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PM Narendra Modi addressing a rally in Bhagalpur, Bihar

Bhagalpur:  Prime Minister Narendra Modi addressed a rally in Bhagalpur today, his fourth in Bihar where elections will be held by November.

Story First Published: September 01, 2015 14:11 IST

Here are 10 things to know about Tuesday’s selloff:

1) The selloff in domestic stock markets is being linked to fresh bout of weakness across Asia and Europe, where equities took a big beating on Tuesday. Japan’s Nikkei closed nearly 4 per cent lower.

2) European stock markets traded with over 2 per cent cuts, while Dow futures indicated a lower opening for the Wall Street.

3) Analysts say rising concerns of a deep-seated slowdown in China, the world’s second biggest economy, is weighing on global stocks. Investors tend to react in panic every time a negative data comes out of China.

4) China’s giant manufacturing sector contracted at the fastest pace in three years, rattling Asian markets on Tuesday. Even China’s services sector, which has been one of the few bright spots in the sputtering economy, showed alarming signs of cooling.

5) Traders are also disappointed with a series of weak economic data in India. Growth in core sector, which contributes nearly 40 per cent to industrial output, slowed to a 3-month low, while June quarter GDP grew below estimates at 7 per cent, weighing on sentiments.

6) A delay in recovery in corporate earnings has led Macquarie, Barclays and Ambit to downgrade Indian shares over the last few days.

7) Domestic stock markets are also reeling from rising momentum of selling by foreign investors. In August, foreign investors sold shares worth Rs 16,877 crore, which is a record.

8) Banking stocks led the losses and underperformed the broader markets. The Bank Nifty slumped nearly 4 per cent on Tuesday on fears that HDFC Bank’s aggressive rate cut will put pressure on margins of the banking system.

9) High beta metals and realty stocks also traded with over 3 per cent cuts; capital goods and auto stocks also fell sharply. 45 of 50 Nifty stocks traded lower.

10) Higher rupee was the only silver lining in Tuesday’s trade today. As of 2.15 p.m., the rupee traded 66.38 per dollar, 10 paise higher than yesterday’s close of 66.48.

File photo of Army Chief General Dalbir Singh

“(Because of) the frequent ceasefire violations and infiltration bids by our western neighbor, the borders remain live and active. New methods continue to be employed to create unrest in J&K. We are acutely aware that the swift, short nature of future wars are likely to offer limited warning time – this calls for maintaining very high levels of operational preparedness at all times,” General Singh said at an event in Delhi.

There has been a surge in border firings in recent months. There were 55 violations in August of the 2003 ceasefire agreement between the two countries and there have been over 245 incidents this year.

Last week, three people, including two women, were killed and 22 injured at the international border in RS Pura. There was heavy exchange of fire between the Border Security Force and the Pakistan Rangers.

National Security Level talks between India and Pakistan last week were cancelled at the eleventh hour amid major disagreements over the agenda for talks. India said the ceasefire violations and attacks by Pakistan-based terrorists must be discussed but Pakistan insisted that it would raise Kashmir.

PM Narendra Modi arrives for the rally in Bhagalpur, Bihar.

• This is NDA’s fourth rally in the state but today’s rally has broken all records.


• First time in 25 years, people of Bihar have decided to vote for development.


• No one can stop NDA’s ‘vijay yatra’ in Bihar.


• Bihar wants a pro-farmer government, a government that will provide employment, development.


• The governments which have been ruling Bihar for over 25 years should give a report of their work.


• I will give account of each penny if BJP comes to power.


• Current Bihar government is not ready to give an account of their work.


• Sunday’s rally was a ’tilanjali rally’.


• Not just Bihar, but the whole country is disappointed with the (Sunday) rally as there were no answers on how to take Bihar forward.


• There was only one agenda- Modi Modi Modi Modi Modi Modi Modi.

File Photo: Defence Minister Manohar Parrikar.

“Security environment today is complex… need to be vigilant all the times,” the minister said while addressing a tri-services seminar in Delhi on the 1965 Indo-Pak war.

The minister also said that school textbooks should include stories of valour from the war.

“Today’s generation must know the stories of valour of our soldiers,” he said.

On the 1965 war, Mr Parrikar said Pakistan paid for its “misadventure”, adding that India clearly won the war even though sceptics said it was a draw.

India is commemorating 50 years of the 1965 Indo-Pak war on a grand scale, with a series of events spread over a month.