Mumbai, Jan 22 (PTI) Continuing with its freefall, the BSE benchmark Sensex today tanked by 351 points to trade below 17,000 points in early trade on hefty sell-off by foreign funds amid the meltdown on the global markets on fears that China may further tighten its monetary policy.
The wide-based National Stock Exchange index Nifty, too, dipped below 5,000 points.
The 30-share Bombay Stock Exchange index, Sensex, which had lost nearly 590 points in the past three sessions, dipped below 17,000 points by losing 351.77 points to 16,699.37, lowest level since December 23, last year.
The wide-based Nifty plunged by 110.85 points to trade at 4,983.30.
All the sectoral indices were trading in the negative zone with losses up to 3.14 per cent, with capital goods and metal sectors leading the fall.
China's decision on January 20 to squeeze lending to cool down a overheated economy impacted the market sentiments, especially among the foreign funds.
Thursday, January 21, 2010
Sensex nosedives below 17k level; Nifty below 5k pts
STAFF WRITER 9:56 HRS IST
Pawar asks States to take decision
NEW DELHI, Jan 20 (PTI): Warning that northern India was facing a shortage of milk, Food and Agriculture Minister Sharad Pawar said States will have to decide on the demand for price rise to ensure procurement.
Recalling that some of the States had taken a decision in October to hike prices, he said at a ministers’ conference on milk productivity that “unless there is a decision (on prices), I do not know whether the States will be able to procure (milk) to meet the demand.” “We are facing insufficient availability of milk, especially in northern India. In October, we had taken adecision on prices. Today, there is a demand that we should hike the prices”. ASSAM TRIBUNE
Shiv Shankar Menon is new NSA
NEW DELHI: High profile former foreign secretary Shiv Shankar Menon was on Thursday named as the new National Security Adviser (NSA) to succeed M K Narayanan.
The 60-year-old career diplomat will be in the rank of minister of state, according to the decision of the appointments committee of Cabinet.
Menon, who brings with him vast experience in the diplomatic field, had played a key role in the negotiations on the historic Indo-US civil nuclear deal and in ending India's isolation in the atomic sector.
He served as foreign secretary for about three years before retiring on July 31 last year. Prior to it, he had a crucial three-year stint as high commissioner to Pakistan and his tenure saw an upswing in the bilateral ties marked by the progress in composite dialogue process.
The 1972-batch Indian Foreign Service officer had earlier served in China, Israel, Austria, Japan and Sri Lanka and was an advisor in the department of atomic energy during the course of his diplomatic career.
His stint as foreign secretary was marked by some controversy towards the end over the Indo-Pak joint statement issued in Sharm-el Sheikh following talks between Prime Minister Manmohan Singh and his Pakistani counterpart Yusuf Raza Gilani in July last year.
The government came under severe attack for allowing inclusion of reference to Balochistan and delinking talks from action against terrorism by Pakistan and Menon was one of the key targets for it.
TOI
The 60-year-old career diplomat will be in the rank of minister of state, according to the decision of the appointments committee of Cabinet.
Menon, who brings with him vast experience in the diplomatic field, had played a key role in the negotiations on the historic Indo-US civil nuclear deal and in ending India's isolation in the atomic sector.
He served as foreign secretary for about three years before retiring on July 31 last year. Prior to it, he had a crucial three-year stint as high commissioner to Pakistan and his tenure saw an upswing in the bilateral ties marked by the progress in composite dialogue process.
The 1972-batch Indian Foreign Service officer had earlier served in China, Israel, Austria, Japan and Sri Lanka and was an advisor in the department of atomic energy during the course of his diplomatic career.
His stint as foreign secretary was marked by some controversy towards the end over the Indo-Pak joint statement issued in Sharm-el Sheikh following talks between Prime Minister Manmohan Singh and his Pakistani counterpart Yusuf Raza Gilani in July last year.
The government came under severe attack for allowing inclusion of reference to Balochistan and delinking talks from action against terrorism by Pakistan and Menon was one of the key targets for it.
TOI
Sensex plunges 423 pts, Nifty slips below 5,100 level
MUMBAI: The benchmark Sensex plunged 423 points to hit a one-month low on Thursday as funds resorted to heavy selling in blue-chip stocks led by capital goods, power and PSUs, weighed down by fears of China further tightening its monetary policy.
