Domestic shares tumbled sharply on Wednesday on across the board selling pressure. Barring the Nifty FMCG index, all the sectoral indices on the NSE declined. Banks and financial shares tumbled.
The barometer index, the S&P BSE Sensex, tumbled 937.66 points or 1.94% to 47,409.93. The Nifty 50 index lost 271.40 points or 1.91% to 13,967.50.
HDFC Bank (down 3.60%), HDFC (down 3.33%), Reliance Industries (down 2.29%) and ICICI Bank (down 2.94%) were major drags.
In the broader market, the BSE Mid-Cap index fell 1.38% and the BSE Small-Cap index slipped 0.52%.
Sellers outnumbered buyers. On the BSE, 1066 shares rose and 1847 shares fell. A total of 151 shares were unchanged.
Investor sentiment was dented after the new coronavirus variant resulted in fresh lockdowns and other restrictions on movement in certain counties across the globe. Domestic shares were also under pressure ahead of monthly derivatives expiry on Thursday and the upcoming Union Budget.
LDF to confront UDF on political, and livelihood issues
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‘Opposition kowtowing to communal forces to regain power’
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The Left Democratic Front (LDF) would fight the Assembly election primarily on twin fronts.
On the political front, it would confront the Congress-led United Democratic Front (UDF) for “kowtowing” to Islamist organisations and Hindu majoritarian forces in a feeble attempt to grasp power.
LDF convenor A. Vijayaraghavan, who attended the LDF State committee meeting here, said the UDF’s overtures to fundamentalist forces were akin to a drowning person grasping at straws.
The Indian Union Muslim League (IUML) has exerted a stranglehold on the Congress, he said.
Korappuzha bridge to be opened in February
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12-metre-wide structure has footpaths on either side
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Work in progress for the new Korappuzha bridge. The structure is being built at a cost of ₹26 crore.
| Photo Credit:
K. Ragesh
12-metre-wide structure has footpaths on either side
Work on the new bridge across the Korappuzha connecting Kozhikode and Kannur districts is in final stages and it is expected to be thrown open for traffic in February, Transport Minister A.K. Saseendran has said.
The Minister held a meeting here on Monday to review the work and later visited the site. Mr. Saseendran directed the officials to solve the dispute over removing silt from the river. It was also decided to convene another meeting on February 28 to discuss a detailed plan to finish the work on the bridge.
Renovated stadium opened
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Industry and Sports Minister E.P. Jayarajan has said the government was working to strengthen sports facilities in rural areas.
The Minister was speaking after inaugurating the renovated Koothuparamba Municipal Stadium here on Monday.
He said the aim was to create a healthy nation through excellence in sports. He added that steps were being taken to create 50 supernumerary posts in the sports department and give jobs to sportspersons.
The construction of the stadium was completed under the Sports Department at a cost of ₹5.34 crore received from Kerala Infrastructure Investment Fund Board. It has an international standard lawn and a football field with sprinkler system. In addition to floodlights and a shopping complex, there is a dressing room for players, a lounge and a pavilion that can seat up to 1,200 people.