Jhunjhunwala was once asked how it felt to be rich in a poor country. In his opinion, India is not a poor nation as India has a thriving film industry in addition to a rich culture, cuisine, resources, and fine way of thinking. Therefore, he had no guilt at all.

“Equality of mankind is a myth, equality of opportunity is a possibility,” RJ quoted Winston Churchill while speaking further on the topic 10 years back at EVOKE 2012. He said, as a rich man, he would like to ensure that all Indians had equal opportunities.

If India had not been a wealthy nation, he believed he would not have been as wealthy. The index was 112 points when he began his career in the stock market in 1985. The index stood at 20,000 at the time of his address in 2012. He believed it to be an illustration of the development and prosperity of the nation. He claimed he would never have achieved his level of wealth if there was no prosperity in India

He was also grateful and fortunate to be working in the post-liberalisation era. In his opinion, India was about to embark on its second phase of liberalisation. People could make money thanks to liberalisation. He was delighted to note the current influx of young billionaires in India.

He firmly believed that spurring prosperity was the only way India could end poverty. However, one shouldn’t worry about how the cake was divided at the same moment. Instead of worrying about the size of the cake, Jhunjhunwala advised. He continued that the cake divides more effectively as it grows larger.

“Will I ever stop if I had ten times as much money as I do now? The reply is no, I won’t! I’ll just say that I’m still a middle-class guy. I treat every rupee as valuable,” said India’s Warren Buffett.

On August 14, Rakesh Jhunjhunwala passed away from a sudden heart attack. He was 62.

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After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63.

Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Shares of Vodafone Idea fell 10% on the stock exchanges, hitting the lower circuit, ahead of a Supreme Court hearing on the adjusted gross revenue (AGR) case. The hearing may include the government’s application that telecom firms be allowed to spread the payment of their dues over 20 years or less.

Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys.

On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers.

In the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed.

According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome.

The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022.

It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment.

Stock exchanges on Wall Street ended on a mixed note in overnight trade.

Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains.

International oil benchmark Brent crude futures fell 2.66 per cent to USD 40.62 per barrel.

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At around 9:35 am, BSE Sensex was trading 407.81 points or 1.44 per cent lower at 27,857.50, while NSE Nifty was down 110.70 points at 8,143.10 points. Bank and financial stocks suffered as volatility remains high in the domestic markets.

Some of the top losers in early trade are Kotak Mahindra Bank, Induslnd Bank, IDFC Bank, ICICI Bank, HDFC Bank, Hero MotoCorp and Asian Paints.

On the NSE, all sectoral indexes were trading in red except Nifty Pharma, highlighting a marked weakness in most sectors.

Analysts say that the stock markets in India could see choppy trade till there is clarity on the situation after the lockdown ends of April 14.

While markets were closed on account on Ram Navami on Thursday, factory activity data released yesterday also weighed in on the markets today. On Wednesday, Sensex had fallen over 1,200 points while Nifty plunged over 340 points.

Globally, stocks rose on expectations of a possible oil deal between Saudi Arabia and Russia, but doubts are already rising over the deal brokered by US President Donald Trump.

Market could go into recession and Nifty may touch 6,500 in next 6 months but now the parameters show that the economy may enter into depression period (where GDP turns into negative territory, means it could be in between -1 percent and -5 percent) and the period could be quite long in comparison to slowdown/recession period.

It may be 2 years or more and in this period, Nifty is likely to touch 5,500 and the stocks are likely to be available at 10-50 percent (depends upon small cap-large cap) discount from their peak.

The good thing is the reason of recession would be coronavirus. However, depression territory would be due to an extreme drop in crude oil prices (likely to touch $12–15 per barrel) and there is again a chance of an acceleration of the US-China trade war. Probably, it would not convert into great depression (where multiple economies deliver drop in GDP by 15-20 percent) because tailspin crude oil prices affect many major economies but at the same time, it would be positive for emerging nations. So, be cautious, try to keep more patience and be ready to invest in lower levels.

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The lower circuit in the Indian markets was triggered for the first time since the 2008 global financial crisis. The next circuit breaker limit for the benchmark indices is at 15 per cent.

