Investors lose over Rs 4 lakh crore in 2 days

Agencies
September 12, 2018

New Delhi, Sept 12: Investors have lost a whopping Rs 4.14 lakh crore in two days of trading as stock markets continued to face heavy selling pressure for the second straight session on Tuesday.

The BSE benchmark index crashed 509.04 points, or 1.34%, to end at 37,413.13 due to heavy selling in FMCG, metal, auto and financial stocks amid growing concerns over intensifying global trade war. This is the weakest closing since August 2 when it had ended at 37,165.16. It had lost 467.65 points the previous day.

Total investor wealth is measured in terms of the cumulative market value of all listed stocks on BSE.

Led by the steep decline in stocks, the market capitalisation of BSE-listed companies tumbled by Rs 4,14,121.84 crore to Rs 1,53,25,666 crore in two consecutive days. Experts said that rupee depreciation is a big concern for market sentiment.

The 30-share index tanked more than 1% for the second day in a row after the rupee slid to a new life-time low of 72.73 in afternoon trade. Stock markets had opened higher but bears regained control soon to wipe out initial gains as crude oil prices rebounded in Asian trade.

Besides, mounting tensions over trade war is a worrisome factor for the Indian market, experts said.

From the 30-share basket, 25 stocks ended with losses led by Tata Steel, Power Grid Corporation of India, Hero MotoCorp and Tata Motors.

The broader market also depicted bearish trend, with the S&P BSE mid cap falling by 1.36% and small cap index 1.37%. Sectorally, the BSE consumer durables index was the biggest drag, down 2.47%.

Surging crude oil prices, rupee plunging to record lows and widening trade deficit, besides negative global leads were major factors that dampened sentiments on the domestic bourses, a broker said.

In Asian trade, international benchmark Brent crude again went past $78 to trade at $78.52 a barrel, by rising 1.30% amid looming US sanction against Iran's petroleum industry.

Investors were cautious as trade war concerns between the US and China escalated, brokers said.

"The threat of trade tariffs, outflow of foreign funds and concern on domestic macros will influence investors to stay on a cautious note," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.

Moreover, expectations of a US interest rate hike this month by the Federal Reserve that may strengthen the dollar and accelerate sell-off by foreign funds in emerging markets too negatively impacted sentiments, brokers said.

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News Network
November 22,2024

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Bengaluru, Nov 22: For the second day running, the Karnataka BJP on Friday staged a statewide protest condemning the government’s alleged move to notify land of farmers as Waqf property.

The BJP staged a protest before the offices of Deputy Commissioners at district headquarters.

The BJP leaders are vehemently demanding that the state government cancel a 1974 Gazette notification in this regard.

The agitators are also demanding scrapping of the Waqf Board and the resignation of Chief Minister Siddaramaiah and Minister for Waqf and Housing Zameer Ahmad Khan.

The BJP MLAs, MLCs, MPs gathered in the premises of Freedom Park and staged a protest under the leadership of Leader of Opposition R. Ashoka and slammed the state government.

MLA T.S. Srivatsa led the protest in Mysuru and hundreds of party workers and farmers staged the protest under the leadership of former MP Pratap Simha in Kodagu.

Former MP Sumalatha Ambareesh led the agitation in Mandya.

This was the first time that Sumalatha took part in the party’s programme after the Lok Sabha elections.

State President B.Y. Vijayendra claimed, “The Congress government in Karnataka is issuing notices to farmers claiming the ownership of their lands to the Waqf Board and pushing them on the streets overnight.”

In the first week of December, three teams formed by the BJP will travel across the state and record the grievances of farmers.

“The state government is attempting to snatch away the lands belonging to temples as well,” Vijayendra alleged and added that the teams would comprise all senior leaders of the BJP.

Meanwhile, the police have taken Sri Ram Sena chief Pramod Muthalik into custody while staging a protest march to the office of Zameer Ahmad Khan in Bengaluru.

Muthalik along with Hindutva activists was planning to lay siege to Zameer’s office over the Waqf row.

The police stopped Muthalik and requested him to submit the memorandum by reaching the minister’s office in a vehicle. However, Muthalik refused to go with the police and continued his footmarch. The police took him into custody following arguments.

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News Network
November 28,2024

Mangaluru: In a heartbreaking incident, three first-year nursing students drowned in the Phalguni River near Barkaje dam, within the Venoor police station limits, on Wednesday evening.

Preliminary reports identify the deceased as Lawrence from Moodbidri, Suraj from Belthangady, and Jaison from Vagga in Bantwal.

According to police sources, the tragedy occurred around 5:30 PM. The group of friends had gathered at a friend's house to celebrate a church feast. After lunch, five of them decided to visit the river near the dam for a swim.

While in the water, two of the students were caught in the strong current. Jaison, attempting to rescue them, was also swept away. Fire and emergency services personnel, along with the police, rushed to the scene and retrieved the bodies.

This tragic event has left the community in deep sorrow.

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News Network
November 19,2024

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In the wake of the tragic drowning of three students at a resort near Ullal on the outskirts of Mangaluru city, the tourism department in Dakshina Kannada is set to implement comprehensive safety guidelines for properties with swimming pools or beach access. This initiative aims to ensure guest safety and prevent similar incidents in the future.

New Safety Mandates for Resorts and Homestays

Rashmi S.R., deputy director (in-charge) of the tourism department, announced, “We will instruct all homestays and resorts to enforce precautionary measures, especially those with pools or direct beach access. Properties must ensure 24/7 supervision, particularly during guest hours. This tragedy highlights the importance of having trained personnel on-site.”

Key Safety Guidelines

The district, home to around 150 homestays and 130 resorts, will see the following measures enforced:

  • Clearly displaying pool depths.
  • Installing adequate safety equipment, such as life buoys.
  • Employing trained lifeguards at all times.
  • Establishing clear pool operating hours.
  • Reviewing and implementing standard operating procedures (SOPs) for pool and beach usage.

Booming Beach Tourism Calls for Vigilance

Manohar Shetty, president of the Association for Coastal Tourism (ACT), Udupi, highlighted the growing popularity of beachside resorts, particularly during peak seasons. Properties in Udupi, often fully booked with tourists from Bengaluru, Mysuru, Kodagu, and Shivamogga, face increasing pressure to maintain safety standards.

Udupi district boasts 22 beachside commercial properties catering to this rising demand.

Shetty emphasized, “Authorities must scrutinize safety measures and carefully evaluate guidelines before issuing new resort licenses. Panchayats should rely on the Karnataka Town and Country Planning Act when handling such cases.”

Long-Term Solutions for Water Safety

Recognizing the need for a cultural shift in water safety, Shetty proposed integrating swimming lessons into school curricula. This move would not only equip students with essential skills but also encourage safe participation in water-based activities.

A Safer Tomorrow for Coastal Tourism

As the tourism sector thrives, Mangaluru’s proactive approach underscores its commitment to visitor safety. The tragic incident serves as a wake-up call, propelling the industry towards stricter regulations and better preparedness, ensuring that coastal vacations remain both enjoyable and safe.

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