Sensex tanks 1,017 points; investors lose over Rs 5 lakh crore

Sensex Tanks 1,017 Points; Investors Lose Over Rs 5 Lakh Crore

by Utkalika Mohanty

NEWS HIGHLIGHTS

Indian benchmark indices closed in the deep red on Friday as investors remained jittery ahead of an important US jobs report that could determine the speed and size of US Fed rate cut in the coming days.

Mumbai, Sep 6: Indian benchmark indices closed in the deep red on Friday as investors remained jittery ahead of an important US jobs report that could determine the speed and size of US Fed rate cut in the coming days.

At closing, the Sensex was down 1,017 points or 1.24 per cent at 81,183 and Nifty was down 292 points or 1.17 per cent at 24,852.

Due to a sharp fall, the market cap of all listed firms on the Bombay Stock Exchange (BSE) declined by nearly Rs 5.3 lakh crore to Rs 460.04 lakh crore. On Thursday it was Rs 465.3 lakh crore.

In the Sensex pack, SBI, ICICI Bank, NTPC, HCL Tech, Reliance, Tata Motors, ITC, Axis Bank, Infosys, L&T, M&M, Maruti Suzuki, Ultratech Cement and Wipro fell the most.

Bajaj Finance, Asian Paints, JSW Steel and HUL contributed the most. Selling was seen in all sectors.

Auto, PSU banks, fin service, media, energy, private banks, infra, realty and FMCG indices were the top losers.

Nifty midcap 100 index was down 946 points or 1.59 per cent at 58,501 and Nifty smallcap 100 index was down 244 points or 1.25 per cent at 19,276.

Santosh Meena, Head of Research at Swastika Investmart said, "Indian markets witnessed a surprising decline today after consolidating at all-time highs. One key factor could be weaker job data from the US, fueling concerns about a potential global economic slowdown."

"Additionally, India's weight in the MSCI Emerging Markets index has surpassed China’s, reaching its highest level. This raises the risk of a strategic reduction in weight allocation, especially given India's relatively high valuations," Meena said.

The Foreign Institutional Investors (FIIs) turned net sellers on September 5 as they sold equities worth Rs 688 crore, while domestic institutional investors bought equities worth Rs 2,970 crore on the same day.

--IANS

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Rohit On Verge Of Two Milestones As India Take On Bangladesh In Test Series

by Shambhu Datta Mishra

Chennai, Sept 16: Indian skipper Rohit Sharma will have some milestones to chase as he prepares to take on Bangladesh in the first Test of the two-match series at Chennai from Thursday.

The two-match series will kick off September 19 in Chennai at the MA Chidambaram Stadium. The second long-format game will begin September 27 in Kanpur. In his first Test assignment, head coach Gautam Gambhir will be keen on securing a series win.

The Indian skipper has enjoyed a fine run of form in the ongoing ICC World Test Championship 2023-25 so far, scoring 700 runs in nine matches and 16 innings at an average of 46.66, with three centuries and three fifties. His best score is 131. He is the 12th highest run-getter in the competition so far.

Rohit has two milestones to look for during the series. Getting to the first milestone will seal his legacy as the country's finest six-hitter. With 84 sixes in Tests, Rohit is at 11th place among top six-hitters in the world. He just needs eight more big hits to displace legendary Virender Sehwag (91) to become team's leading six-hitter in Test cricket.

England skipper Ben Stokes (131), former New Zealand wicketkeeper-batter Brendon McCullum (107) and iconic Australian wicketkeeper-batter Adam Gilchrist (100) are the top three sixes in the world.

If Rohit goes on a big six-hitting spree in these two games, he could also become only the fourth overall and first Indian batter to have smashed 100 sixes in Tests.

The 'Hitman' is also nearing the half-centuries of centuries in international cricket. With 48 centuries in 483 matches, he is just two more tons away from reaching 50 international centuries. He will become only the third Indian batter to reach this milestone and overall 10th player to do so. Currently from India, only Sachin Tendulkar (100 centuries) and Virat Kohli (80 centuries) have crossed a half-century of centuries in international cricket.

For Rohit Sharma's side, this series against Bangladesh will be followed by New Zealand's tour of India for three Tests starting from October 16, and then the highly anticipated Border-Gavaskar Trophy series in Australia from November 22.

