Daily Archive: February 9, 2018

Sensex Crashes Over 400 Points After Wall Street Bloodbath: 10 Points

Just when it seemed that some steadiness has returned to the stock markets, Sensex and Nifty suffered huge losses on Friday amid a renewed global selloff. The BSE benchmark index Sensex closed 407 points lower at 34,005 and the NSE Nifty shed 121 points to settle at 10,454. During Friday’s session, the Sensex at one time fell as much as 563 points to hit 33,849 while the Nifty declined below 10,400. Asian stocks tumbled after Wall Street plummeted again in the face of rapidly rising bond yields.US markets remained the epicentre of the global selloff, with the Dow plunging 4.1 per cent overnight. On Thursday, the Sensex had risen nearly 1 per cent, snapping seven sessions of fall.

Here are 10 updates on movement in the markets today:

  1. The trigger for the global selloff has been strong US jobs data, which has spurred fears of rising inflation and ultimately more rate hikes by the Federal Reserve – the US central bank.
  2. With Thursday’s losses, both the Wall Street indices slid into a correction territory, falling more than 10 per cent from January 26 record highs. Since January 26, the S&P 500 has lost $2.49 trillion in market value, according to S&P Dow Jones Indices.
  3. A whiff of inflation in the US sent global stock markets tumbling in the past week, wiping 7 per cent off Asian equities, despite a still supportive backdrop of robust global growth, a weak dollar and rising company earnings.
  4. The strong US jobs data has sent US bond yields higher, hurting equities as they increase borrowing costs for companies and reduce their risk appetite.
  5. Higher bond yields also present a fresh alternative to investors who may reallocate some funds to bonds from equities. US bond yields have also been pushed up by the prospect of increased debt issuance to fund fiscal spending under US President Donald Trump, inflation worries, and expectations of the Federal Reserve raising rates sooner and more frequently than was expected.
  6. The Bank of England on Thursday said British interest rates probably need to rise sooner, adding to expectations of reduced central bank stimulus globally. European bourses saw relatively minor early losses but China’s overnight plunge had gouged at confidence.
  7. Analysts advised investors to stay light till global markets settle down. "Markets are undergoing much awaited (and required) correction. Thus, traders are continuously advised to remain light and avoid any kind of bottom fishing soon," domestic brokerage Angel Broking said in a note.
  8. Sanjiv Bhasin, executive VP for markets and corporate affairs at IIFL, said the volatility could settle down next week but further correction in Nifty below 10,000 cannot be ruled out. However, the recent correction in some midcaps, which have fallen sharply as compared to largecap stocks, presents a good buying opportunity and investors could accumulate on declines, he added.
  9. In currency markets, the rupee slipped to 64.42 against the US dollar, as compared to Thursday’s close of 64.26. In recent trade, the rupee was at 64.39 against the US dollar.
  10. The selling pressure was broad-based during Friday’s session with most of the sectoral indices on the BSE finishing in the red. Banking, IT/services, infra and auto stocks led the fall. Yes Bank, Infosys, Bharti Infratel, Tech Mahindra, HDFC and ICICI Bank settled with losses of 2-3 per cent.

In Phone Call, PM Modi and Donald Trump Discuss Maldives Crisis: 10 Points

New Delhi:

Prime Minister Narendra Modi and US President Donald Trump spoke on Thursday evening in their first phone call of the year, discussing the political crisis in Maldives and other issues and "pledged to continue working together to enhance security and prosperity in the Indo-Pacific region," the White House said. Maldives President Abdulla Yameen has refused to implement a Supreme Court order to release nine imprisoned opposition leaders, prompting a wave of protests in capital Male.

Here are 10 key points from their conversation:

  1. The White House said President Trump and PM Modi expressed concern about the political situation in the Maldives and emphasised "the importance of respect for democratic institutions and rule of law."
  2. It said the two leaders also affirmed "President Trump’s South Asia strategy" and "reiterated their commitment to supporting Afghanistan’s security and stability."
  3. They discussed Myanmar and ways to address the plight of the Rohingya refugees, the statement said. Some 680,000 Rohingya refugees are in Bangladesh putting an enormous pressure on the economy of Bangladesh. Myanmar and Bangladesh recently agreed on a roadmap on the return of these refugees to their homes in Myanmar. The US believes this is not the right time for their return.
  4. During their call, Mr Trump and PM Modi also discussed further steps to ensure the de-nuclearisation of North Korea.
  5. The leaders also agreed to strengthen security and economic cooperation "as they look forward to the ‘2+2’ ministerial dialogue between their defence and diplomatic officials in April," the White House said. The ‘2+2 dialogue’ was announced after PM Modi met President Trump at the White House in June 2017.
  6. The dialogue would involve External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman from India along with their American counterparts Secretary of State Rex Tillerson and Defense Secretary Jim Mattis.
  7. Maldives, a tiny nation in the Indian Ocean best known as a luxury tourist destination, was plunged into a political crisis last week after its top court ordered the release of the nine opposition politicians, stating that their trials were "politically motivated and flawed". Mr Yameen arrested the court’s Chief Justice and another judge and declared a state of emergency.
  8. While exiled former President Mohammed Nasheed sent an SOS to India to help release the political prisoners, Mr Yameen sent envoys to China, Pakistan and Saudi Arabia to brief them on the political crisis. The Maldives government said it offered to send an envoy to India, but New Delhi said "no".
  9. Located near key shipping lanes, the Maldives have assumed greater importance to China after it began building political and economic ties as part of its so-called "String Of Pearls" strategy to build a network of ports in the Indian Ocean region.
  10. Having historically held more clout in the islands, India has sought to push back against China’s growing influence there. The Trump administration has launched an effort to deepen military and economic ties with India as a way to balance China’s assertive posture across Asia.

Institute firm on imparting knowledge in Re. 1/-to all who cannot afford to pay the fees, Convocation ceremony completed

Convocation ceremony of All India Institute of Occult Science was conducted on February 4, 2018 at around 5.30 PM. The ceremony got completed in the astound presence of Central Minister Mr. Ashwini Kumar Chaubey. The audience was blessed to be addressed by Chief Guest Mr. Chaubey, MLA Mr. Om Prakash Sharma, Special Guest Professor Ramraj Upadhyay and Founder Chairman of the Institute Mr. Indrrajeet Kashyap.

During the ceremony Minister Mr. Chaubey felicitated the Gold, Silver and Bronze medal winners of Astrology, Vastu, Numerology, Palmistry, Tarot, Reiki and other OccultSciences; and also congratulated everyone for taking this science ahead and spreading the word. He emphasized that this science is the heritage of our nation, and the Institute is not just helping the society but also the nation by the regeneration of this knowledge.He praised the efforts of Institute’s Founder Director Mr. Kashyap and showered his blessings, so as to make him grow with each passing day.

He additionally praised the step of the Institute, wherein all who cannot afford to pay fees of the course are taught in just Re. 1/-. He said that such a step to uplift our culture is truly praiseworthy.

During the ceremony, Mr. Indrrajeet Kashyap also announced to give free Sanskrit education to all students of the Institute.