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Market Turmoil Wipes Out Rs 8.47 Lakh Crore From Investor Wealth In Five Days

New Delhi: Since early last week, market turmoil has wiped out Rs 8.47 lakh crore from investor wealth in five days with the BSE benchmark index tumbling nearly 5 per cent.

The 30-share Sensex Monday tanked 536.58 points or 1.46% to end at 36,305.02, extending its downtrend for the fifth straight session. The barometer has lost 1,785.62 points or 4.68% in past five trading sessions.

Led by the extreme bearish market sentiment, the market capitalisation of BSE-listed companies went down sharply by Rs 8,47,974.15 crore to Rs 1,47,89,045 crore.

873

RBI To Take Actions Along With Sebi On Recent Developments In Financial Markets

New Delhi: As domestic bourses witnessed sudden mid-session plunge last week, Reserve Bank of India (RBI) said that it along with Security and Exchange Board of India (Sebi) was ‘closely monitoring’ recent developments in financial markets and ‘ready’ to take actions, if necessary.

 “The Reserve Bank of India and the Securities and Exchange Board of India are closely monitoring recent developments in financial markets and are ready to take appropriate actions, if necessary,” the central bank said in a brief statement.

803

Market Regulator Sebi Issues Revised KYC Norms For Foreign Portfolio Investors

New Delhi: The Securities and Exchange Board of India (Sebi) issued revised KYC norms for foreign portfolio investors (FPIs), wherein resident as well as non-resident Indians have been permitted to hold non-controlling stake in such entities.

The Sebi said that it accepted the recommendations by a panel set up to review the rules for foreign portfolio investments, amid concerns in certain quarters that overseas funds might face difficulties in ensuring compliance.

Two circulars pertaining to KYC (Know Your Client) requirements and eligibility conditions for FPIs have been issued.

709

Jack Ma Says Creating 1 Million Jobs In The US Impossible Due To US-China Trade War

New Delhi: Jack Ma, co-founder Alibaba Group Holding Ltd, said his commitment to create 1 million jobs in the United States is impossible to fulfill because of the US-China trade war. This is a setback in one high-profile effort for deeper cooperation between the world’s two largest economies.

Ma, China’s richest man said the pledge made to President Donald Trump was no longer feasible because of the unstable trade situation. Ma and Trump met in January 2017 to discuss how adding small and medium-sized US businesses to Alibaba’s platform would boost employment.

605

Sensex Rout Erodes Investor Wealth By Rs 3.62 lakh Crore In 3 Trading Days

New Delhi: Investor wealth eroded by Rs 3.62 lakh crore in three trading days as the market rout continued for the third straight session on Wednesday.

Market benchmark BSE Sensex fell further by 169.45 points to end at a near two-month low of 37,121.22, extending losses for the third straight session Wednesday. The index tanked 970 points or more than 2.5% since Monday, largely hit by rupee woes and escalating trade tensions between the US and China.