As Cases Spike, Is Indian Stock Market Dipping in Caution of a Second Wave of Coronavirus?

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As Covid-19 cases rise again in India and experts point towards chances of a second wave, especially in states like Maharashtra and Madhya Pradesh, stock markets have started materialising the sense of fear.

A cautious trade by global investors ahead of the US Federal Reserve meet is also among the reasons why markets fell most in over two weeks, ending lower for the fourth consecutive day amid high volatility.

Indian benchmark indices ended in negative territory on Wednesday amid selling seen in across the sectors. At close, the Sensex was down 562.34 points or 1.12 per cent at 49,801.62, and the Nifty was down 189.20 points or 1.27 per cent at 14,721.30. About 2,115 shares declined, and 138 shares are unchanged.

All the sectoral indices ended in the red with Nifty PSU Bank index falling 4 per cent. BSE Midcap and Smallcap indices shed 2 per cent each.

Economists at Nomura believe that the second wave of Covid-19 in India can lead to near-term growth concerns and delay market expectations on the timing of policy normalisation. “However, we expect only marginal negative growth effects, because government restrictions are less stringent, the goods sector continues to chug along and households and businesses have adjusted to the new normal,” Sonal Varma and Aurodeep Nandi, economists, Nomura said in a note on March 16.

To get perspective on what Indian markets looked like when the first wave hit, there were only four initial public offerings worth $2.08 million in June quarter, according to an EY report.

All the IPOs were in the Small and Medium Enterprises (SMEs) segment and the median deal size was $0.38 million.

Sandip Khetan, Partner and National Leader of Financial Accounting Advisory Services (FAAS) at EY India, had said the experience in the last three months was unprecedented.

As per the report, in the SME market, there were four IPOs versus 14 and 11 in Q2 2019 and Q1 2020, respectively.

Prime Minister Narendra Modi on Wednesday said it was crucial to contain the “emerging second peak” of coronavirus with steps such as setting up of micro-containment zones and enforcement of restrictions amid a surge in cases across the country.

Speaking at a meeting with chief ministers, PM Modi said: “If we don’t stop this pandemic right now, then there could be a nationwide outbreak. We have to immediately stop the emerging second peak and take big and decisive steps.”

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Odisha to review testing strategy after PM pointed out over reliance on antigen kits | India News – Times of India

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BHUBANESWAR: Prime Minister Narendra Modi on Wednesday pointed out overreliance of Odisha, besides Kerala, Uttar Pradesh and Chhattisgarh, on antigen tests for Covid-19, prompting the state to review its testing strategy.
Modi, in a video meeting with chief ministers, pointed out overdependence of these states on antigen tests, saying, “This needs to change. RT PCR tests should increase to check infections. Around 70% tests should be done using RT PCR method.”
Though the Odisha chief minister Naveen Patnaik did not speak in the meeting, as this was part not part of the agenda, in a written submission he pointed out that the long period of this crisis has brought fatigue and complacency in following covid health protocols. “We need to be careful as multiple surges of covid spread is the reality in many countries and as witnessed in many states in India as well,” Naveen said in a statement.
Stating that going back to lockdowns would not be possible, Naveen said, “We cannot go back to the era of lockdowns. However, at the same time we need to ensure that the virus spread is also contained through renewed efforts in awareness and enforcement.”
“As a country with huge population, achieving herd immunity will be a long process and in the meantime we all need to be extremely careful,” Naveen said emphasizing that just because Covid vaccine is available now, there is no place for complaceny in observing covid norms.
Naveen said since Odisha is affected by disasters like cyclones almost every year, the administrative machinery is well prepared to deal with crisis situations that the pandemic has brought.
In the meeting CMs of Maharashtra, Madhya Pradesh, Punjab, Gujarat, Karnataka and Haryana besides administrator of Chandigarh, where the covid cases are showing rising trend, spoke. While home minister Amit Shah made introductory remarks and Union health secretary Rajesh Bhushan made a presentation on the situation.
Additional chief secretary (health) Pradipta Kumar Mohapatra, who also attended the VC, said the state’s testing strategy would be reviewed with all laboratories conducting Covid tests on Friday.
The number of RT PCR tests conducted in the state is around 7300 out of the total more than 20,000 tests being conducted per day, the rest being rapid antigen tests. The number of RT PCR tests is less because the state has been conducting RT PCR tests on people with symptoms such as of fever, influenza like illness and severe acute respiratory illness. Since the number of such people is less, the overall RT PCR tests are less.
Mohapatra said to further increase the number of RT PCR tests, the state is planning to collect samples of people with any possible symptom returning from states such as Maharashtra, Madhya Pradesh, Kerala, Punjab and Chhattisgarh and conduct RT PCR tests on them instead of antigen tests which is being done now at railway stations and airports.
On Wednesday, Odisha reported 82 new covid positive cases, which is the highest in a day in past two weeks, as it increased the number of tests done from around 20,000 to 25000 in past 24 hours.
The situation in Odisha continues to be firmly under control, Mohapatra said. In the first fortnight of March, the state’s case positivity rate is 0.33% while the average number of tests done per day is 21,231. The state has reported two Covid deaths this month.

