Business News

Sensex closes 600 points down after Brexit vote

International markets have also taken a beating, while the pound dropped to a 31-year low and was expected to suffer its biggest one-day loss in history.

Indian markets

The Bombay Stock Exchange Sensex opened 940 points down on Friday morning while the United Kingdom voted whether Britain would stay with the European Union, and fell further – more than 1,000 points – after 10 am. India’s Nifty was also down 300 points, while the rupee fell 74 paise against the dollar in early trade on Friday. As Britain voted for its exit from EU, or Brexit as it has come to be known, global markets plummeted.

Finance Minister Arun Jaitley, in a statement, said the government was prepared for the short and medium-term consequences of Brexit. "All countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, the referendum’s medium term impacts," he said. Reserve Bank of India Governor Raghuram Rajan also said the apex bank was watching markets closely, and will provide liquidity and intervene in currency markets if required, PTI reported.

The Reserve Bank of India intervened in the forex market on Friday with liquidity support, PTI reported. Finance Secretary Ashok Lavasa said the Centre and RBI are ready with measures to curb market volatility.

The Sensex recovered only slightly by evening, closing at 604 points down at 26,397.71, while Nifty crawled back up past the 8,000 mark. The rupee recovered slightly from the day's low of 68.22 and was trading at 67.84.

At the end of the day, gold prices climbed to beyond Rs 32,000 per 10 gram, up by Rs 1,944 in the futures trade. With this, the price of the yellow metal touched a two-year high. Market analysts said this was because gold prices are valued against the dollar. After rupee took a beating earlier in the day, the precious metal was considered a safer haven investment.

International markets

The UK’s currency, the pound sterling, dropped to as low as $1.3229, its lowest since 1985, and is on course for its biggest one-day loss in history. Though the pound closed on a high after voting on Thursday night, following trends that showed a Brexit, the FTSE 100 futures traded nearly 9% lower, suggesting a collapse in UK stock markets. Reports suggested the UK's economy might slip into a recession following the Brexit.

The Bank of England has said it is ready to provide £250 billion to Britain's economy, if necessary. Oil prices have plunged 4.8%, gold is up 4.9%. HSBC, which earlier this year opted to keep its headquarters in London, plunged as much as 12% in Asian trading, Livemint reported. Shares of companies with a large portion of its business in the UK or Europe will be under pressure on Friday.

The Nikkei index in Japan has dropped 8%, and Hong Kong's stock exchange sank 4.4$, while Wall Street is also expected to be hit by Brexit results. European markets have also taken a beating – German stocks plummeted 9.94%, Paris' 8%, and Vienna's 10% on opening race after Brexit. London's stock exchange dropped 7.4% on opening, reported AFP. The Australian dollar is down 3.4%, South Korea's won sank 2.4%, the Indonesia rupiah 1.7%, and Malaysia's ringgit 2.7%. The Canadian and Singapore dollars have also incurred losses.
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Following a mountaineer as he reaches the summit of Mount Everest

Accounts from Vikas Dimri’s second attempt reveal the immense fortitude and strength needed to summit the Everest.

Vikas Dimri made a huge attempt last year to climb the Mount Everest. Fate had other plans. Thwarted by unfavourable weather at the last minute, he came so close and yet not close enough to say he was at the top. But that did not deter him. Vikas is back on the Everest trail now, and this time he’s sharing his experiences at every leg of the journey.

The Everest journey began from the Lukla airport, known for its dicey landing conditions. It reminded him of the failed expedition, but he still moved on to Namche Bazaar - the staging point for Everest expeditions - with a positive mind. Vikas let the wisdom of the mountains guide him as he battled doubt and memories of the previous expedition. In his words, the Everest taught him that, “To conquer our personal Everest, we need to drop all our unnecessary baggage, be it physical or mental or even emotional”.

Vikas used a ‘descent for ascent’ approach to acclimatise. In this approach, mountaineers gain altitude during the day, but descend to catch some sleep. Acclimatising to such high altitudes is crucial as the lack of adequate oxygen can cause dizziness, nausea, headache and even muscle death. As Vikas prepared to scale the riskiest part of the climb - the unstable and continuously melting Khumbhu ice fall - he pondered over his journey so far.

His brother’s diagnosis of a heart condition in his youth was a wakeup call for the rather sedentary Vikas, and that is when he started focusing on his health more. For the first time in his life, he began to appreciate the power of nutrition and experimented with different diets and supplements for their health benefits. His quest for better health also motivated him to take up hiking, marathon running, squash and, eventually, a summit of the Everest.

Back in the Himalayas, after a string of sleepless nights, Vikas and his team ascended to Camp 2 (6,500m) as planned, and then descended to Base Camp for the basic luxuries - hot shower, hot lunch and essential supplements. Back up at Camp 2, the weather played spoiler again as a jet stream - a fast-flowing, narrow air current - moved right over the mountain. Wisdom from the mountains helped Vikas maintain perspective as they were required to descend 15km to Pheriche Valley. He accepted that “strength lies not merely in chasing the big dream, but also in...accepting that things could go wrong.”

At Camp 4 (8,000m), famously known as the death zone, Vikas caught a clear glimpse of the summit – his dream standing rather tall in front of him.

It was the 18th of May 2018 and Vikas finally reached the top. The top of his Everest…the top of Mount Everest!

Watch the video below to see actual moments from Vikas’ climb.

Play

Vikas credits his strength to dedication, exercise and a healthy diet. He credits dietary supplements for helping him sustain himself in the inhuman conditions on Mount Everest. On heights like these where the oxygen supply drops to 1/3rd the levels on the ground, the body requires 3 times the regular blood volume to pump the requisite amount of oxygen. He, thus, doesn’t embark on an expedition without double checking his supplements and uses Livogen as an aid to maintain adequate amounts of iron in his blood.

Livogen is proud to have supported Vikas Dimri on his ambitious quest and salutes his spirit. To read more about the benefits of iron, see here. To read Vikas Dimri’s account of his expedition, click here.

This article was produced by the Scroll marketing team on behalf of Livogen and not by the Scroll editorial team.