In opening session, both indices plunged over 10 per cent, hitting their lower circuit levels, as new coronavirus-led recession fears triggered panic selling in the market.
As benchmarks world over go into panic mode, insinuating a freakish selloff— Sensex sank 3,213 points in early trade while Nifty crashed by 966.10 points.
The yield on the benchmark 10-year debt slid below 6% for the first time since 2009. The Sensex fell 5.2% to 35,634.95 – its biggest drop since Aug 2015.
ONGC was the top laggard in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&T, SBI and Tech Mahindra.
SBI cracked over 6 per cent and was among the top losers on Sensex following news that it will inject capital into Yes Bank, whose shares also tanked 25 per cent.
All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.
It is necessary to break the spell of socialist dogma on the imagination of those attracted by its Utopia as the only scientific way of progress, wrote MA Venkatarao in 1963.
While bond yields tend to fall amid low inflation & interest rate cuts, market experts say they’ve been rising due to concerns over tax collections, fiscal deficit & potential impact of US tariffs.
It is one of the most advanced long-range air defence and anti-missile radars. It has been acquired under an about USD 145-million deal signed in 2020.
To be truly functional and durable, even eternal, a state doesn’t just need a leader, a party or an ideology. It needs functional and robust institutions.
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