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Sensex, Nifty see sharpest single-day fall in 2017 on global cues
Posted on 23rd September 2017
Mumbai: Indian benchmark indices posted their biggest daily percentage decline in 10 months on Friday, as a North Korean threat to carry out a hydrogen bomb test in the Pacific Ocean rattled global markets.

The Indian government’s stimulus spending plan and jitters that it would widen the fiscal deficit also contributed to the decline, which was led by bank stocks.

The National Stock Exchange’s 50-share Nifty index dipped 1.56% to close below the psychological 10,000-point mark at 9,964.40 points. The BSE Sensex tumbled 1.38% to end at 31,922.44 points.

North Korea struck back at US President Donald Trump’s threats to destroy it, with Kim Jong Un warning of the “highest level of hardline countermeasure in history” and his foreign minister suggesting that could include testing a hydrogen bomb in the Pacific Ocean.

“The markets saw a sell-off of over 1%, which in our opinion is on account of weak global cues, which were due to geopolitical tensions surrounding North Korea,” said Nitasha Shankar, senior vice-president and head of research at YES Securities Ltd. “The sell-off was more pronounced as foreign institutional investors (FIIs) continued to pull funds out in reaction to the political tensions and recent revision of China’s sovereign rating.”

Stock indices in Hong Kong, South Korea and Taiwan also fell around 1% on Friday but the decline in India was the sharpest among Asian markets.

Indian stocks are the most expensive among peers, prompting concerns about valuations overshooting fundamentals amid slow economic growth and an elusive corporate earnings recovery.

“Impact of good and services tax (GST) could be more prolonged and earnings recovery could be delayed by a quarter or two. As a result, a market correction at this juncture should not come as a surprise,” said Ravi Gopalakrishnan, head of equities at Canara Robeco Mutual Fund.

The price-to-earnings ratio for FY19 is 18.48 and 18.18 for the Sensex and Nifty respectively, whereas that for MSCI Emerging Markets is 12.76 and MSCI World 16.50.

Analysts described the correction in the Indian markets as healthy and long overdue. “The correction was required due to excessive optimism built over the months. The sell-off is triggered by Fed’s comments on unwinding the quantitative easing beginning next month, consequence of which is unknown. Fed action will support the dollar which has already started to recover. As the Indian currency weakens against the dollar, it may have a negative effect on markets,” said Jimeet Modi, chief executive of Samco Securities.

Most stocks in the capital goods, healthcare and metals sectors were under pressure on Friday. Among sectoral indices, the BSE Metal index fell 3.9%, reacting to China’s credit downgrade by S&P Global Ratings, triggering concerns that demand from the world’s second-biggest economy may decline.

So far this year, FIIs have bought a net $6.4 billion worth of stocks, but sold $761.55 million worth of Indian equities in September.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

Other Latest News
Posted on 14th August 2018
As many as 1,677 entities, including individuals, failed to pay penalties imposed by Sebi till the end of May, according to the regulator.

The list of defaulters as on May 31, 2018 "for non-payment of penalty imposed by Sebi through orders passed up to December 31, 2017" has been published on the regulator's website on Monday.

SBI shares continue to fall; down over 3 per cent
Posted on 14th August 2018
New Delhi: Shares of State Bank of India continued to fall for the second straight session on Monday, dropping over 3 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

The stock went down 3.17 per cent to end at Rs 294.80 on BSE. Intra-day, it slumped 4.15 per cent to Rs 291.80. At NSE, shares of the company fell 2.54 per cent to close at Rs 296.70.

Bitcoin slips below $6,000 to lowest since June as almost every other crypto nosedives
Posted on 14th August 2018
Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887 as of 10:44 a.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. Ether sank 12 percent, while all but one of the 100 biggest cryptocurrencies tracked by recorded declines over the past 24 hours.

Debit cards: Paytm rules the roost in the virtual world but lags in real life
Posted on 14th August 2018
Given how every depositor gets a digital debit card, Paytm Payments Bank has in less than a year of its launch notched up a large outstanding debit card user base.

Reserve Bank of India (RBI) data show the mobile wallet-to-payments bank entity had 39.12 million outstanding debit cards at the end of May.

Air India says yet to receive equity infusion from government
Posted on 14th August 2018
National carrier Air India on Monday said it is yet to receive the equity infusion from the government to meet its working capital requirements after an airline’s pilots’ body claimed grounding of several aircraft due to lack of funds.

“There is no money for spares and maintenance of these aircraft. Some of them have been grounded for the last three months.

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