It's a story shrouded in utmost mystery. A Qatar court on Thursday announced death penalty for eight retired Indian Navy personnel arrested last year.
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India will resume some visa services in Canada with effect from October 26th, the country's High Commission in Canada said on Wednesday.
The market continued to reel under heavy selling on October 25 amid escalation of geopolitical crisis in the Middle East, surging bond yields in the US, and weaker-than-expected September quarter earnings of key corporates.
On October 25, the 50-share NSE Nifty fell 159.60 points or 0.83 percent to 19,122.15. BSE flagship Sensex plunged 0.81 percent or 522.82 points to 64,049.06.
A new trend, which is especially worrying for investors is that the broader market has also suffered along with the headline indices, which had shown resilience in earlier sell-offs. Nifty Smallcap and Nifty Midcap indices were down about a percent each on Wednesday.
"The uncertainties associated with the Israel-Hamas conflict will continue to weigh on markets in the near term. Positive news like decline in the US bond yields and weakening crude can help the market to revive but it may not sustain, given the uncertainty surrounding the West Asian conflict. Investors may opt for a cautious approach to the market till some clarity emerges on the geopolitical situation,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
In the last five sessions, investor wealth has contracted by Rs 15 lakh crore as the market cap of all BSE-listed companies, which reflects the shareholders’ wealth, has fallen to Rs 308.73 lakh crore from Rs 323.82 lakh crore.
Let's take a look at the major factors driving the markets down.
Israel-Hamas war
The conflict in the Middle East is the biggest worry for investors right now as many geopolitical experts fear more parties may get involved, affecting a larger geography and population. The fact that many of these countries are oil producers, there's a major cause for concern for the global economy.
Any widening of the conflict will likely result in a further rise in crude oil prices which is hovering at $88 a barrel. This will make raw materials for a number of industries costlier, apart from an increase in cost of living. And, all these in turn will have a severe impact on the economy which is already grappling with inflationary headwinds. The sell-off indicates that the wary investors are positioning themselves pre-empting such a scenario.
US bond yield
US bonds are considered some of the safest investments in the world. With rising yield on 10-year US bonds, which has surpassed 5 percent, analysts are expecting an outflow from emerging and riskier markets.
The reason behind that is simple. Foreign investors will likely prefer to invest in US bonds that guarantee 5 percent annual risk-free dollar returns than invest in Indian equities that are prone to geopolitical risks and currency risks, which will diminish their dollar returns.
Foreign portfolio investors (FPIs) have already taken away some Rs 10,345 crore so far this month from Indian equities after a net withdrawal of Rs 14,768 crore in September.
Equity valuations
Indian equities, along with the US, are some of the most expensive stocks in the world. This makes the domestic market susceptible to sudden corrections. The froth is more visible in the broader market, which has led to relatively heavier selling in small and midcap space.
“Since the valuations in midcap and smallcap space are higher than that of largecaps, this weakness is likely to persist. Safety is now in largecaps particularly in banking majors which are fairly valued," Vijayakumar said.
Q2 earnings
The second-quarter earnings of India Inc have been a mixed bag with some surprises and quite a few misses. The lacklustre show by some key companies have dampened the overall mood in the market. For instance, banks are dealing with contraction of margins. Most major IT companies are also dealing with slowdown.
Global markets
Sentiment on Dalal Street have also been affected by weakness in global markets. All European markets opened lower on October 25. Asian indices, however, closed mixed. Singapore and South Korea closed in the red while others saw some recovery.
Disclaimer: The views and investment tips expressed by experts are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.
The scrutiny of S.R. Batliboi — statutory auditor of five listed Adani companies that produce about half of the group’s revenues — underscores the lingering questions around accounting and disclosures by the sprawling conglomerate that faced a brutal short seller attack in January. Adani Group, which has forcefully denied Hindenburg’s allegations of corporate malfeasance, is also under a court-mandated probe by India’s markets regulator.
Besides being the current auditors for Adani Power Ltd., Adani Green Energy Ltd., the consumer goods firm Adani Wilmar Ltd. and the two cement makers the tycoon acquired from Holcim Ltd. last year, S.R. Batliboi also signed off on the books of Adani Ports & Special Economic Zone Ltd., the conglomerate’s crown jewel, for a decade leading to 2017.
