Sensex plunges 1,769 pts to 3-week low, investors lose Rs 9.78 lakh cr in single day
Mumbai, Oct 3: Benchmark BSE Sensex tanked 1,769 points to slide to a three-week low on Thursday as a spiralling conflict in West Asia triggered selling in oil, banking and auto shares, wiping out Rs 9.78 lakh crore investor money in a single day.
Falling for the fourth day running, the BSE Sensex tumbled 1,769.19 points or 2.10 per cent to settle at 82,497.10, its lowest closing level since September 11. During the day, it plummeted 1,832.27 points or 2.17 per cent to 82,434.02. As many as 29 Sensex scrips closed in the red while only one stock ended in the green.
Market capitalisation of BSE-listed companies dropped by around Rs 9.78 lakh crore to Rs 4,65,07,685.08 crore (USD 5.54 trillion).
The NSE Nifty slumped 546.80 points or 2.12 per cent to 25,250.10 with 48 of its constituents ending lower.
Continuous foreign fund outflows and rising crude oil prices dented investors' sentiment, analysts said.
From the 30 Sensex firms, Larsen & Toubro, Reliance Industries, Axis Bank, Asian Paints, Tata Motors, Bajaj Finance, Maruti, Bajaj Finserv, Kotak Mahindra Bank, Titan, Adani Ports and HDFC Bank were the major laggards.
JSW Steel emerged as the only gainer.
"The domestic market took a sharp downturn following Iran’s launch of ballistic missiles at Israel, sparking fears of retaliation and escalation in the war,” Vinod Nair, Head of Research, Geojit Financial Services said.
“New SEBI regulations for the F&O segment have raised concerns about reduced trading volumes in the broader market. Lastly, with attractive valuations in China, FIIs have redirected their funds, adding pressure on Indian stocks," Nair added.
The BSE midcap gauge tumbled 2.27 per cent and smallcap index dropped 1.84 per cent.
All indices ended lower. Realty tanked 4.49 per cent, while capital goods (3.18 per cent), auto (2.94 per cent), services (2.87 per cent), industrials (2.75 per cent) and oil & gas (2.52 per cent) were among the major losers.
A total of 2,881 stocks declined while 1,107 advanced and 88 remained unchanged on the BSE.
"Fears of FPIs and FIIs switching to China from Indian equities were prevalent, especially considering the sharp valuations of domestic markets compared to China," said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
In Asian markets, Hong Kong settled lower while Tokyo ended in the positive territory. Markets in mainland China will be closed for the rest of the week due to the holiday.
European markets were trading mostly lower. The US markets ended marginally higher on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,579.35 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude climbed 1.37 per cent to USD 74.91 a barrel.
Equity markets were closed on Wednesday for Mahatma Gandhi Jayanti.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
MP HC sets up judicial commission to probe water contamination in Indore
Indore (PTI): The Indore bench of Madhya Pradesh High Court on Tuesday set up a commission of inquiry comprising a former HC judge to probe the issue of water contamination in city's Bhagirathpura, saying the matter requires probe by an independent, credible authority and "urgent judicial scrutiny".
It also directed the commission to submit an interim report after four weeks from the date of commencement of proceedings.
A division bench of Justices Vijay Kumar Shukla and Alok Awasthi constituted the commission while hearing several public interest litigations (PILs) filed simultaneously regarding the deaths of several people in Bhagirathpura due to the consumption of contaminated water.
The HC reserved the order after hearing all the parties during the day, and released it late at night.
The state government on Tuesday told the HC that the deaths of 16 people in Indore's Bhagirathpura area was possibly linked to a month-long outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The government presented an audit report of 23 deaths from the current gastroenteritis epidemic in Bhagirathpura before the bench, suggesting that 16 of these fatalities may have been linked to the outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The report, prepared by a committee of five experts from the city's Government Mahatma Gandhi Memorial Medical College, stated that the deaths of four people in Bhagirathpura were unrelated to the outbreak, while no conclusion could be reached regarding the cause of death of three other people in the area.
During the hearing, the high court sought to know from the state government the scientific basis behind its report.
The division bench also expressed surprise at the state government's use of the term "verbal autopsy" in relation to the report, sarcastically stating that it had heard the term for the first time.
The HC expressed concern over the Bhagirathpura case, stating that the situation was "alarming," and noted that cases of people falling ill due to contaminated drinking water have also been reported in Mhow, near Indore.
In its order, the HC said the serious issue concerning contamination of the drinking water supply in Bhagirathpura area allegedly resulted in widespread health hazards to residents, including children and elderly persons.
According to the petitioners and media reports, death toll is about 30 till today, but the report depicts only 16 without any basis or record, it said.
It is averred that sewage mixing, leakage in the pipeline, and failure of civic authorities to maintain potable water standards have led to the outbreak of water-borne diseases. Photographs, medical reports, and complaints submitted to the authorities prima facie indicate a matter requiring urgent judicial scrutiny, the HC said.
"Considering the gravity of the allegation and affecting the right to life under Article 21 of the Constitution of India and the need for an independent fact-finding exercise, the Court is of the opinion that the matter requires investigation by an independent, credible authority," it said.
"Accordingly, we appoint Justice Sushil Kumar Gupta, former judge of the Madhya Pradesh High Court, a one-man commission of inquiry into the issues relating to water contamination in Bhagirathpura, Indore, and its impact on other areas of the city," the HC added.
As per the order, the commission shall inquire into and submit a report on the cause of contamination -- whether the drinking water supplied to Bhagirathpura was contaminated; and the source and nature of contamination (sewage ingress, industrial discharge, pipeline damage etc).
The panel will also probe the number of actual deaths of affected residents on account of contaminated water; find out the nature of disease reported and adequacy of medical response and preventive measures; suggest immediate steps required to ensure safe drinking water as well as long-term infrastructural and monitoring reforms.
It will also identify and fix responsibility upon the officers and officials found prima facie responsible for the Bhagirathpura water contamination incident, and suggest guidelines for compensation to affected residents, particularly vulnerable sections.
The commission shall have powers of a civil court for the purpose of summoning officials and witnesses; calling up records from the government department, hospitals, laboratories and civic bodies; ordering water quality testing through accredited laboratories; conducting spot inspections.
All state authorities involving district administration, Indore Municipal Corporation, public health engineering department and Madhya Pradesh Pollution Control Board shall extend full co-operation and provide records as sought by the commission, it said.
The state government shall provide office space, staff, and logistical support to the commission, it said.
During the hearing in the day, the state government also presented a status report to the court in this matter.
According to reports, a total of 454 patients were admitted to local hospitals during the vomiting and diarrhea outbreak, of whom 441 have been discharged after treatment, and 11 are currently hospitalised.
According to officials, due to a leak in the municipal drinking water pipeline in Bhagirathpura, sewage from a toilet was also mixed in the water.
