In a volatile session on Monday, the domestic stock market gave up all their intraday gains ahead of the release of official data on the country’s GDP in the April-June period amid tensions between India and China at LAC.
In a volatile session on Monday, the domestic stock market gave up all their intraday gains ahead of the release of official data on the country’s GDP in the April-June period amid tensions between India and China at LAC. From a six month high of 40,010, the S&P BSE Sensex index plunged as much as 1,240 points.
A drop below 11,450 was seen in NSE Nifty 50 benchmark, at the weakest level of the day, having risen to as high as 11,794.25.
The Sensex had plummeted by 620 points to 38,860 and Nifty dropped 1.7 per cent or 200 points to 11,446, as of 1.21 PM, reported NDTV.
Both indices, earlier in the day, had staged gap-up openings as investors cheered the government’s move to further ease the pandemic-related restrictions. The momentum, however, didn’t last long.
Expected to run through the second half of the fiscal year, India is likely to enter it’s deepest recession on record. The coronavirus pandemic and rapid surge in the cases of infections continue to hamper economic activities.
As per the latest reports from Eastern Ladakh, the Chinese PLA has once again tried to violate the status quo at the border 75 days after the deadly Galwan clash. According to the statement from the army, on the night of 29 August, the Chinese army tried to infiltrate the Indian territory at eastern Ladakh. However, Indian soldiers foiled this attempt by Chinese soldiers. India has described it as a violation of the status quo.
Government statement -“On the Night of 29/30 August 2020, PLA troops violated the previous consensus arrived at during military and diplomatic engagements during the ongoing standoff in Eastern Ladakh and carried out provocative military movements to change the status quo. Indian troops pre-empted this PLA activity on the Southern Bank of Pangong Tso Lake, undertook measures to strengthen our positions and thwart Chinese intentions to unilaterally change facts on the ground. The Indian Army is committed to maintaining peace and tranquillity through dialogue but is also equally determined to protect its territorial integrity. A Brigade Commander level Flag Meeting is in progress at Chushul to resolve the issues.”