S.R. Batliboi’s longest-running current Adani Group assignment is with Adani Power, where it has flagged several accounting matters, particularly over the valuation of a massive loss-making plant, for five years starting 2018. Each year, while the company acknowledged the auditor’s concerns, it went ahead with its own valuation of the plant. Such a long-running disagreement is unusual, Bloomberg News reported in March.
NFRA, which was formed in 2018 to oversee India’s auditors, has emerged as an aggressive enforcer of both laws and professional standards governing the accounting industry. The agency can issue fines, and debar both audit firms and individual auditors for as long as a decade. Over the past five years, it has debarred more than 40 people.
by Robert Williams • October 24, 2023 at 5:00 amIsrael had not even buried its dead from the horrifying jihadist pogrom that Hamas terrorists unleashed on Israeli civilians in south Israel -- beheading babies, burning them alive, torturing, raping, kidnapping, murdering -- before the European Union decided to reward the terrorists by tripling its assistance to Gaza. "The Commission will immediately increase the current humanitarian aid envelope foreseen for Gaza by 50 million euros," European Commission President Ursula van der Leyen said. "This will bring the total to over 75 million euros. We will continue our close cooperation with the UN and its agencies to ensure that this aid reaches those in need in the Gaza strip." Oh really? How? The terrorist group Hamas, a proxy of Iran, the "worst state sponsor of terrorism," is wholly in control of Gaza and will take what shows up and dribble it out slowly to a chosen few, mainly in their military. The idea that any of it will reach the million displaced souls who were urged by the Israelis to flee to southern Gaza to save their lives is charming, but woefully starry-eyed. Food and water -- if that is really what is in the uninspected trucks, rather than weapons -- will go to the Hamas foot soldiers to make sure they stay fit and loyal. "Hamas are trying to prevent people leaving northern Gaza. And that is the point... Of course we want to minimize Palestinian casualties. We want to minimize Israeli casualties. We want everybody to respect civilians. But the real clear distinction is Israel are trying to get civilians out of danger; Hamas are trying to put civilians into danger, and that is a fundamental difference between the two." — UK Foreign Secretary James Cleverly, October 15, 2023. Sadly, massive injustices were done by the international media which, without checking, wrongly blamed Israel for firing at a hospital in Gaza, supposedly killing hundreds. Video evidence and a voice recording revealed that the real cause of the explosion at the hospital was a rocket, launched toward Israel by Palestinian Islamic Jihad, that landed in the hospital parking lot. The media, it seems, could not wait to stick it to the Jews. Israel had not even buried its dead from the horrifying jihadist pogrom that Hamas terrorists unleashed on Israeli civilians in south Israel -- beheading babies, burning them alive, torturing, raping, kidnapping, murdering -- before the European Union decided to reward the terrorists by tripling its assistance to Gaza. Pictured: IDF soldiers prepare to remove the bodies of four Israeli civilians who were murdered Saturday by Hamas terrorists in Kfar Aza, Israel, on October 10, 2023. (Photo by Alexi J. Rosenfeld/Getty Images) Israel had not even buried its dead from the horrifying jihadist pogrom that Hamas terrorists unleashed on Israeli civilians in south Israel -- beheading babies, burning them alive, torturing, raping, kidnapping, murdering -- before the European Union decided to reward the terrorists by tripling its assistance to Gaza. "The Commission will immediately increase the current humanitarian aid envelope foreseen for Gaza by 50 million euros," European Commission President Ursula van der Leyen said. "This will bring the total to over 75 million euros. We will continue our close cooperation with the UN and its agencies to ensure that this aid reaches those in need in the Gaza10/25/23, 06:47 - Vinay Kapoor: <Media omitted>
A Jewish Boycott
