Investors become poorer by Rs 9.51 lakh cr as markets crash
New Delhi (PTI): Investors' wealth eroded by Rs 9.51 lakh crore on Monday morning, following a crash in equity markets where the benchmark Sensex tanked over 2,400 points, mirroring a sharp plunge in global peers.
The 30-share BSE benchmark tanked 2,401.49 points to 78,580.46 in early trade.
Following the sharp decline in equities, the market capitalisation of BSE-listed firms dropped by Rs 9,51,771.37 crore to Rs 4,47,65,174.76 crore (USD 5.35 trillion) during the morning trade.
"The global market is reeling as bears enter with a cocktail of bad news. The fear of a reverse Yen carry trade, following an interest rate hike in Japan, was the initial catalyst. This was compounded by fears of a recession in the USA after extremely poor jobs data, which spooked market sentiment," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Indian equity markets are witnessing signs of the first meaningful correction in global markets after an extended bull run, he added.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading sharply lower.
Japan's benchmark Nikkei 225 stock index plunged as much as 8.1 per cent early Monday, extending sell-offs that shook world markets last week as worries flared over the state of the US economy.
The US markets ended significantly lower on Friday.
"The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent.
"Geopolitical tensions in the Middle East also are a contributing factor," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
From the Sensex pack, Tata Motors, Maruti, Tata Steel, Infosys, Tech Mahindra and JSW Steel were the biggest laggards.
On the contrary, Hindustan Unilever, Sun Pharma, Nestle and Asian Paints were trading in the positive territory.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,310 crore on Friday, according to exchange data
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Govt employees mandated to complete competency-linked courses: Centre in Rajya Sabha
New Delhi (PTI): All central government employees have been mandated to complete competency-linked courses relevant to their role or level on a dedicated online platform annually, which will reflect in their annual performance appraisal reports, the Rajya Sabha was informed on Thursday.
The government has adopted a competency-based capacity building approach, focusing on role-based learning, continuous skill development, and alignment of training with role requirements, Union Minister of State for Personnel Jitendra Singh said in a written reply.
"The Department of Personnel and Training (DoPT) has mandated all central government employees and officers of the all-India services to complete competency-linked courses mapped to their role/level and comprehensive assessments prescribed by their ministries/ departments/organisations (MDOs) or cadre controlling authorities (CCAs) on iGOT (integrated government online training) portal annually, which is to be also reflected in their annual performance appraisal reports (APARs)," he said.
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The minister was responding to a query about the government's plans to incorporate competency-based scores for promotion and appraisal processes of its employees.
A framework of roles, activities and competencies (FRAC) aims to align all positions in government with clearly defined roles, activities, and required competencies (behavioural, functional, and domain), Singh added.
In a separate reply, the minister said that details of the engagement of consultants are maintained by respective ministries and departments.
The General Financial Rules (GFR), 2017, administered by the Department of Expenditure, Ministry of Finance, provides for the fundamental principles applicable to all ministries or departments concerning the engagement of consultants and external professionals or consultancy firms for specific jobs, he said.
"As informed by the Department of Expenditure, data regarding engagement of consultants is maintained by respective ministries and departments," Singh said.
The minister was asked the year-wise number of consultants engaged by all the central ministries and departments during the last five years.
