Udayavni Special

Stock market sees heavy volatility during PM’s address


PTI, Mar 27, 2019, 3:09 PM IST

Mumbai: Benchmark indices witnessed heavy volatility amid Prime Minister Narendra Modi’s address to the nation, reflecting nervousness of the investor community over the subject.

The 30-share benchmark index dived by over 100 points but recovered sharply to 38,402.35 at 1234 hrs as Prime Minister announced that India had shot down a live satellite in space with an anti-satellite missile in a major breakthrough in space programme.

The markets, which opened higher in the morning over Tuesday’s close, sharply dipped following the twitter message as it wasn’t clear what the subject of the address to the nation was.

The benchmark BSE Sensex jumped over 200 points on Wednesday during Modi’s announcement that India had demonstrated anti-satellite missile capability by shooting down a live satellite.

The 30-share index was trading at 38,443.5, up 212.98 points at 12.24 hrs.

The benchmark index had jumped over 200 points in the opening trading session.

Meanwhile, buying was also seen in defence stocks, with Hindustan Aeronautics rising 7.25 per cent, Bharat Dynamics 6.26 per cent, Walchandnagar Industries Ltd 3.61 per cent and BEML 1.31 per cent on the BSE.

The benchmark BSE Sensex was at 38,445.38 points a minute before the Prime Minister took to the twitter at 11.23 am to announce his address to the nation.

“I would be addressing the nation at around 11:45 AM – 12.00 noon with an important message. Do watch the address on television, radio or social media,” he tweeted.

But it was not until 12:24 that he made the near 10-minute address.

With no precedence of such address after general elections were announced, other than when Indira Gandhi and Rajiv Gandhi were assassinated in 1984 and 1991 respectively, memories of November 8, 2016, were revived when Modi made his first address to the nation to announce demonetisation of 86 per cent of the currency in circulation.

With election code is in place, it was felt that no policy announcement could be made and there could be some development on the Pakistan front as the Cabinet Committee on Security met just before the twitter message.

Sensex fell to 38,332.22 by 11.35 am and further to 38,304.09 by 11.58 am.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Would pass detailed order to deal with problem of strikes by lawyers: SC

Registration of Marriages (Amendment) Bill may have serious impact on education of minors: NCPCR

‘Congress do not poach MLAs’: DKShi on BSY’s allegation of BJP MLAs being in touch with party

Queen’s granddaughter Princess Beatrice gives birth to baby girl

Parents in China laud rule limiting video game time for kids

After 2 months in jail, Raj Kundra, aide get bail in adult films case

NCW chief seeks Punjab CM’s resignation over #MeToo allegations

Related Articles More

Sensex tumbles over 350 pts in early trade Nifty drops below 17 500

RBI decision to allow NBFCs apply for Aadhaar-e-KYC Authentication Licence to promote digitisation

Centre to simplify Coffee Act to promote ease of doing businesss

Come Jan 1, non-filers of 1 monthly GST return to be barred from filing GSTR-1

GST Council extends lower tax rate on COVID drugs till Dec 31; petroleum products not to be included under GST

MUST WATCH

Elephant gone wild at mysore

Suspend your officers : Former Speaker​ Ramesh Kumar | Assembly Session 2021

TELANGANA GANAPATHI LADOO AUCTIONED FOR 48 LAKHS

Mangaluru: Man attacks women at training centre; arrested

Ullal: Miraculous escape for boy after car runs over him; incident caught on CCTV


Latest Additions

Would pass detailed order to deal with problem of strikes by lawyers: SC

Registration of Marriages (Amendment) Bill may have serious impact on education of minors: NCPCR

‘Congress do not poach MLAs’: DKShi on BSY’s allegation of BJP MLAs being in touch with party

First vaccine dose given to over 90 per cent of eligible persons in Kerala: Health Minister

Queen’s granddaughter Princess Beatrice gives birth to baby girl

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.