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Sensex dips 700 points, Nifty in negative for 2019 as oil prices surge, foreign investors sell shares

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Indian stock markets suffered sharp losses today – Tuesday, Sep 17 – amid heavy selling pressure as rising crude oil prices and rupee’s weakening against the US dollar rattled investor sentiment.

The trend was seen elsewhere as well. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.66 while Chinese shares fell 1.07 per cent and Hong Kong shares slumped 1.18 per cent.

In India, The S&P BSE Sensex index slumped as much as 704 points to 36,419.09 at the day’s weakest level, said media reports. The broader NSE Nifty 50 benchmark dropped as much as 207 points to an intraday low of 10,796.50, the fall today wiping out all gains in the year so far and turning the benchmark index negative for 2019.

The fall is being attributed to the September 14 attack on two Saudi Aramco plants at the heart of the kingdom’s oil industry, including the world’s biggest petroleum processing facility. The attack on the two plants — Abqaiq oil processing facility and Khurais oil field — resulted in a temporary shortage of 5.7 million barrels per day which is 5 per cent of the global crude supply, or 50 per cent, of the kingdom’s oil output.

The drone attack hit 5 per cent of world’s oil production. As a result, crude oil prices rose nearly 20 per cent in a day to near $72 a barrel intraday on Monday, though it erased some gains later in the day.

India is particularly vulnerable to oil price fluctuations as it imports more than 85 percent of oil requirement.

The Indian rupee also weakened sharply since the beginning of the week, falling 96 paise in two straight sessions and moving towards Rs 72 against the US dollar amid rising demand for the greenback vis-a-vis other currencies overseas and concerns over soaring crude prices following drone attacks on Saudi Arabia’s oil facilities.

Selling of Indian shares by foreign institutional investors (FIIs) also added to the already weak investor sentiment, they added. Foreign investors have so far this month net sold shares worth Rs. 2,428 crore, according to data compiled by the National Securities Depository.

In fact, according to an Economic Times (ET) report, the exodus from India by foreign investors was at the fastest. “After pouring $45 billion into India’s stock market over the past six years on hopes that Modi would unleash the country’s economic potential, international money managers are now unwinding those wagers at the fastest pace on record. They’ve sold $4.5 billion of Indian shares since June, on course for the biggest quarterly exodus since at least 1999,” the ET report said.

The selling pressure was so intense that only three out of 30 shares in the Sensex basket ended higher, reported NDTV.

In the Nifty 50 basket of shares, 44 stocks ended with losses. For the calendar year 2019, the Nifty turned negative on Tuesday, with a decline of 0.41 per cent.

All the 11 sector gauges compiled by National Stock Exchange ended lower, led by a 3.8 per cent fall in the Nifty Auto index. The Nifty Bank, Nifty PSU Bank, Nifty Financial Services, Metal, Private Bank and Realty indices also plunged between 2-3.5 per cent each.

HDFC, HDFC Bank, ICICI Bank, Axis Bank, Reliance Industries, Tata Consultancy Services and State Bank of India were among the biggest drags on the Sensex. They collectively wiped out over 350 points from the 30-scrip index.

Hero MotoCorp, Axis Bank, Maruti Suzuki, State Bank of India and IndusInd Bank were among the top losers in the Nifty 50 basket of shares.

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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