giftedviz.com
giftedviz.com February 25, 2018


Sensex down over 1100 points on global sell-off

07 February 2018, 12:59 | Austin Hogan

Sensex down over 1100 points on global sell-off

Mutual funds betting more on banking and financial services

Both Sensex and Nifty followed the blood bath witnesses in the U.S. stock exchanges.

The Markets Continued to Crumble for Third Day in the Row Due to Domestic and Global Issues.

The Sensex provisionally closed (at 3.30 p.m.) at 34,195.94 points - down 561.22 points or 1.61 per cent - from its previous close at 34,757.16 points. The budget proposes to bring back a long-term capital gains tax or LTCG on equity investments, a tax on dividend distribution and also spending steps that will widen the fiscal deficit.

Overseas, European and Asian stocks tanked following a sharp sell-off on Wall Street.

In the morning trade, the Sensex fell over 1,200 points and Nifty50 dipping below 10,300 points, biggest falls in six-and-half years after the US wage data on Friday pointed to quickening inflation which may lead to higher rates by the US Federal Reserve.

Taiwan shares lost 5%, its biggest since in 2011 and Hong Kong's Hang Seng Index dropped 4.2%.

Bajaj Fin (+4%), Indiabulls HF (+1.5%), ICICI Bank (+1%), Eicher (+0.99%) and Tata Steel (+0.82%) were the top gainers on the NSE. As many as 13 per cent felt the fall could be steeper at 10 per cent.

Khloé Kardashian And Other Family Members React To Kylie Jenner's Birth Announcement
Kylie Jenner's baby daddy looked cool in camouflage gear after having a baby girl with the Keeping Up With the Kardashians star. Kylie announced she had given birth on February 4 and released a pregnancy video that chronicled the last nine months.


Broadcom Raises Offer for Qualcomm
The bid was meant to bring Qualcomm back to the negotiating table, ahead of Qualcomm's shareholder meeting on March 6 . It has also proposed to pay Qualcomm a "reverse termination fee" of up to $10 billion if regulators block the deal.


New leaked details emerge about Red Dead Redemption 2
Battle Royale is now in vogue, and has seen mainstream appeal thanks to games like PlayerUnknown's Battlegrounds and Fortnite . For example, there's a new Slums Market where players will be able to purchase new equipment for a reduced price.


Nifty 50 fell 186.50 points or 1.75 percent to 10,480.

Meanwhile, Finance Secretary Hasmukh Adhia was quoted as saying: "What happened on Feb 2 & Feb 5 was mainly because of global shakeup".

In intraday trade, Sensex slumped almost 1,274.35 points to 33,482.81 points, while Nifty declined 371.40 points to 10,295.15.

It also added, "The President's tax cuts and regulatory reforms will further enhance the USA economy and continue to increase prosperity".

Indian stock markets were already under pressure after the government re-introduced LTCG-tax on equities in Budget-2018.

Commenting on the market crash, Finance and Revenue Secretary Hasmukh Adhia said that the domestic market was mimicking weakness in global markets and it can not be attributed to LTCG tax levied in the Budget. According to reports, Dow notched its biggest intraday decline in history with a almost 1,600-point drop while Wall Street erased its gains for the year, said Reuters.



Other News

Trending Now

Hong Kong court lets democracy activist Joshua Wong walk free
Hong Kong and mainland Chinese officials accused the American politicians of interfering in domestic Chinese affairs. The disqualifications killed the pro-democracy lawmakers' veto powers in the legislative council.

DayZ Will Make Its Way to Xbox One and PlayStation 4
The game's become so popular that Microsoft's gone ahead and integrated the game with the system itself - in the same box, anyway. As a timed Xbox exclusive, " PUBG " fans will have to do with either a PC or Xbox One version of the game, at least for now.

Poland could amend Holocaust bill, says minister
Duda has attempted to ease some of the tension by suggesting a constitutional review of the law by Poland's top court. He added that he would ask the Constitutional Tribunal for a number of clarifications about the bill.

Kenya government allows 2 TV stations to resume broadcasting
Also on Monday, police teargassed demonstrators demanding the stations reopen as they tried to march on government offices. Isaac Okero, president of the Law Society of Kenya, told reporters: "Once again the state is wilfully violating Mr.

Trump calls Dems 'treasonous' and 'un-American' while touting tax law in Cincinnati
Jim Renacci, the Congressman who was running for governor until State Treasurer Josh Mandel dropped out of the Republican U.S. The remarks came in the middle of a speech pitching the new tax law as a boon for the nation's economy and American workers.

Syrian Army deploys new air defenses in north
Ahead of the Turkish offensive against Afrin, the Syrian government had threatened to shoot down any Turkish warplanes in Syrian air space.

Snow to hit NE Ohio during the Super Bowl
While not much accumulation is expected today , there is a possibility of 1 to 2 inches tonight and that same amount Wednesday . It should remain as mostly all snow in those parts, although a wintry mix in some northern spots can not be ruled out.

Powell sworn in as Fed chief pledging to explain policy moves
With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen. Powell succeeds Janet Yellen , the first woman to lead the nation's central bank in its 100-year history.

Home Secretary Amber Rudd tells Piers Morgan that pardoning suffragettes is "tricky"
This year marks 100 years since parliament passed the law which allowed the first women, and all men, to vote for the first time . Pankhurst, who was arrested numerous times , led angry street demonstrations at which hundreds of suffragists were arrested.

Amazon's discounted Prime Exclusive phones ditch the lock screen ads
That will continue to be the case, and the phones will still ship with many Amazon apps preinstalled. But the apps are also updated through the Play Store, so the rules should apply to any updates.