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Markets’ bull run ends, sensex crashes 1,066 points: Top reasons behind this slide

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Markets’ bull run ends, sensex crashes 1,066 points: Top reasons behind this slide

Equity indices ended 10-day winning streak on Thursday with the benchmark BSE sensex crashing over 1,000 points, dragged by losses in banking, financial and IT stocks amid weak cues from global markets.

The 30-share BSE index fell 1,066 points or 2.61 per cent to close at 39,728; while the broader NSE Nifty settled 291 points or 2.43 per cent lower at 11,680.

Investors lost Rs 3.25 lakh crore in today’s session as the total market capitalisation of BSE-listed companies fell to Rs 157.31 lakh crore.

Bajaj Finance, Tech Mahindra, IndusInd Bank, ICICI Bank, SBI and Reliance were the top losers in the sensex pack falling over 4.68 per cent. 29 out of 30 stocks finished in red.
While Asian Paints was the only gainer.

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On the NSE platform, all sub-indices finished in red with Nifty Bank, Financial Services, Private Bank and IT falling up to 3.36 per cent.

Global stock markets and US futures declined as hopes US leaders will agree on new economic aid before the November 3 presidential election faded. US Treasury secretary Steven Mnuchin said a fiscal stimulus deal would not be likely made before the November election.

“US stimulus expectations has been a driver lately, but markets are now weighing in the possibility of it being pushed beyond the elections, taking some zing out of the recent momentum from global equities,” James said.

IT, banking and financial stocks reversed course to trade lower as investors locked in gains in a sector that has helped drive a rally in the broader market so far this month.
The Nifty IT index slumped 2.87 per cent, after rallying nearly 6 per cent this month on the back of strong quarterly results and buybacks.

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Infosys Ltd, whose shares hit a record high earlier in the session, reversed course to finish 2.47 per cent lower. The IT giant raised revenue outlook as robust demand for its digital services helped it beat quarterly profit expectations.

Tap To Explore More : TOI

Also Read : DONALD TRUMP DANCING TO YMCA LEAVES TWITTER IN SPLITS, EVOKES FUNNY REACTIONS

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Movie

The Madras High Court has granted early screenings of Vijay’s Leo movie from 7 AM, requesting the TN government to resolve any issues.

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The Madras High Court has granted early screenings of Vijay’s Leo movie from 7 AM, requesting the TN government to resolve any issues.

Madras High Court Grants Early Screenings of Vijay’s “Leo” Movie at 7 AM, Urges TN Government to Address Concerns

The Madras High Court has made a landmark decision in favor of the much-anticipated Tamil film “Leo,” starring actor Vijay. In a significant move, the court has granted permission for early screenings of the movie from 7 AM, urging the Tamil Nadu government to swiftly address any issues and facilitate the smooth release of the film. This decision marks a pivotal moment in the realm of Tamil cinema and the entertainment industry at large.

Historical Context:

The Indian film industry, particularly the Tamil film industry, has seen its share of controversies and challenges related to film releases. Issues such as censorship, political disputes, and public sentiment have often played a significant role in shaping the release schedules and screening times for films. Vijay, one of Tamil cinema’s most prominent actors, has been at the center of such controversies in the past. This decision by the Madras High Court is, therefore, particularly noteworthy.

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The Ruling:

The Madras High Court’s decision to permit early screenings of “Leo” comes as a response to a plea filed by the film’s producers. The court, while considering the plea, took into account various factors, including the film’s anticipated popularity and the prevailing circumstances. The court emphasized the importance of accommodating the audience’s interests and allowing them to enjoy the film without disruptions.

A Step Towards Normalization:

The court’s decision signifies a positive shift in the film industry, where release dates and screening times are often mired in controversy. By allowing screenings to commence at 7 AM, the court aims to reduce the chances of public unrest and congestion near theaters, especially in the wake of high-profile film releases.

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The Role of the Tamil Nadu Government:

The Madras High Court, in its ruling, also called upon the Tamil Nadu government to cooperate in ensuring a seamless release for the film. This cooperation extends to providing necessary security measures to maintain law and order around theaters during the early screenings.

Implications for the Entertainment Industry:

The decision is expected to set a precedent for the release of other highly anticipated films, not just in Tamil cinema but also in the broader Indian film industry. The court’s emphasis on the importance of accommodating the audience’s interests could lead to more flexible screening times for movies in the future.

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The Audience’s Perspective:

For moviegoers and fans of Vijay, this decision comes as a welcome relief. They can now look forward to enjoying the film without any undue delays or disruptions, ensuring a memorable cinematic experience.

In conclusion, the Madras High Court’s ruling to allow early screenings of Vijay’s “Leo” at 7 AM while urging the Tamil Nadu government to resolve any issues paves the way for a more audience-centric approach in the film industry. It is a landmark decision that highlights the importance of balancing the interests of filmmakers and the movie-loving public. This judgment is poised to make a positive impact on the release of future films, ushering in a new era of flexibility and convenience for cinema enthusiasts.

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