Sensex cracks below 37,000-mark, tanks 531 points on FPI worries
Mumbai: Domestic equity benchmarks BSE Sensex fell over 531 points to trade below 37,000-mark in early trade on Monday following persistent foreign fund outflows amid negative global cues.
Kashmir issue also spooked investors' sentiment after the authorities stepped up security at vital installations and in sensitive areas, suspended mobile internet services and either "arrested" or "detained" several leaders in fast-paced developments on Sunday night.
The 30-share index was trading 531.94 points or 1.43 per cent lower at 36,586.28; and the broader Nifty fell 171.05 points, or 1.56 per cent, to 10,826.30 in morning session.
In the Sensex pack, Yes Bank, Tata Motors, Vedanta, SBI, Tata Steel, Power Grid, ICICI Bank, ONGC, Reliance and Maruti, were among the major losers, falling up to 8.49 per cent.
On the other hand, TCS, Infosys, Bharti Airtel and HDFC were trading in the green.
In the previous session, the 30-share BSE Sensex rose 99.90 points or 0.27 per cent to settle at 37,118.22. Similarly, the broader NSE Nifty gained 17.35 points or 0.16 per cent to end at 10,997.35.
On a net basis, foreign institutional investors sold equities worth Rs 2,888.06 crore, provisional data available with stock exchanges showed on Friday.
"FPIs withdrew more than they invested as the US-China trade war has started brewing again which is not helping investors' sentiments," said Harsh Jain, COO at Groww.
Further, "the announcement of rate cuts by Fed in the US has evoked confused reactions and added to the uncertainty," he added. The Reserve Bank will hold its three-day policy meeting, beginning Monday (August 5).
It is widely expected to cut the benchmark interest rate for the fourth time in a row to boost the economy at time when key indicators are pointing towards a slowdown, experts said.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the red in their respective early sessions, following intensifying trade war between the US and China.
Equities on Wall Street too ended on a negative note on Friday last week. Meanwhile, the rupee depreciated by 86 paise to 70.46 against the US dollar (intra-day).
The global oil benchmark Brent crude futures were trading 1.18 per cent lower at 61.16 per barrel.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