Investors continued to panic over the impact of the fast-spreading coronavirus outbreak on global growth, say analysts.

The rupee dropped to a record low on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens.

Equities in other Asian markets went into a free-fall, with Japan’s Nikkei 225 index dropping 10 per cent, and heading for its worst week since the 2008 global financial crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2 per cent.

Analysts say that global economy is likely to bear the brunt of the coronavirus pandemic as the number of cases soars and policymakers scramble to shield major economies from the outbreak.

The selloff gathered pace after US President Donald Trump’s announcement to ban travel from Europe spooked investors, and after the European Central Bank disappointed markets by holding back on rate cuts.

Concerns over the virus have hammered financial markets and disrupted businesses globally as countries around the world grapple with how to contain the outbreak and its economic impact.

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Meanwhile, equities in other Asian markets edged higher after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent and Japan’s Nikkei stock index climbed 0.29 per cent. 

Shares of BPCL fell over 3 per cent on Monday after the government repealed the legislation that had nationalised the company. On the BSE, the stock declined 3.53 per cent to Rs 497. The shares of the PSU fell 3.21 per cent to Rs 499 on the NSE. Ahead of a proposed move to fully privatise state-owned fuel retailer, the government has repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private firms.

Drug firm Indoco Remedies on Monday said it has received approval from the US health regulator for Rasagiline tablets, used for treatment of Parkinson’s disease. The company has received last nod for its abbreviated new drug application (ANDA) for Rasagiline tablets in the strengths of 0.5 mg and 1 mg from the United States Food and Drug Administration (USFDA), Indoco Remedies said in a regulatory filing.

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Last Friday, the S&P BSE Sensex index had surged 1921.15 points – or 5.32 per cent – to end at 38,014.62, in its best single-day gain in past 10 years.                                                                                                                         

The Nifty Bank, Auto and FMCG sectoral indices on the NSE were up 3.60 per cent, 1.72 per cent and 4.98 per cent at the time. On the other hand, the Nifty IT and Pharma indices were down 2.37 per cent and 1.31 per cent respectively.ITC, Britannia, L&T, HDFC Bank Top Gainers.

At 9:21 am, the S&P BSE Sensex index traded 1,045.98 points – or 2.75 per cent – higher at 39,060.60, while the broader NSE Nifty benchmark was at 11,569.65, up 295.45 points – or 2.62 per cent – from the previous close. ITC, Britannia, L&T, HDFC Bank Top Gainers

Corporate Tax Cut Sent Positive Message “Not Just In India”: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said on Twitter that the government’s move on corporate tax has sent a positive message “not just in India” but around the globe. On Friday, the GST Council decided to more than double the tax on caffeinated beverages to 40 per cent while lowering the tax rate applicable to hotel room tariffs. Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages was hiked to 28 per cent plus more cess of 12 per cent as against the existing rate of 18 per cent.

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The S&P BSE Sensex and NSE Nifty 50 indices recovered from intraday low levels led by gains in ICICI Bank, Infosys, Kotak Mahindra Bank, Reliance Industries, Axis Bank and Maruti Suzuki. The S&P BSE Sensex index moved in a range of 244.25 points, between 37,244.34 and 37,000.09, as against its earlier close of 37,104.28. The broader NSE Nifty benchmark rose as much as 41.05 points to hit 11,023.85 at the day’s strongest level, and declined as much as 78.1 points from that mark to 10,945.75. Government data on Thursday showed growth in industrial production was at 4.3 per cent in July, as against 2 per cent the previous month. Meanwhile, separate data showed that inflation rose to a 10-month high of 3.21 per cent in August. Analysts say the latest macroeconomic data leaves room for a rate cut in the Reserve Bank of India’s next bi-monthly review due in October.

Meanwhile,Consumer price inflation is likely to inch up further in the coming months. It would however continue to be within the RBI’s target. Industrial production (IIP) growth has come higher than market expectations and is a good sign, though capital and durable goods performance has not been good,” credit ratings agency CARE said in a note. 

“Food price inflation needs to watched for as there is potential for higher prices in the coming months and the kharif output will hold the clue… For the rest of the financial year we expect policy rates to be cut by another 40 bps,” the agency added.

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