A short time ago, Iran's Supreme Leader Grand Ayatollah Ali Khamenei urged the Muslim World to boycott anything and everything that originates with the Jewish people.In response, Meyer M. Treinkman, a pharmacist, out of the kindness of his heart, offered to assist them in their boycott as follows:"Any Muslim who has Syphilis must not be cured by Salvarsan discovered by a Jew, Dr. Ehrlich. He should not even try to find out whether he has Syphilis, because the Wasserman Test is the discovery of a Jew. If a Muslim suspects that he has Gonorrhea, he must not seek diagnosis, because he will be using the method of a Jew named Neissner."A Muslim who has heart disease must not use Digitalis, a discovery by a Jew, Ludwig Traube.Should he suffer with a toothache, he must not use Novocaine, a discovery of the Jews, Widal and Weil.If a Muslim has Diabetes, he must not use Insulin, the result of research by Minkowsky, a Jew. If one has a headache, he must shun Pyramidon and Antypyrin, due to the Jews, Spiro and Ellege.Muslims with convulsions must put up with them because it was a Jew, Oscar Leibreich, who proposed the use of Chloral Hydrate.Arabs must do likewise with their psychic ailments because Freud, father of psychoanalysis, was a Jew.Should a Muslim child get Diphtheria, he must refrain from the “Schick" reaction which was invented by the Jew, Bella Schick."Muslims should be ready to die in great numbers and must not permit treatment of ear and brain damage, work of Jewish Nobel Prize winner, Robert Baram.They should continue to die or remain crippled by Infantile Paralysis because the discoverer of the anti-polio vaccine is a Jew, Jonas Salk."Muslims must refuse to use Streptomycin and continue to die of Tuberculosis because a Jew, Zalman Waxman, invented the wonder drug against this killing disease.Muslim doctors must discard all discoveries and improvements by dermatologist Judas Sehn Benedict, or the lung specialist, Frawnkel, and of many other world renowned Jewish scientists and medical experts."In short, good and loyal Muslims properly and fittingly should remain afflicted with Syphilis, Gonorrhea, Heart Disease, Headaches, Typhus, Diabetes, Mental Disorders, Polio Convulsions and Tuberculosis and be proud to obey the Islamic boycott."Oh, and by the way, don't call for a doctor on your cell phone because the cell phone was invented in Israel by a Jewish engineer.Meanwhile I ask, what medical contributions to the world have the Muslims made?"The Global Islamic population is approximately 1,200,000,000; that is ONE BILLION TWO HUNDRED MILLION or 20% of the world's population.They have received the following Nobel Prizes:Literature:1988 - Najib MahfoozPeace:1978 - Mohamed Anwar El-Sadat1990 - Elias James Corey1994 - Yaser Arafat:1999 - Ahmed ZewaiEconomics:(zero)Physics:(zero)Medicine:1960 - Peter Brian Medawar1998 - Ferid MouradTOTAL: 7 SEVENThe Global Jewish population is approximately 14,000,000; that is FOURTEEN MILLION or about 0.02% of the world's population.They have received the following Nobel Prizes:Literature:1910 - Paul Heyse1927 - Henri Bergson1958 - Boris Pasternak1966 - Shmuel Yosef Agnon1966 - Nelly Sachs1976 - Saul Bellow1978 - Isaac Bashevis Singer1981 - Elias Canetti1987 - Joseph Brodsky1991 - Nadine Gordimer WorldPeace:1911 - Alfred Fried1911 - Tobias Michael Carel Asser1968 - Rene Cassin1973 - Henry Kissinger1978 - Menachem Begin1986 - Elie Wiesel1994 - Shimon Peres1994 - Yitzhak RabinPhysics:1905 - Adolph Von Baeyer1906 - Henri Moissan1907 - Albert Abraham Michelson1908 - Gabriel Lippmann1910 - Otto Wallach1915 - Richard Willstaetter1918 - Fritz Haber1921 - Albert Einstein1922 - Niels Bohr1925 - James Franck1925 - Gustav Hertz1943 - Gustav Stern1943 - George Charles de Hevesy1944 - Isidor Issac Rabi1952 - Felix Bloch1954 - Max Born1958 - Igor Tamm1959 - Emilio Segre1960 - Donald A. Glaser1961 - Robert Hofstadter1961 - Melvin Calvin1962 - Lev Davidovich Landau1962 - Max Ferdinand Perutz1965 - Richard Phillips Feynman1965 - Julian Schwinger1969 - Murray Gell-Mann1971 - Dennis Gabor1972 - William Howard Stein1973 - Brian David Josephson1975 - Benjamin Mottleson1976 - Burton Richter1977 - Ilya Prigogine1978 - Arno Allan Penzias1978 - Peter L Kapitza1979 - Stephen Weinberg1979 - Sheldon Glashow1979 - Herbert Charles Brown1980 - Paul Berg1980 - Walter Gilbert1981 - Roald Hoffmann1982 - Aaron Klug1985 - Albert A. Hauptman1985 - Jerome Karle1986 - Dudley R. Herschbach1988 - Robert Huber1988 - Leon Lederman1988 - Melvin Schwartz1988 - Jack Steinberger1989 - Sidney Altman1990 - Jerome Friedman1992 - Rudolph Marcus1995 - Martin Perl2000 - Alan J. HeegerEconomics:1970 - Paul Anthony Samuelson1971 - Simon Kuznets1972 - Kenneth Joseph Arrow1975 - Leonid Kantorovich1976 - Milton Friedman1978 - Herbert A. Simon1980 - Lawrence Robert Klein1985 - Franco Modigliani1987 - Robert M. Solow1990 - Harry Markowitz1990 - Merton Miller1992 - Gary Becker1993 - Robert FogelMedicine:1908 - Elie Metchnikoff1908 - Paul Erlich1914 - Robert Barany1922 - Otto Meyerhof1930 - Karl Landsteiner1931 - Otto Warburg1936 - Otto Loewi1944 - Joseph Erlanger1944 - Herbert Spencer Gasser1945 - Ernst Boris Chain1946 - Hermann Joseph Muller1950 - Tadeus Reichstein1952 - Selman Abraham Waksman1953 - Hans Krebs1953 - Fritz Albert Lipmann1958 - Joshua Lederberg1959 - Arthur Kornberg1964 - Konrad Bloch1965 - Francois Jacob1965 - Andre Lwoff1967 - George Wald1968 - Marshall W. Nirenberg1969 - Salvador Luria1970 - Julius Axelrod1970 - Sir Bernard Katz1972 - Gerald Maurice Edelman1975 - Howard Martin Temin1976 - Baruch S. Blumberg1977 - Roselyn Sussman Yalow1978 - Daniel Nathans1980 - Baruj Benacerraf1984 - Cesar Milstein1985 - Michael Stuart Brown1985 - Joseph L. Goldstein1986 - Stanley Cohen [& Rita Levi-Montalcini]1988 - Gertrude Elion1989 - Harold Varmus1991 - Erwin Neher1991 - Bert Sakmann1993 - Richard J. Roberts1993 - Phillip Sharp1994 - Alfred Gilman1995 - Edward B. Lewis1996- Lu RoseIacovinoTOTAL: 129!The Jews are NOT promoting brainwashing children in military training camps, teaching them how to blow themselves up and cause maximum deaths of Jews and other non-Muslims.The Jews don't hijack planes, nor kill athletes at the Olympics, or blow themselves up in German restaurants.There is NOT one single Jew who has destroyed a church.There is NOT a single Jew who protests by killing people. The Jews don't traffic slaves, nor have leaders calling for Jihad and death to all the Infidels.Perhaps the world's Muslims should consider investing more in standard education and less in blaming the Jews for all their problems.Muslims must ask 'what can they do for humankind' before they demand that humankind respects them.Regardless of your feelings about the crisis between Israel and the Palestinians and Arab neighbors, even if you believe there is more culpability on Israel 's part, the following two sentences really say it all:'If the Arabs put down their weapons today, there would be no more violence.If the Jews put down their weapons today, there would be no more Israel."Benjamin Netanyahu: General Eisenhower warned us. It is a matter of history that when the Supreme Commander of the Allied Forces, General Dwight Eisenhower, found the victims of the death camps he ordered all possible photographs to be taken, and for the German people from surrounding villages to be ushered through the camps and even made to bury the dead.He did this because he said in words to this effect: 'Get it all on record now - get the films - get the witnesses - because somewhere down the road of history some bastard will get up and say that this never happened'Recently, the UK debated whether to remove The Holocaust from its school curriculum because it 'offends' the Muslim population whichclaims it never occurred.It is not removed as yet . However, this is a frightening portent of the fear that is gripping the world and how easily each country is giving into it.It is now more than 65 years after the Second World War in Europe ended.Now, more than ever, with Iran, among others, claiming the Holocaust to be 'a myth,' it is imperative to make sure the world never forgets.This e-mail is intended to reach 400 million people. Perhaps you'll be a link in the memorial chain and help distribute this around the world - or not....How many years will it be before the attack on the World Trade Center 'NEVER HAPPENED' because it offends some Muslim in the United States?