India squad (1st Test): Rohit Sharma (C), Yashasvi Jaiswal, Shubman Gill, Virat Kohli, KL Rahul, Sarfaraz Khan, Rishabh Pant (WK), Dhruv Jurel (WK), R Ashwin, R Jadeja, Axar Patel, Kuldeep Yadav, Mohammed Siraj, Akash Deep, Jasprit Bumrah, Yash Dayal.

(ANI)

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Finance Minister Sitharaman To Launch New Pension Scheme 'Vatsalya' For Children On Sep 18

by Hemanta Pande

New Delhi, Sep 16: Union Finance Minister Nirmala Sitharaman is scheduled to launch the New Pension Scheme (NPS) 'Vatsalya' in New Delhi on September 18, which will be joined by schoolchildren.

Announced in the Union Budget 2024, the scheme will allow parents to contribute a certain amount on behalf of their children towards NPS to secure their future and help them develop a retirement fund.

As part of the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locations throughout the country, according to the Ministry of Finance.

Finance Minister will also launch an online platform for subscribing to NPS 'Vatsalya', release of scheme brochure, and distribute PRAN cards to new minor subscribers.

Other locations will join the launch through video conference and will also distribute PRAN (permanent retirement account number) membership to new minor subscribers in that location.

“NPS 'Vatsalya' will allow parents to save for their children’s future by investing in a pension account and ensure long-term wealth with the power of compounding,” said the ministry.

NPS 'Vatsalya' offers flexible contributions and investment options, allowing parents to make investment of Rs 1,000 annually in the name of the child, thus making it accessible to families from all economic backgrounds.

This new initiative is designed to start early in securing financial future of children, marking an important step in India’s pension system. The scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA).

“The launch of NPS Vatsalya highlights the government of India's commitment to promote long-term financial planning and security for all,” said the ministry.

The scheme allows children to withdraw a portion of the accumulated corpus as a lump sum and receive the rest as regular pension payments.

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Asian Hockey Champions Trophy: India Beat Korea 4-1 To Set Up Final With China

by Hemanta Pande

Moqi, Sep 16: India registered an emphatic 4-1 win over Korea in the semi-final of the Asian Hockey Champions Trophy 2024 at the scenic Moqi Hockey Training Base on Monday. Defending champions India will take on hosts China in the summit clash on Tuesday.

Uttam Singh (13’) gave India the lead in the first quarter, followed by goals from Harmanpreet Singh (19’, 45+’) and Jarmanpreet Singh (32’). Jihun Yang (33’) scored the only goal for Korea.

India began the crucial semi-final on the front foot, with Abhishek forcing a save from Korea’s goalkeeper, Jaehan Kim, on the reverse, in the opening minutes. Uttam kept the pressure on with a bursting run down the right wing and found Raheel, whose close-range shot was saved. While the Indian defence smothered the occasional Korean counterattack, the forwards finally broke through as Araijeet Singh smashed the ball across the goal from the right wing for Uttam to tap in, making it 1-0 for India in the first quarter.

India earned their first penalty corner early in the second quarter, and on the second attempt, Harmanpreet struck the backboard to double India’s lead.

Sukhjeet ensured India kept the pressure on with a deep foray into Korea’s shooting circle but couldn’t find a teammate. In the very next play, Jarmanpreet pulled an aerial pass from Sumit on the opposite flank out of the air and smacked it towards goal, where it deflected in, further increasing India’s lead. Korea responded by earning a penalty corner, and Jihun Yang flicked it down the middle to beat Krishan Pathak, providing a ray of hope for Korea as the scoreline read 3-1 in India’s favour.

Both teams created goal scoring opportunities as the third quarter drew to a close, but an error from Korea’s goalkeeper Jaehan Kim gifted India a penalty corner with just a second left. Harmanpreet flicked the ball hard and low to the new keeper Daewon Oh’s right, making it 4-1 in India’s favour.

India continued their dominance in the last quarter with Abhishek and Araijeet forcing saves from the keeper. However, Korea earned a penalty corner with eight minutes left in the game but Hyeonhong Kim’s effort sailed wide of the post. India controlled the proceedings for the rest of the quarter to seal their berth in the final of the Asian Champions Trophy with a 4-1 victory.

Hero of the Match, Jarmanpreet Singh said, "We played exceptionally well today, we are happy to advance to the Final. Sumit provided me with a splendid ball for the goal and I am thankful to my roommate, who understands me so well, for setting up the goal for me.”

India will play the final of the Asian Champions Trophy 2024 against hosts China at 1530 IST on Tuesday. (IANS)

Sensex tanks 1,017 points; investors lose over Rs 5 lakh crore

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