The benchmark BSE Sensex plummeted by 562.88 points on Friday to hit nearly 14-month low of 25,201.90 amid heavy selling in global equities ahead of the US jobs report.

    Friday's closing was the lowest level since July 14, 2014 when the index had closed at 25,006.98.

    Experts say a strong non-farm payrolls data is expected to allow Federal Reserve to consider a September rate hike.

    "The global risk is getting highlighted with the focus mounting on the prospects of a US rate hike soon," said Vinod Nair,  head - fundamental research at Geojit BNP Paribas Financial.

    Fresh weakness in the rupee against dollar also weighed.

    On a weekly basis, the Sensex lost 1,190.48 points or 4.51% and Nifty fell 346.90 points or 4.33%. This is the fourth straight weekly plunge for both the indices.

    On the day, the NSE Nifty also cracked the 7,700-level.

    Gaurav Jain, director of Hem Securities, blamed continued selling pressure by the foreign investors, weakness in rupee and global jitters for the sell-off.

    The 30-share index stayed in the negative zone for most part of the day and touched a low of 25,119.06 before ending at 25,201.90, a steep fall of 562.88 points or 2.18%.

    The gauge had gained 311.22 points in Thursday's trade.

    The broader NSE Nifty also succumbed to all-round selling and slipped below the crucial 7,700-mark to settle the session 167.95 points or 2.15% down at 7,655.05.

    In broader markets, small-cap and mid-cap indices closed lower by 2.47% and 1.90%, respectively.

    Vedanta was the top Sensex loser, tumbling 4.84%, followed by GAIL 4.73%.

    Out of 30-share Sensex pack, 28 fell, while only Bharti Airtel and Coal India managed to buck the trend.

    Sectorally, BSE realty index suffered the most by plunging 3.32%, followed by infra 3.24%, power 3.03%, bankex 2.65%, healthcare 2.42% and IT 2.34%.

    Among other Asian markets, Japan's Nikkei fell 2.15% and Hong Kong's Hang Seng shed 0.45%, while Chinese financial markets remained closed on Friday.

    European markets were also in deep red on anticipations of a strong US jobs data.

JMM pulls plug, puts Jharkhand govt in minority

  • HT Correspondent, Hindustan Times, Ranchi
  • |
  • Updated: Jan 08, 2013 00:03 IST

The eighth government in the 12-year-old state of Jharkhand found itself on the brink of collapse on Monday with the Jharkhand Mukti Morcha (JMM) pulling out of the 28-month-old coalition headed by the BJP.

"The support has been taken back. We would go to the Governor's house tomorrow (to submit a letter on the withdrawal)," JMM chief Sibu Soren told waiting reporters at his residence in Ranchi.

With the withdrawal of JMM's support of 18 MLAs, the Munda-government has been reduced to a minority with only 27 MLAs with own 18 MLAs, AJSU Party's 6, JD (U) 2 and 1 independent.

The worst fears of the government falling came true after a fortnight-long crisis that the state had got into following JMM's handing over a list of demands including transfer of power to JMM.

Early on Monday afternoon, chief minister Arjun Munda had tried a last ditch effort to save the coalition government from falling by meeting Sibu Soren at his residence for nearly half an hour.

The decision came at the JMM's executive committee meeting, which was attended by all senior leaders including party MLAs and MPs, at the residence of Sibu Soren in Morhabadi in Ranchi.

Prior to Sibu's meet with the press, his son and deputy chief minister Hemant Soren said his party has demanded BJP to change the current leadership, publicly accept the '28-month-rotation of power' agreement and ask its Godda MP Nishikant Dubey to furnish a "strong apology" for making anti-JMM statements tarnishing the party's image.

Junior Soren seemed to have been hinting at the possibility of reconsideration if the BJP yields to its three demands.

On December 25, Hemant Soren had handed over a list of demands including rotation of power, Santhal Pargana Tenancy Act, domicile policy, status of nine regional and tribal languages and rehabilitation of those who took part in the Jharkhand movement and financial aid to madarsas.

However, Munda had categorically denied existence of any power rotation agreement with the JMM and denied handing over power to its coalition partner.

This is the eighth government in the 12-year-old state which is on its way out.

 

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