex ended at 19,293 down 134 points or 0.69% and the 50-share Nifty ended at 5,835 down by 37 points or 0.64%.
China's move to devalue its currency has exposed the fragility of its economy.
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