oppn parties Stock Markets Turn Volatile

News Snippets

  • In a first, the Supreme Court recognizes marital rape, although for the limited purpose of allowing married women the right of abortion up to 24 weeks if they conceived as a result of forced sex by their husbands
  • Air India cuts discounts on base fare to students and senior citizens from 50% to 25%
  • Mallikarjun Kharge and Digvijay Singh are being touted as frontrunners to take on Shashi Tharoor in the elections for the post of Congress president
  • Sonia Gandhi will decide who will be Rajasthan CM if she feels there is a need to change guard after the near-rebellion by MLAs in the state
  • Ashok Gehlot bowed out of the race for being Congress president after meeting Sonia Gandhi
  • India has moved to the 40th spot in the innovation index, up 6 spots from last year
  • DGGI has alleged that top insurance companies, banks and NBFCs has committed a fraud of Rs 800cr by claiming input tax credit without underlying supplies
  • The Centre will borrow Rs 10000cr less than planned earlier due to good revenue collections
  • At $23.9bn, India's current account deficit widened to 2.8% in Q1, the worst in four years
  • Stocks continue to flounder on Thursday: Sensex sheds 188 points to 56409 and Nifty 40 points to 16818
  • The 36th National Games were declared open on Thusrday by PM Modi in front of a record crowd in Motera near Ahmedabad
  • Jasprit Bumrah most likely to miss T20 World Cup due to recurrence of back injury
  • PFI's political wing, the SDPI is on EC radar and action will follow soon if discrepancies are detected
  • Ashok Gehlot to meet Sonia Gandhi today, says all issues will be sorted out soon
  • Referring to the PFI ban, most Muslim organizations ask the government to take similar action against right wings organizations like the RSS, Bajrang Dal, VHP and the like
In a landmark order, Supreme Court rules that all women, married or unmarried, are entitled to safe and legal abortion up to 24 weeks of pregnancy as per the MTP Act
oppn parties
Stock Markets Turn Volatile

By Linus Garg
First publised on 2021-07-28 14:46:19

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The Indian bourses witnessed a wild, pendulum swing today. The Sensex saw an intra-day high of 52673 points and a low of 51802 points before settling at 52443, 135 points lower than the day's opening mark. It was a swing of 871 points. The Nifty showed similar trend to touch a high of 15767 points and a low of 15513 points before closing the day at 15709. The intra-day swing in Nifty was 254 points. The continued slide for the last three sessions has meant that investors have lost Rs 1 lakh crore in market capitalization.

While profit taking played a huge role in this slide, the market was also spooked by the crackdown on tech companies by the Chinese government and the upcoming US Fed meeting and the expiry of the July F&O. While the external factors did weigh in, the slide was mainly due to operators squaring up their F&O positions before the expiry of July series and profit taking at higher levels.

But what was most heartening was to see the huge support at crucial levels that prevented a major slide and propped up the market.  The very fact that there was huge buying support across sectors at lower levels was instrumental in pulling up the Sensex from 51802 points to its closing level of 52443 points and preventing the bears from tightening their grip. The buying support shows that investors are upbeat about the economy and are still looking for bargains. This augurs well for upcoming sessions although the IMF downgrade is a dampener.