Sensex crashes over 1,000 pts on global sell-off
Mumbai, Oct 11: Benchmark BSE Sensex Thursday crashed over 1,030 points to slip below the key 34,000-mark in early trade, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar.
Traders attributed the carnage in domestic bourses to the sell-off in international bourses after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US' trade war with the China.
Rising 10-year US treasury bonds, jumping above 3 per cent last week and the International Monetary Fund (IMF) slashing its global growth forecast and weakness in emerging markets, too spooked investors.
The 30-share BSE Sensex, which had gained 461.42 points Wednesday, slipped below the 34,000-mark by crashing 1,030.40 points, or 2.95 per cent, to 33,730.49 in opening trade.
The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 per cent, to 10,178.70.
Widespread selling pulled down all sectoral indices led by realty, IT, metal and banking, that fell up to 3.66 per cent.
Top laggards include SBI, Tata Steel, Infosys, Axis Bank, Bharti Airtel, Yes Bank, Maruti Suzuki, HUL, TCS, HDFC, ICICI Bank, Adani Ports, Wipro, Tata Motors, ITC, Coal India, Bajaj Auto, L&T, Sun Pharma IndusInd Bank and M&M, dropping up to 3.99 per cent
In the forex market, the rupee slumped by 24 paise to an all-time low of 74.45 against the dollar due to heavy demand for the US currency from importers.
Foreign portfolio investors sold shares worth a net of Rs 1,096 crore Wednesday, provisional data showed.
Elsewhere in Asia, Japan's Nikkei plunged 3.41 per cent, Hong Kong's Hang Seng lost 3.53 per cent, Singapore exchange was down 2.64 per cent and the Korean bourse fell 2.28 per cent in late morning deals.
The US Dow Jones Industrial Average slumped 3.15 per cent Wednesday, its biggest fall since February.
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How can govt move amendments to women law before notifying principal Act: Opposition in LS
New Delhi (PTI): Opposition members in the Lok Sabha on Friday questioned the government's decision to move a bill to amend the 2023 women quota law before bringing the principal Act into force.
Soon after laying of parliamentary papers, K C Venugopal rose to point out a law ministry notification issued last night around 10 pm to bring into force the 2023 women's reservation law with effect from April 16, much after a bill to amend the Act was introduced and discussed in the House.
DMK's Kanimozhi also flagged the issue, wondering the logic in discussing an amendment after notifying the principal Act.
Opposition members sought a clarification from law minister Arjun Ram Meghwal who was present in the Lok Sabha.
"The Nari Shakti Vandan Adhiniyam passed in September 2023 has come into force with being published in the Gazette only at 9.55 pm last night.
"It is shocking that the government brought amendments to a Constitutional provision that was not even published in the gazette! This shows the government’s unprepared and lackadaisical approach to serious lawmaking," Venugopal later posted on X.
He said this is also yet another evidence that the treasury benches look at the Parliament as no more than a rubber stamp, not bothered about the procedures and protocol necessary for a fair legislative process.
An official has earlier explained that bringing the law into force was essential as its proposed amendment will not have come into effect without that.
The constitution amendment Bill became a law but did not become part of the Constitution as the government did not bring it into force.
If a law does not come into force, how can its proposed amendment be implemented. Hence, it was brought into force with effect from April 16, the official explained.