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BJP’s Central Election Committee meets to shortlist candidates for upcoming assembly polls | India News – Times of India

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NEW DELHI: The Central Election Committee (CEC) of the BJP met here on Wednesday to finalise the party candidates for the seats for which it has so far not named its nominees for the upcoming state assembly elections.
Prime Minister Narendra Modi and other senior BJP leaders met at the party headquarters to deliberate on the probable names and short-list the candidates.
The CEC has so far announced the names of candidates for the Assam polls and the first few phases of the election in West Bengal. It has also named its nominees for a number of seats in Kerala and all the nine constituencies in Puducherry the party will contest.
The polls in the four states of Assam, West Bengal, Kerala and Tamil Nadu and the Union Territory of Puducherry will be held between March 27 and April 29.
Assam will have three-phase polls, Bengal will have eight-phase polls while Kerala, Tamil Nadu and Puducherry will have single-phase elections on April 6. The counting of votes will be taken up on May 2.

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Mamata skips meeting with PM on Covid, Bengal urges for more vaccines | India News – Times of India

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KOLKATA: West Bengal chief minister Mamata Banerjee on Wednesday skipped a meeting presided over by Prime Minister Narendra Modi with chief ministers of different states on the recent surge in Covid-19 cases in some parts of the country.
Banerjee could not attend the meeting as she was busy campaigning for the state elections, a top state government official said.
Chief Secretary Alapan Bandyopadhyay attended the meeting that happened through the virtual mode, he said.
At the meeting, Bandyopadhyay raised the issue of the need for more Covid-19 vaccine doses in West Bengal, the official said.
The Covid-19 situation has been deteriorating in some parts of the country, raising concern over a possible second wave.
The Centre has urged the states concerned to step up containment efforts wherever needed.

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Quick steps needed to stop ‘second peak’: PM Modi cautions ‘carelessness’ against Covid-19

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Expressing concern over the recent spike in Covid-19 cases in some states, Prime Minister Narendra Modi Wednesday said the relative success of India in dealing with the pandemic should not give way to “carelessness” and people should seriously follow the ‘Test, Track and Treat’ formula to stop this emerging “second peak” of the virus.

PM Modi, who was addressing the chief ministers of different states through video conferencing, said failing to stop the rising second peak of the virus might create a national outbreak-like situation and quick and decisive steps are the need of the hour.

“The number of cases is increasing in some states. This increase is more than 150 percent in 70 districts of the country. We must stop this emerging “second peak” of Corona immediately,” he said.

“The position we have reached in the fight against corona, the confidence we have now, should not give way to carelessness,” he added.

The prime minister also stressed the need to scale up the rate of RT-PCR tests, with a special focus on small cities and towns. “We need to be as serious about ‘Test, Track and Treat’ as we have been doing for the last one year. Contacts of every infected person have to be tracked as soon as possible and RT-PCR test rate has to be kept higher than 70 per cent,” he said.

“In several states, rapid antigen testing is being stressed upon which needs transformation. Every state in the country needs to stress more on RT-PCR test,” he added.

Speaking on the ongoing vaccination drive, PM Modi said the country has crossed the figure of vaccinating 3 million people in a single day. However, certain states are reporting 10 per cent vaccine wastage, he said.

“We have to take the problem of wastage of vaccine doses very seriously. There should be zero wastage of vaccine,” the PM said, adding that there is a need to increase vaccination centers both in the private and public sectors.

The meeting was also attended by Home Minister Amit Shah. West Bengal Chief Minister Mamata Banerjee and Chhattisgarh Chief Minister Bhupesh Baghel skipped the meeting.

