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Fiscal deficit data unnerves markets, Sensex crashes 453 pts

Participants also kept their portfolios at a low ebb ahead of the second quarter GDP numbers.

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Stocks went into a tailspin today, with benchmark Sensex suffering its biggest single-day fall in one year, after growing fiscal deficit concerns triggered a flight to safety among investors.

The BSE Sensex plummeted over 453 points to close at 33,149.35, while the broader Nifty finished below the key 10,300-mark.

Investors’ wealth as measured by market capitalisation of BSE listed companies declined by over Rs 1.06 lakh crore.

India’s fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for 2017-18, mainly due to lower revenue realisation and rise in expenditure, official data showed.

Participants also kept their portfolios at a low ebb ahead of the second quarter GDP numbers.

Squaring-up of positions following end of November series contracts in the derivatives segment and a weak trend at other Asian markets also weighed on sentiment, brokers said.

The Sensex, after a gap down opening at 33,542.50, continued its slide to touch a low of 33,108.72. It finally settled 453.41 points or 1.35 per cent lower at 33,149.35.

This was its biggest single session fall since November 15 last year, when it had lost 514.19 points.

The broader NSE Nifty, after cracking below the key 10,300-mark, touched a low of 10,211.25, before finally ending 134.75 points, or 1.30 per cent, down at 10,226.55.

This was its biggest single day fall since September 27 this year, when it had declined by 135.75 points.

“Market slid and rupee depreciated as widened fiscal deficit concerns and expectation of extension in oil production cut from OPEC influenced investors to offload funds from the market.

“Today’s F&O expiry led volatility and selling in other Asian market hurt the sentiment, banks underperformed and metal lost the sheen,” said Vinod Nair, Head of Research, Geojit Financial Services.

The rupee slipped 31 paise to 64.62 (intra-day) against the dollar at the forex market.

Kotak Bank emerged as the worst performer among Sensex constituents by plunging 2.63 per cent, followed by SBI Bank (2.54 per cent).

Other laggards included Reliance Industries, Axis Bank, Wipro, Tata Steel, Lupin, M&M, HDFC, Sun Pharma, Cipla, Power Grid, ITC, Adani Ports, TCS, ONGC, Infosys and Maruti Suzuki.

Dr Reddy’s and NTPC were the only gainers, rising up to 0.45 per cent.

The broader markets were mixed, with the mid-cap index falling 0.55 per cent while small-cap rose 0.10 per cent.

Sector-wise, BSE bank declined 1.88 per cent, followed by energy (1.58 per cent), metal (1.10 per cent), PSU (1.09 per cent), auto (0.98 per cent), IT (0.87 per cent), power (0.83 per cent), oil & gas (0.81 per cent) and teck (0.70 per cent).

Realty and consumer durables managed to close in the green.

Overseas, most Asian indices ended lower. Hong Kong’s Hang Seng fell 1.51 per cent, Shanghai Composite Index shed 0.62 per cent, while Singapore fell 0.16 per cent. However, Japan’s Nikkei rose 0.57 per cent.

European shares moved lower in their late morning deals.

Frankfurt’s DAX rose 0.66 per cent and Paris CAC 40 gained 0.37 per cent. London’s FTSE, however, shed 0.17 per cent.

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Delhi Riots: Jamia student released on parole to sit for exams

The court said that clearing the exams is necessary for Tanha to pursue M.A. in Persian, and that leniency must be shown to the accused by allowing him to appear for the said exams.

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Asif Iqbal Tanha

New Delhi: A Delhi court on Friday released Jamia Millia Islamia student Asif Iqbal Tanha — who was arrested under the stringent Unlawful Activities (Prevention) Act for allegedly hatching a conspiracy to organise riots in North-East Delhi in February this year — on three-day custody parole to appear for his compartmental examination in December.

Tanha, who is pursuing his B.A. (Hons) in Persian, had moved the court seeking interim bail from November 30 to December 7 to prepare for three backlog exams scheduled to be held on December 4, 5 and 7.

“The court deems it fit to allow the accused on custody parole for appearing in the said examinations. Accordingly, custody parole is granted to accused Asif Iqbal Tanha on December 4, 5 and 7,” Additional Sessions Judge Amitabh Rawat ordered.

The court said that clearing the exams is necessary for Tanha to pursue M.A. in Persian, and that leniency must be shown to the accused by allowing him to appear for the said exams.

