Markets crash amid global meltdown; investors lose Rs 4.23 lakh crore
Mumbai: The Sensex dived 812 points while the Nifty closed below the 11,300-mark on Monday, in tandem with a global selloff after a resurgence of coronavirus cases in Europe stoked fears of another round of lockdowns.
Denmark, Greece and Spain have imposed fresh restrictions on activities to tackle a surge in COVID-19 infections. Britain too is considering a second nation-wide lockdown, prompting investors in Europe to offload travel, consumption and banking stocks.
Falling for the third straight session, the 30-share BSE Sensex index ended 811.68 points or 2.09 per cent lower at 38,034.14.
Similarly, the NSE Nifty tumbled 254.40 points or 2.21 per cent to finish at 11,250.55.
IndusInd Bank was the top loser in the Sensex pack, tanking 8.67 per cent, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti, Axis Bank and Bajaj Finance.
Only three index components ended in the green -- Kotak Bank, Infosys and TCS, rising up to 0.86 per cent.
The market capitalisation of all BSE-listed companies fell to Rs 1,54,76,979.16 crore, wiping off Rs 4.23 lakh crore of investor wealth.
"Indian benchmark indices succumbed to profit booking in the second half of the trading day and ended more than 2 per cent down. It was in sync with global cues which turned negative following a surge in infections in various countries including in Europe.
"Additional restrictions were being considered in Europe following an increase in infections. With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being. Stay cautious," said Vinod Nair, Head of Research at Geojit Financial Services.
All sectoral indices ended in the red, with BSE telecom, realty, metal, auto, healthcare and basic materials cracking up to 5.77 per cent.
Broader BSE midcap and smallcap indices crashed as much as 3.61 per cent.
In rest of Asia, bourses in Shanghai, Hong Kong and Seoul ended significantly lower. Stock exchanges in Europe witnessed heavy selloff in opening trade, declining up to 3 per cent.
Meanwhile, global oil benchmark Brent crude was trading 2.04 per cent lower at USD 42.27 per barrel. In the forex market, the rupee strengthened 7 paise and closed at 73.38 against the US dollar.
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AIITA welcomes Karnataka’s ban on obscene songs in school events
Bhatkal: The Karnataka unit of the All India Ideal Teachers Association (AIITA) has welcomed the Karnataka government’s decision to strictly ban school children from dancing to obscene songs during educational and cultural programmes in government, aided, and private schools across the state.
AIITA Karnataka State President M. R. Manvi congratulated the government for taking what he termed an important step to preserve the sanctity of education.
“Such decisions to safeguard the dignity of school children and uphold the values of education are the need of the hour. This rule should not be limited to government schools alone but must be strictly implemented in all private educational institutions as well,” he said.
He further urged the government to address other concerns within school programmes.
“The government should not only prohibit obscene dances in the name of school anniversaries, but also ensure that plays and dialogues that incite religious hatred are avoided. Schools should be centres of harmony, not platforms for spreading hatred,” he added.
According to a recent circular issued by the Department of School Education and Literacy, obscene dances are adversely affecting the mental health and moral values of students.
In this regard, schools have been advised to use songs that promote nationalism, positive thinking, the greatness of Kannada culture, and value-based traditions instead of inappropriate content during programmes.
The circular also emphasises that students should be dressed in decent attire.
AIITA also backed the department’s warning that disciplinary action would be taken against head teachers if such guidelines are violated. The association has further demanded that district Deputy Directors of Public Instruction strictly monitor the implementation of these rules.
