Sensex tanks over 2,000 pts in global equity carnage; Nifty gives up 9,400
Mumbai: Equity benchmark Sensex plummeted over 2,000 points and the Nifty gave up the 9,400 level in opening session on Monday after the Federal Reserve's rate cut fanned concerns over the impact of Covid-19 on world economy.
The rupee too depreciated 41 paise to 74.16 against US dollar in morning session.
Resuming its downward spiral, domestic BSE Sensex sank 2004.20 points or 5.88 per cent to 32,099.28 in morning session. Similarly, the NSE Nifty cracked 596.25 points, or 5.99 per cent, to 9,358.95.
In the previous session, the 30-share BSE barometer recovered over 5,380 points from its intra-day low of 29,388.97, ending 1,325.34 points or 4.04 per cent higher at 34,103.48. The Nifty settled 365.05 points, or 3.81 per cent, up at 9,955.20.
All Sensex components were trading in the red. IndusInd Bank was the top loser, tanking up to 12 per cent, followed by ICICI Bank, HDFC, Axis Bank, Titan, Tata Steel and Bajaj Finance.
According to traders, volatility heightened in global markets as US Federal Reserve's interest rate cut stoked concerns over an impending economic recession.
Faced with a growing economic shutdown amid the new coronavirus (Covid-19) pandemic, the US Fed on Sunday made its second emergency rate cut in less than two weeks, cutting the benchmark borrowing rate to a range of 0-0.25 percent, where it was during the 2008 global financial crisis.
US stock futures fell sharply after the Federal Reserve slashed interest rates.
Meanwhile, the Reserve Bank of India on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable.
Further, Bank of Japan (BOJ) convened an emergency policy meeting after the Fed rate cut. A BOJ statement said the meeting was to discuss monetary control matters based on recent economic and financial developments."
Japan's Nikkei was the sole Asian benchmark that did not lose ground early Monday. Elsewhere in Asia, Shanghai Composite Index, Hang Seng and Kospi fell up to 2 per cent. Incessant foreign fund outflow also kept market participants on edge, traders said.
On a net basis, foreign institutional investors sold equities worth Rs 6,027.58 crore on Friday, data available with stock exchanges showed.
Meanwhile, Brent crude oil futures plunged over 2.98 per cent to USD 32.84 per barrel. Covid-19 has claimed over 6,000 lives and infected more than 1,62,000 people across the globe.
The number of infected cases in the country stood at 110 on Monday, the Union Health Ministry said.
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BJP worker’s 16-year-old son allegedly casts eight votes in Uttar Pradesh’s Farrukhabad; Video viral
Lucknow (Farrukhabad): A viral video has surfaced showing a 16-year-old son of a BJP worker allegedly casting eight votes to the saffron party during the ongoing general elections in Uttar Pradesh. The video has sparked controversy, and the opposition has urged for prompt action from the Election Commission of India, reports scroll.in.
The video shared by the Samajwadi Party President Akhilesh Yadav on micro-blogging site ‘X’, showed the youngster recording himself while casting multiple times in a series of instances. The incident reportedly took place in Khiri Pamaran village, which falls under the Aliganj Assembly constituency within the Farrukhabad parliamentary seat. Mukesh Rajput, the sitting MP, is the BJP candidate in this constituency. Polling in Farrukhabad occurred on May 13 during the fourth phase of the general election.
In the viral video, the youngster is seen casting eight votes in total, all for the BJP, one by one with different clippings.
The youngster in the video has been identified as Rajan Singh Thakur, confirmed his father, Anil Singh Thakur to the Scroll.in. Anil Singh Thakur is the gram pradhan (village head) of Khiri Pamaran and a member of the BJP.
Anil defending his son told the Scroll that the ‘Video misrepresented his son,’ and claimed that the voting was done when the machine was being tested in some instances and other clipping of him voting on behalf of mentally and physically disabled voters was merged and made into a video.
Despite the Anil's caims, the video has drawn significant criticism. Subhash Chandra Prajapati, the additional district magistrate of Farrukhabad, confirmed to the Scroll that the administration will file a case soon. He mentioned that the returning officer is investigating the matter following a directive from the chief electoral officer in Lucknow.
The opposition has been vocal in its criticism, with Akhilesh Yadav demanding action from the Election Commission. In his social media post, Yadav accused the BJP of undermining the electoral process and described the party's booth committee as a "loot committee." The Congress party also called on the Election Commission to take action, in a ‘X’ post the party wrote, “Dear Election Commission…are you watching..a boy is voting 8-8 times ... .at least wake up now.”
Congress leader Rahul Gandhi, took to ‘X’ to express, “Fearing and seeing their defeat, the BJP is attempting to undermine democracy by pressuring government machinery to deny the mandate. The Congress expects all officers performing election duties to remember their constitutional responsibilities despite any pressure from those in power. Otherwise, once the Indian National Developmental Inclusive Alliance (INDIA) bloc government is formed, actions will be taken to ensure that anyone will think ten times before violating their 'Oath to the Constitution'."
Following the video's circulation, Naval Kishor Shakya, the Samajwadi Party candidate in Farrukhabad, filed a complaint with the district election officer. Shakya's complaint alleges that Rajan Singh Thakur cast votes after snatching voter information slips from other voters and that he was assisted by Dinesh Thakur, the local police station's station house officer. Shakya has called for re-polling at the affected polling center.
In a related incident earlier in May, Gujarat Police arrested two BJP workers for allegedly casting bogus votes and live-streaming the act on social media in the Dahod constituency. The Election Commission conducted re-polling at the affected booth following the incident.
The opposition INDIA bloc, including the Congress and the Samajwadi Party, has repeatedly accused the Election Commission of failing to take prompt action against election model code of conduct violations.
अपनी हार सामने देख कर भाजपा जनादेश को झुठलाने के लिए सरकारी तंत्र पर दबाव बना कर लोकतंत्र को लूटना चाहती है।
— Rahul Gandhi (@RahulGandhi) May 19, 2024
कांग्रेस चुनावी ड्यूटी कर रहे सभी अधिकारियों से यह अपेक्षा करती है कि वो सत्ता के दबाव के सामने अपनी संवैधानिक ज़िम्मेदारी न भूलें।
वरना INDIA की सरकार बनते ही ऐसी… https://t.co/fk4wXL8QZy