The Bombay Stock Exchange 30-share barometer, which had lost 166 points in the last two trading sessions alone, plunged further by 423.35 points to 17,051.14, marking its biggest fall this year.
Followed poor Wall Street and Asian cues, the Sensex opened with 123 points down and touched the day's low of 17,025.26 during the day. This is the third consecutive fall for the market this week.
The wide-based NSE Nifty 50 too broke two key levels of 5,200 and 5,100 points and closed with a hefty loss of 127.55 points to 5,094.15. It dipped to 5,085.45 in the session.
With a 5.15% fall to 13,501.46 points, the sector that suffered the most was capital goods, spooked by the poor Q3 results by L&T. The engineering and construction giant tumbled 6.85% following the results.
The second biggest fall was in the power index, which was hammered by 3.47% 3,100.60 points. Tata power was the worst performer with a 4.46% fall. All the Sensex indices ended with heavy to moderate losses. The PSU index shed 2.98%, realty 2.78% and pharma 2.65%.
The World Bank statement that the Asian economies face the risk of asset bubbles or overheating as the region's growth outpaces the rest of the world this year, also weighed on the market.
Toi
The Bombay Stock Exchange 30-share barometer, which had lost 166 points in the last two trading sessions alone, plunged further by 423.35 points to 17,051.14, marking its biggest fall this year.
Followed poor Wall Street and Asian cues, the Sensex opened with 123 points down and touched the day's low of 17,025.26 during the day. This is the third consecutive fall for the market this week.
The wide-based NSE Nifty 50 too broke two key levels of 5,200 and 5,100 points and closed with a hefty loss of 127.55 points to 5,094.15. It dipped to 5,085.45 in the session.
With a 5.15% fall to 13,501.46 points, the sector that suffered the most was capital goods, spooked by the poor Q3 results by L&T. The engineering and construction giant tumbled 6.85% following the results.
The second biggest fall was in the power index, which was hammered by 3.47% 3,100.60 points. Tata power was the worst performer with a 4.46% fall. All the Sensex indices ended with heavy to moderate losses. The PSU index shed 2.98%, realty 2.78% and pharma 2.65%.
The World Bank statement that the Asian economies face the risk of asset bubbles or overheating as the region's growth outpaces the rest of the world this year, also weighed on the market.
Toi
Food inflation eases to 16.81%
NEW DELHI: Food inflation softened to 16.81 per cent for the week ended January 9, led by lower fruit and vegetable prices, although pulses and potatoes continued to cost dearer.
For the week ending January 2, food inflation (prices of non-processed food articles) stood at 17.28 per cent.
According to the government data, on year-over-year basis prices of vegetables rose by 7.95 per cent and that of fruits by only 3.73 per cent.
While milk prices soared by 13.95 per cent over last year and is expected to surge further on lower availability.
"We are facing insufficient availability of milk, specially in northern India. In October, we had taken a decision to raise the price. Today, there is a demand that we should hike the price," Agricultural Minister Sharad Pawar had said yesterday.
Potato remained expensive during the period rising as much as 49.31 per cent from last year, followed by prices of pulses which jumped by 47.90 per cent.
The inflation for primary articles, which include food and non-food items, stood at 13.93 per cent in the reporting week over the previous year.
On weekly basis, the price index for food articles fell marginally by 0.1 per cent on account of decline in prices of vegetables (2.6 per cent) and other food articles (2 per cent).
For the week ending January 2, food inflation (prices of non-processed food articles) stood at 17.28 per cent.
According to the government data, on year-over-year basis prices of vegetables rose by 7.95 per cent and that of fruits by only 3.73 per cent.
While milk prices soared by 13.95 per cent over last year and is expected to surge further on lower availability.
"We are facing insufficient availability of milk, specially in northern India. In October, we had taken a decision to raise the price. Today, there is a demand that we should hike the price," Agricultural Minister Sharad Pawar had said yesterday.
Potato remained expensive during the period rising as much as 49.31 per cent from last year, followed by prices of pulses which jumped by 47.90 per cent.
The inflation for primary articles, which include food and non-food items, stood at 13.93 per cent in the reporting week over the previous year.
On weekly basis, the price index for food articles fell marginally by 0.1 per cent on account of decline in prices of vegetables (2.6 per cent) and other food articles (2 per cent).
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