Market crash makes investors poorer by Rs 10.98 lakh cr
New Delhi, Jan 6: Investors' wealth tumbled Rs 10.98 lakh crore on Monday as markets crashed due to across-the-board selloff amid concerns over third-quarter earnings growth and foreign fund exodus.
The 30-share BSE benchmark Sensex tanked 1,258.12 points or 1.59 per cent to close below the 78,000 level at 77,964.99. During the day, it plunged 1,441.49 points or 1.81 per cent to 77,781.62.
The NSE Nifty slumped 388.70 points or 1.62 per cent to 23,616.05.
The market capitalisation of BSE-listed firms dived Rs 10,98,723.54 crore to Rs 4,38,79,406.58 crore (USD 5.11 trillion).
From the 30-share blue-chip pack, Tata Steel, NTPC, Kotak Mahindra Bank, Power Grid, Zomato, Adani Ports, IndusInd Bank, Asian Paints, ITC and Reliance Industries were among the biggest laggards.
Titan, HCL Tech and Sun Pharma were the gainers.
"The Indian equity markets are witnessing a sharp decline today, with both Nifty and Bank Nifty slipping below their 200-day moving averages (DMA). The sell-off can be attributed to a rise in Foreign Institutional Investors (FIIs) selling and concerns surrounding the upcoming Q3 earnings season.
"Additionally, fears related to the new HMPV have added to the bearish sentiment, triggering fresh rounds of selling after the recent counter-trend pullback rally," Santosh Meena, Head of Research at Swastika Investmart, said.
FIIs offloaded equities worth Rs 4,227.25 crore on Friday after a day's breather, according to exchange data.
The BSE smallcap gauge cracked 3.17 per cent and midcap index fell by 2.44 per cent.
"Indian equities faced intense selling pressure amid concerns regarding the outbreak of HMP virus and sharp fall in banking stocks post lacklustre quarterly updates," Siddhartha Khemka, Head - Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.
All BSE sectoral indices ended lower, with utilities tumbling 4.16 per cent, power (3.73 per cent), services (3.45 per cent), metal (3.15 per cent), oil & gas (3.15 per cent), energy (3.03 per cent), industrials (2.97 per cent) and commodities (2.74 per cent).
As many as 3,474 stocks declined while 656 advanced and 114 remained unchanged on the BSE.
"Emerging markets are undergoing consolidation due to uncertainties surrounding new US economic policies, the Fed's hawkish stance on future rate cuts, potential upward revision for CY25 inflation, and a strong dollar, all of which are negatively impacting market sentiment. The primary catalyst for a sharp sell-off in the domestic market appears to be concerns over the Human Metapneumovirus (HMPV).
"Additionally, the initial Q3 consensus earnings estimate suggests a potential gradual recovery in domestic corporate earnings, which could explain the domestic market's underperformance compared to global markets led by premium valuation," Vinod Nair, Head of Research at Geojit Financial Services, said.
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PM Modi arrives Oman, exchanges perspectives with Deputy PM on bilateral ties
Muscat (PTI): Prime Minister Narendra Modi on Wednesday interacted with Oman's Deputy Prime Minister for Defence Affairs Sayyid Shihab bin Tariq Al Said and exchanged perspectives on friendship between the two countries.
Modi, who arrived here on a two-day visit during which he will hold talks with the Gulf nation's top leadership and is expected to sign an ambitious trade deal, said his trip offers an opportunity to explore new avenues of collaboration and add fresh momentum to the bilateral partnership.
He was warmly welcomed by Sayyid Shihab at the airport and was accorded a ceremonial welcome.
"Landed in Muscat, Oman. This is a land of enduring friendship and deep historical connections with India. This visit offers an opportunity to explore new avenues of collaboration and add fresh momentum to our partnership," Modi said in a social media post.
Modi is visiting Oman at the invitation of Sultan Haitham bin Tarik. This is his second visit to the Gulf nation.
"Extremely grateful to HH Sayyid Shihab bin Tariq Al Said, Oman’s Deputy Prime Minister for Defence Affairs, for the warm welcome at Muscat airport. We also had a great interaction, exchanging perspectives on India-Oman friendship," Modi said.
Modi's visit is of special significance as it marks the 70th anniversary of the establishment of diplomatic relations between the two countries.
The Prime Minister arrived here on the last leg of his three-nation tour. He earlier visited Ethiopia and Jordan.
When Modi arrived at the hotel, he was welcomed by the Indian community members. Local artists presented a traditional Omani performance. Indian artists presented colourful cultural performances, including Rajasthan's Ghoomar, Gujarati song, classical dance and Karnataka's folk dance.
He also witnessed an exhibition depicting 70 years of India-Oman diplomatic relations presented by diaspora at the hotel.
India has said that it is "very optimistic" about finalising an ambitious trade deal with Oman during the visit.
The free trade agreement between India and Oman was approved by the Union Cabinet last Friday.
Talks for the agreement, officially termed as CEPA (Comprehensive Economic Partnership Agreement), formally began in November 2023, and the negotiations concluded this year.
"We are all very optimistic about it. The teams from both sides have been working very hard for its early finalisation," Arun Chatterjee, a secretary in the Ministry of External Affairs (MEA), had said at a media briefing when asked whether the proposed India-Oman comprehensive economic partnership agreement will be inked during Modi's visit.
"We have immense faith that this agreement, if signed during this visit, will significantly deepen the economic ties between India and Oman. And it will open up a new chapter in the history of India-Oman trade and commercial relationship," he said.
During the visit, Modi will also hold discussions with Sultan Tarik on strengthening the Strategic Partnership as well as a strong commercial and economic relationship.
Modi is also scheduled to address a gathering of the Indian diaspora here.
"This visit will be an opportunity for both sides to comprehensively review the bilateral partnership, including in the areas of trade, investment, energy, defence, security, technology, agriculture and culture, as well as exchange views on regional and global issues of mutual interest," the MEA said in an earlier statement.
Oman is the third-largest export destination for India among the Gulf Cooperation Council (GCC) countries. India already has a similar agreement with another GCC member, the UAE, which came into effect in May 2022.
India-Oman bilateral trade was about USD 10.5 billion (exports USD 4 billion and imports USD 6.54 billion) in 2024-25. India's key imports are petroleum products and urea. These account for over 70 per cent of imports. Other key products are propylene and ethylene polymers, pet coke, gypsum, chemicals, iron and steel, and unwrought aluminium.
The main items of India's exports to Oman include mineral fuels, chemicals, precious metals, iron and steel, cereals, ships, boats and floating structures, electrical machinery, boilers, tea, coffee, spices, apparel, and food items.