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In Meeting With CMs, These States Earned PM Modi’s Ire Over Covid-19 Situation. All You Need to Know

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To immediately control the burgeoning number of Covid-19 infections, India needs to take quick and decisive steps, Prime Minister Narendra Modi said on Wednesday while addressing the chief ministers in a virtual meeting. Authorities discussed the prevailing situation of covid-19 as the second wave shows no signs of ebbing.

PM Modi’s last interaction with the CMs was in January before the vaccine roll-out. In today’s interaction, Chief Ministers of West Bengal and Chattisgarh were not present.

Here are the highlights of the meeting:

– The confidence we have achieved from battling covid-19 in the past year should not turn into over-confidence. We

have to solve the problem without creating a panic in the public, PM Modi said.

– “We need to continue the strategy of ‘test, track and treat’. We need to track the maximum number of contacts and

keep the RT-PCR test rate above 70 per cent,” PM Modi stated. While noting that states likes Chhattisgarh,

Uttar Pradesh, Kerala and Odisha have been mostly dependent on antigen tests, he added.

– The Health Ministry proposed to open up vaccination for all above age of 45 on states’ request during the

meeting, sources told CNN- News18.

– Most of Covid affected countries have faced waves of Covid-19, now cases in India are increasing as well.

“Testing in the tier-2, tier-3 cities should be increased. Special attention should be paid to the ‘referral

system’ and ‘ambulance network’, PM Modi said.

– “Vaccine wastage should be looked after. Over 10 per cent of vaccine wastage has been reported in Telangana,

Andhra Pradesh and Uttar Pradesh. Reasons behind vaccine wastage should be reviewed,” PM urged.

– “In order to track wastage, every evening it should be monitored and we need to contact proactive people to avoid

wastage of Covid-19 vaccine,” PM said.

– “We should make micro-containment zones wherever necessary, no leniency should be entertainment,” he said.

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Chemancheri Kunhiraman Nair’s passion towards Indian culture, spirituality was legendary: PM Modi | India News – Times of India

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NEW DELHI: Condoling the demise of Kathakali maestro Guru Chemancheri Kunhiraman Nair, Prime Minister Narendra Modi said on Monday that his passion towards Indian culture and spirituality was legendary and he made exceptional efforts to groom upcoming talent in classical dances.
Nair died at his residence in Kerala early on Monday. He was 105.
He had been honoured with the Padma Shree in 2017 in recognition of his glorious contribution to the art form.
His portrayal of Lord Krishna and Kuchela on stage often left the audience spellbound, and his last notable public performance was at the age of 100.

Paying tributes, Modi tweeted, “Saddened by the demise of Kathakali maestro, Guru Chemancheri Kunhiraman Nair. His passion towards Indian culture and spirituality was legendary. He made exceptional efforts to groom upcoming talent in our classical dances. My thoughts are with his family and admirers. Om Shanti.”



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Govt committed to expanding institutes of medical excellence: Harsh Vardhan

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NEW DELHI: Union Minister for Health and Family Welfare Harsh Vardhan on Saturday said that the union government is committed to expanding the institutes of medical excellence for high-quality medical care for all.

Harsh Vardhan inaugurated multiple facilities at All India Institute of Medical Sciences (AIIMS) at Madhya Pradesh’s Bhopal today.

“The Government of India under the dynamic leadership of Prime Minister Narendra Modi is deeply committed to expanding institutes of medical excellence for high-quality medical care for all,” the minister said.

“Dream of Atal Bihari Vajpayee ji is being fulfilled with a network of AIIMS across the country for superior healthcare for all citizens. He envisioned mitigating the regional imbalance in the healthcare management and teaching standards, after a long realization that AIIMS, Delhi was too much overburdened to cater to the entire nation. Therefore, in 2003 he announced PMSSY and under this scheme 6 regional AIIMS in various parts of the country. This was with great efforts of Sushma Swaraj ji and justified demand of the region that this institute was established at Bhopal. It is geographically and strategically the best location of such an Institute, which was formally announced on 16th July 2012 through an ordinance,” he said.

The Union Minister further said, “I am happy to know that the institute has got the New Generation Sequencing facility. This system will help faster sequencing of the pathogens including the SARS-CoV-2, other viruses, and Mycobacterium tuberculosis.”

