Sensex crashes over 1,100 points on global rout; Rs 5 lakh crore investor wealth wiped off
Mumbai: Market benchmark Sensex plummeted over 1,100 points, wiping off over Rs 5 lakh crore investor wealth, in opening session on Friday amid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth.
The 30-share index sank 1,100.27 points, or 2.77 per cent, to 38,645.39, while the NSE Nifty cracked 329.50 points, or 2.83 per cent, to 11,303.80,
All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.
In the previous session, the Sensex settled 143.30 points, or 0.36 per cent, lower at 39,745.66, and the Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30.
According to analysts, till last week the market was of the view that coronavirus was going to have minimum impact on global economy as situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.
Further, incessant selling by foreign investors is also spooking domestic market participants, traders said.
On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed.
Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 4 per cent in their morning sessions.
On Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 per cent.
The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago.
World oil prices too tumbled by more than 4 per cent overnight as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.
Brent crude oil futures fell another 2.47 per cent to USD 50.45 per barrel early in the day. The rupee depreciated 28 paise to 71.89 against the US dollar in morning session.
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Facing criticism over ‘poll stunt’ remark, Channi questions Centre on Pulwama terror attack probe
Chandigarh, May 6: Under fire over his "poll stunt" remark, Congress leader Charanjit Singh Channi on Monday said he was proud of the country's soldiers but targeted the Centre over the 2019 Pulwama terror strike, saying the government could not ascertain who carried out the attack.
The former Punjab chief minister on Sunday called the Poonch terror attack in which an IAF soldier was killed a "stunt" meant to make the BJP win the Lok Sabha elections.
The remark by the Congress candidate from Jalandhar seat triggered a row with Union minister Anurag Thakur asking the Congress leadership to seek an apology from Channi for insulting soldiers with this deplorable statement.
In a video message on Monday, Channi said, "We are proud of our soldiers who protect our country."
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Referring to his statement made on Sunday, Channi said ahead of the last parliamentary polls, 40 jawans were killed but the government could not yet ascertain who carried out the terror attack.
"Who was responsible for that attack," he asked.
Forty Central Reserve Police Force troopers died in a terror attack in Pulwama in Jammu and Kashmir on February 14, 2019.
"Again the elections have come and again our jawans have been attacked," said Channi as he was referring to the terror attack in Poonch.
"I want to ask the government who are those people who get such attacks done. Why don't you bring them forward? Why does intelligence failure take place," he asked.
Channi said Sunil Jakhar, who was earlier with the Congress and now with the BJP, had then even demanded the resignation of the prime minister over the death of 40 soldiers.
"Today again a soldier got martyred and I want to ask Jakhar ji what is your stand now," he said.
"Why are our soldiers getting martyred and why is there intelligence failure of the government," he asked.
In Jalandhar on Sunday while replying to a question on the attack on the Indian Air Force's convoy in Jammu and Kashmir's Poonch, Channi had said, "'Yeh stuntbaazi ho rahi hai, hamle nahi ho rahe' (These are all stunts, not attacks)."
"Whenever elections are near, such stunts are performed to make the BJP win. There is no truth in it," he had said.
"The BJP knows how to play with people's lives and bodies," he had alleged.
One soldier was killed and four were injured as terrorists ambushed an IAF convoy in Poonch district on Saturday, three weeks ahead of polling in Anantnag-Rajouri Lok Sabha constituency.
The officials suspect the involvement of the same group of terrorists who ambushed troops in adjoining Bufliaz on December 21 last year, leaving four soldiers dead and three injured.
Union minister Thakur strongly condemned Channi's remarks and asked the Congress whether it will insult soldiers to win elections.
