Share Market Update
Today, the stock market witnessed a significant decline as the Sensex closed 1,769 points lower and the Nifty 50 dropped by 547 points. This crash resulted in investors losing approximately Rs 10 lakh crore. Nifty Bank, Midcap, and Smallcap indices also recorded a drop of more than 2%. All BSE sector indices closed in the red, with the most significant losses seen in the Realty, Auto, and Infra sectors.
Gold and Silver Prices at All-Time High on First Day of Navratri
Gold prices soared to an all-time high today, reaching Rs 75,762 per 10 grams, while silver prices surged to Rs 90,930 per kilogram. Experts predict that the prices of both gold and silver may continue to rise in the coming days.
No Change in Petrol and Diesel Prices
There has been no change in petrol and diesel prices today. However, the ongoing missile attacks between Iran and Israel have affected crude oil supply. If the situation continues, it could pose serious challenges for the Indian economy.
Reasons Behind the Stock Market Crash
This is the biggest market crash since August 5, 2024. Experts have cited several reasons for the decline, including rising tensions between Iran and Israel, Foreign Institutional Investors (FIIs) shifting their focus to China due to better valuations, increasing crude oil prices due to Middle East tensions, uncertainty surrounding the U.S. elections, and the new rules introduced by SEBI for Futures and Options (F&O) trading.
Changes in RBI Committee
The government has made changes to the Reserve Bank of India’s monetary policy committee. Nagesh Kumar, Saugata Bhattacharya, and Ram Singh have been appointed to the committee. Other members include RBI Governor Shaktikanta Das, Deputy Governor Michael Patra, and Executive Governor Rajeev Ranjan. Nagesh Kumar is the Director of the Institute for Studies in Industrial Development, Saugata Bhattacharya is an economist, and Ram Singh is the Director of the Delhi School of Economics.
Suzlon Energy’s Share Price Plummets
The share price of Suzlon Energy Ltd, a major wind energy company, saw a significant drop today. It closed at Rs 75.75, down from Rs 76.74. Experts attribute this decline to a notice from SEBI, which was issued due to the company’s failure to meet disclosure regulations in a timely manner.
Major Decline in Cryptocurrency Markets
Cryptocurrency markets also experienced a major downturn today, primarily due to rising tensions between Iran and Israel. Bitcoin, Solana, BNB, Toncoin, Cardano, and Avalanche all saw significant losses over the past 24 hours. If the current situation continues, further declines in the cryptocurrency market are expected.
SEBI’s New Rule on Nominations
The Securities and Exchange Board of India (SEBI) has introduced new rules regarding nominations for Mutual Funds and Demat accounts. The number of nominees allowed has now been increased to 10, up from the previous limit of 3. Experts believe that this increase in the number of nominees could lead to more complications and legal disputes in the future.
Major News on Passport Applications
People in smaller towns in India will no longer need to travel or face difficulties for passport applications. The Passport Office has launched a mobile van service that will process applications in towns and offices. This service will only accept new and renewal applications.
Gold Loan Now Available on Google Pay
Google Pay is set to offer gold loans to its users in collaboration with Muthoot Finance. While the company has not provided specific guidelines on the process, the maximum loan limit will be Rs 5 lakh.
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