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Bloodbath on Dalal Street as sell-off intensifies… Market updates for 03/10/18

PurpleTrades - stock market courses > News > Bloodbath on Dalal Street as sell-off intensifies… Market updates for 03/10/18

Report by- Sabyasachi Bhattacharya

 

Chief Justice Deepak Mishra retires: Let’s review his tenure-

The Chief Justice of India, Dipak Misra, who retired on October 2, has had an eventful career. Much like every Chief Justice, CJI Misra’s career was marked by a number of high-profile cases, the decisions to most of which were delivered in a clutch recently. Even before CJI Misra took over as the Chief Justice, however, the 64-year old had to his name a number of landmark judgments. Here’s taking a look at some of those landmark judgments, both during his tenure as the Chief Justice as well as across his career.

  • Meditation in rape cases involving minors (2015)

“… These are crimes against the body of a woman which is her own temple. These are offences which suffocate the breath of life and sully the reputation. And reputation, needless to emphasise, is the richest jewel one can conceive of in life.” –CJI Deepak Mishra

  • Yakub Memon mercy plea case (2015)

“Stay of death warrant would be travesty of justice. The plea is dismissed,”  -CJI Deepak Mishra

  • Constitutional validity of criminal defamation (2016)

“Freedom of speech and expression is not absolute. The concept of social interest has to be kept in mind when considering reasonableness of a restriction,”  -CJI Deepak Mishra

  • 2012 Nirbhaya rape and death case (2017)

“It is manifest that the wanton lust, the servility to absolutely unchained carnal desire and slavery to the loathsome beastility of passion ruled the mindset of the appellants to commit a crime which can summon with immediacy tsunami of shock in the mind of the collective and destroy the civilised marrows of the milieu in entirety,” –CJI Deepak Mishra

  • The National Anthem debate (2017)

“People do not need to stand up at a cinema hall to be perceived as patriotic,”  -CJI Deepak Mishra

  • Lifting ban on Padmaavat (2018)

“The whole problem when exhibition of a film is stopped like this, my constitutional conscience shocks me,” -CJI Deepak Mishra

  • Striking down Section 377 (2018)

“I am what I am, so take me as I am. Denial of self-expression is inviting death… one defines oneself. That is the glorious form of individuality,” –CJI Deepak Mishra

  • Aadhaar Verdict (2018)

A Constitution bench of the apex court, led by CJI Misra upheld the validity of Aadhaar but with riders. The Aadhaar judgment was read out by Justice AK Sikri, to which CJI Misra had concurred.

 

  • Decriminalisation of adultery (2018)

“It’s time to say husband is not the master, Women can’t be asked to think and do according to the will of society,” –CJI Deepak Mishra

Source-Moneycontrol , Purple Trades Research Department 

 

After a good start, October series had it’s intense selloff-

Chart source- ChartInk

Indian markets witnessed a pure form of bloodbath in the starting of the October series today as Major Indices Sensex and Nifty showed no mercy to the investors. From the starting of the day only bears took charge and left absolutely no room for the bulls. Nifty had a gap down opening after which it tested the 10,900 mark which was termed by many large AMCs as the new support. During lunch hours the bulls tried their best to make a comeback into the market but they could not breach the resistance provided by the day’s open and from there the index fell sharply to close at the 11851 mark. As of now nothing conclusive can be said about the near term direction of the market as the 10,900 mark was breached which was termed as a major support for the October series. As of now Sensex is down by 550.51 points at 35,975.63(-1.51%) and Nifty is down by 150.05 points at 10,858.25(-1.36%). This major selloff can be due to the following factors:-

  • Rupee breached a fresh new low of Rs 73/$, the continuous fall of the rupee has impacted the indices in the September series as well and now also the markets are being impacted.
  • Crude oil prices are not stabilizing at the moment. Higher crude oil prices is something which is weighing on Indian markets since September. The prices are trading near a 4-year high. Higher crude oil prices will lead to a rise in inflation, as well as raw material/input cost for many companies.
  • Italy’s budget plan caused selling pressure in global markets as officials from the European Union raised concerns due to its impact of widening the deficit significantly. Asian shares traded lower and the euro hit six-week lows amid Italy’s mounting debt and Rome’s budget plan. The deficit blowout revived fears of the eurozone debt crisis and put pressure on the euro

Source- Purple Trades Research Department 

 

Top sectors that moved the market today- Data source- Moneycontrol

Top Gainers for today-   Data source- Moneycontrol

  

 

Top losers for today- Data source- Moneycontrol

 

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