After advocate Sowjhanya Shankaran, representing Tanha, submitted that her client didn’t not have the required reading material to prepare for the exams, the judge directed the Tihar Jail superintendent to provide necessary assistance, provided it is within the permissibility of the jail rules.

Tanha was arrested on May 19 in connection with the case and has been in the custody since then. On October 21, he was granted one-day interim bail for taking the entrance examination for M.A Persian at the Jamia Milia Islamia University.

In September, his named figured in the chargesheet filed by the Delhi Police in connection with the riots that broke out in North-East Delhi in February after clashes between pro and anti-Citizenship Amendment Act supporters spiralled out of control, leaving 53 people dead and 748 injured.

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India enters recession: GDP drops by 7.5% in July-September quarter

The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP on a year-on-year basis contracted by (-) 7.5 per cent from (-) 23.9 per cent in the preceding quarter.

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National debt under Modi govt surges

New Delhi: Even though India’s economic recovery accelerated in Q2FY21 from the lows of the pandemic-induced lockdown, the country for the very first time since Independence entered into a technical recession.

The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP on a year-on-year basis contracted by (-) 7.5 per cent from (-) 23.9 per cent in the preceding quarter.

Though not comparable, the GDP had grown by 4.4 per cent in the corresponding quarter of FY2019-20.

In financial parlance, an economy is said to have entered a technical recession after it consistently remains in the negative output territory for two subsequent quarters.

This trend underscores the reduction in purchasing power along with lower tax collection for the government, likely defaults on debt and falling Capex spends.

According to the NSO, the GDP at ‘Constant (2011-12) Prices’ in Q2FY21 is estimated at Rs 33.14 lakh crore as against Rs 35.84 lakh crore in Q2FY20, showing a contraction of 7.5 per cent as compared to 4.4 per cent growth in Q2FY21.

“Quarterly ‘GVA at Basic Prices at Constant (2011-12) Prices’ for Q2 of 2020-21 is estimated at Rs 30.49 lakh crore, as against Rs 32.78 lakh crore in Q2 of 2019-20, showing a contraction of 7 per cent,” the NSO said in the estimates of Q2FY21 GDP.

“With a view to contain the spread of the Covid-19 pandemic, restrictions were imposed on the economic activities not deemed essential during Q1. Though the restrictions have been gradually lifted, there has been an impact on the economic activities,” it added.

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Black Friday Deals: Realme to bring offers on Realme X3 Superzoom, X50 Pro, Buds Air Neo and more

The Black Friday sale will take place on Realme’s online store, Flipkart and Amazon.

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Realme X2 Pro

Over the last few years, online and offline retailers have been offering their Black Friday deals for almost an entire week ahead of Thanksgiving, and some of these deals and offers last well after the Cyber Monday sale.

Black Friday Sale is here!!

After Xiaomi, handset maker Realme on Thursday announced a Black Friday Sale that would arrive with several offers and discounts on a range of its products. The Black Friday Sale would be live for 24 hours and would start November 27, 12:00 AM. The sale would see massive discounts on a range of Realme smartphones including Realme 6i, Realme 6, Realme X3 Superzoom and X50 Pro, and various AIoT products such as Realme Buds Classic, Realme Smart Watch, Realme Buds Air Neo and Realme Smart Cam 360°.

“Realme would also be hosting the ‘Realme Days’ sale offering similar discounts on its own website Realme.com, Flipkart and Amazon.in,” the company said in a statement.

The Black Friday sale will take place on Realme’s online store, Flipkart and Amazon. In addition to the discounts, SBI credit cardholders can avail of 5% cashback on EMI transactions.

  • Realme is offering discounts from Rs 1,000 up to Rs 7,000 for its Black Friday sale. Realme X50 Pro has received the biggest discount of Rs 7,000 bringing its price down to Rs 34,999 from Rs 41,999. Realme X50 Pro with 12GB RAM and 256GB storage also gets a discount making its offer price Rs 40,999.
  • Realme X3 SuperZoom will be available with a Rs 4,000 discount on all three variants. Realme X3 has also received a Rs 3,000 discount on both its variants. Realme C3, Realme 6, Realme 6i, and Narzo 20 Pro can be purchased with a discount of Rs 1,000.
  • In the AIoT portfolio, Realme Buds Air Neo would be available at a discounted price of Rs 1999, along with the Realme Buds Wireless Pro for Rs 3199 and Realme Buds Air Pro at a special price of Rs 4299. These offers would be applicable on all purchases made through Realme’s official website Realme.com.
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