The Health Minister also informed that AIIMS Bhopal in its capacity as Mentor Institute for combating the COVID-19 pandemic had supervised a total of 38 laboratories, institutes, and medical colleges of Madhya Pradesh for COVID-19 RT-PCR testing after providing their microbiologists and lab technicians training at the Regional Virology Laboratory here.

The Union Minister laid the Foundation Stone of Administrative Block and dedicated the Auditorium of AIIMS, Bhopal to the community. He also inaugurated the Mycology Advanced Resource Centre (MARC) established with the collaboration of ICMR. The Skill Lab and the Cancer Treatment Centre (CTC) of the institute was dedicated to the country.

State Minister for Medical Education Vishwas Sarang, Secretary (Health Research) Balram Bhargava, Director of AIIMS Bhopal and other senior officials of ICMR and AIIMS Bhopal were also present at the event.



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West Bengal Assembly elections | Abbas Siddique’s ISF announces candidates for 20 seats

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The party said that it announced the names of 20 candidates from among the 26 seats for which it has an alliance with the Left Front

Abbas Siddiqui-led Indian Secular Front (ISF), an alliance partner of the Left Front and the Congress in the State, on March 14 announced the names of candidates for 20 constituencies in the upcoming Assembly elections in West Bengal.

ISF president Simul Soren will contest from Haripal in Hooghly district, while Mohammed Iqbal and Nuruzzaman will be the party’s candidates from Entally and Metiabruz, respectively, it said in a statement.

ISF is yet to announce the names of candidates from Canning Purba, Jangipara, Bhangar, Madhyamgram, Haroa and Mayureshwar — the seats it has identified to fight from as a part of the alliance.

The party said that it announced the names of 20 candidates from among the 26 seats for which it has an alliance with the Left Front.

While the Left Front has given 30 seats to the ISF from its kitty, the Congress, from which the Siddique-led party demanded 15 seats, has agreed to give it only eight from its share.

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Former Windies cricketers, including Viv Richards, Richie Richardson thank PM Modi for Covid-19 vaccines | Off the field News – Times of India

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NEW DELHI: Former West Indies cricketers Vivian Richards, Richie Richardson, Jimmy Adams and Ramnaresh Sarwan thanked Prime Minister Narendra Modi for helping the Caribbean countries by donating them Covid-19 vaccines under the Vaccine Maitri initiative.
In March, Antigua and Barbuda received 1,75,000 doses of COVID-19 vaccines out of which 40,000 were donated to the country under the ‘Vaccine Maitri’ initiative.
“I would like to thank India for the wonderful contribution made to our country which is the vaccine. We thank you so much on behalf of the Antiguan and Barbudan people. We look forward, also that in the future, continued relationship. Thank you very much Prime Minister Narendra Modi and the High Commission of India. We also thank all of the people in India for such a kind gesture,” Richards said in a video posted on Twitter by the High Commission of India in Guyana.

“On behalf of the government and people of Antigua and Barbuda, I would like to thank the Prime Minister of India Narendra Modi for his kind generosity in offering us 40,000 vaccines. We are extremely grateful to you and your country. Thank you very very much,” former West Indies caption Richardson added.
Guyana received 80,000 doses of Made-in-India COVID-19 vaccines under the ‘Vaccine Maitri’ programme. Jamaica, Barbados, St Lucia and St Kitts and Nevis also received the vaccines under the same initiative.

“I just want to use this opportunity to say thank you to the Government of India for the support that they are giving to the people all across the region in donating vaccines. I know that my own home country of Jamaica is benefitting from this initiative and also Antigua where I’m currently working with Cricket West Indies. We are all deeply grateful to the Government of India and on behalf of the people in the Caribbean I would like to thank you for this great initiative,” another former Windies captain Adams said.
“I would like to take this opportunity to thank Prime Minister Modi for providing the Covid-19 vaccine for us here in Guyana. We really appreciate your kindness sir, thank you so much,” former Windies batsman Sarwan said.
External Affairs Minister (EAM) S Jaishankar shared the clip of Richards and wrote on Twitter, “For those who love Old Cricket and New India. Perhaps even for those who understand neither cricket nor India.”
Vaccine Maitri initiative aims to assist countries in their fight against the coronavirus pandemic, India dispatched ‘Made-in-India’ COVID-19 vaccines to twenty-five nations across the world. From January 20 onwards, New Delhi has supplied coronavirus vaccines to several countries including Bhutan, Maldives, Mauritius, Bahrain, Nepal, Bangladesh, Myanmar, Seychelles and Sri Lanka.



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