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Wednesday,06-July-2022
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Sensex down 500 points, gives up 51,000-mark

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The stock market continued its decline with the BSE Sensex losing around 500 points.

Sensex has given up the 51,000-mark and the Nifty50 is also trading below the psychological level of 15,000 points.

Around 2.44 p.m., Sensex was trading at 50,823.41, lower by 501.28 points or 0.98 per cent from its previous close of 51,324.69.

It opened at 51,238.02 and has touched an intraday high of 51,432.99 and a low of 50,693.29 points.

The Nifty50 on the National Stock Exchange was trading at 14,958.15, lower by 160.80 points or 1.06 per cent from its previous close.

The across-the-board selloff was led by banking, auto and metal stocks. Analysts said that investors are taking to profit booking after the recent surge to new highs.

The top losers on the Sensex were ONGC, State Bank of India and Axis Bank, while Hindustan Unilever, IndusInd Bank and Reliance Industries were the major losers.

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SpiceJet plane lands in Mumbai with cracked outer windshield

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A SpiceJet flight landed safely in Mumbai with its outer windshield of the cockpit cracked, an airline spokesperson said on Monday.

The incident took place on SpiceJet flight SG-3324 operating from Kandla (Gujarat) to Mumbai by a turboprop Q400 aircraft.

At around 23,000 feet height, the outer pane of the windshield on the co-pilot’s side cracked but the cabin pressurisation was observed to be normal.

The flight landed safely at Chhatrapati Shivaji Maharaj International Airport later, said the spokesperson, but the cause of the accident – the second on Monday for the low-cost carrier – is not clear yet.

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Nepal’s economy not like Sri Lanka’s, but can go that way: Former central bank Guv

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Dipendra Bahadur Chhetri, the former Governor of Nepal Rastra Bank (NRB), has said that the situation of Nepal’s economy is not like that of Sri Lanka.

However, if the political rights are given to the wrong persons like in Sri Lanka, there is a possibility of Nepal becoming the next Sri Lanka, he said, Republica reported.

Speaking at an interaction programme on the current economic situation in Nepal held in Kathmandu, Chhetri said the present situation in Sri Lanka is due to arbitrary tax rates imposed by the same family as the president, prime minister and finance minister.

He also mentioned that Nepal should not be associated with Sri Lanka as it has just held local elections and is now preparing to hold federal and provincial elections, Republica reported.

Similarly, the former central bank Governor said that Nepal’s foreign exchange reserves, SDRs and gold in foreign currency accounted for seven months of imports to meet the growing imports and consumption of petroleum products.

Likewise, he doubted that the forthcoming monetary policy to be introduced by the NRB would be as extensive as in the past. He said that the loans given by the banks to expand the capacity of the industry were used for import.

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Turkey increases minimum wage amid soaring inflation, currency volatility

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Turkish President Recep Tayyip Erdogan announced that the country’s minimum wage would be hiked up in the face of soaring inflation and volatile currency rates.

“The minimum wage will be 5,500 Turkish liras ($328) with an interim increase of 30 percent, effective immediately starting on July 1,” Erdogan said.

At the beginning of this year, the government increased the monthly minimum wage by 50 per cent to alleviate the financial burden on workers, reports Xinhua news agency.

Turkey has long been struggling against ever-increasing inflation.

In June, the total losses of the Turkish lira against the US dollar amounted to almost 100 per cent in one year.

Erdogan has long been focusing on a low-interest policy to increase exports and production for a stabilised lira, asking for patience from his voters.

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