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Covid fears erode ₹4.4 tn wealth

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MUMBAI : Spooked by concerns of a possible resurgence in covid cases and ahead of the release of the latest Monetary Policy Committee meeting minutes, Indian stock indices tumbled by over a percent each, wiping off ₹4.4 trillion of investor wealth in the bargain.

The Nifty fell 186.20 points to close at 18,199.10 while the Sensex tanked 635 points to end at 61,067.24 points after markets gauged the whole import of the Centre’s advisory to step up genome sequencing for identifying fresh covid strains spreading from China.

The MPC minutes of its meeting on 5-7 December released after market closing showed the Reserve Bank of India governor voting against a pause in rate hikes on the ground of it being premature.

Underscoring investor fears was a rise in fear gauge India Vix by a whopping 12.93%, the most in six months, to 15.56. A rise in the Vix reflects uncertainty and increasing bearishness while a fall implies increased optimism.

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Steven Spielberg feared Covid was an 'extinction-level' event and was inspired to make The Fabelmans
Steven Spielberg shared that his fears over the Covid-19 pandemic inspired him to make his latest film, The Fabelmans, which is based on his life.'I was terrified this was an end-of-days, and epic-level event, I mean an extinction-level event, that was happening to the world,' the legendary movie director, 76 — who picked up a Best Director Golden Globe for the film last week — revealed in a new interview with the Daily Star.He said his fear made him decide which movie he truly needed to make, in case it would his last one: 'If I got the chance to make one more movie, it was going to be this story.'  Important to him: Steven Spielberg shared that his fears over the Covid-19 pandemic inspired him to make his latest film, The Fabelmans, which is based on his life; Pictured 2022The Jaws director said, 'By the time I had serious discussions about writing this, we'd lost 250,000 Americans to Covid.' The filmmaker explained that he told his family that if there was going to be 'one thing I was able to leave behind' it would be that movie. Spielberg added that like the rest of the world he was glued to watching different news outlets and following the trajectory of the pandemic. 'Terrified': 'I was terrified this was an end-of-days, and epic-level event, I mean an extinction-level event, that was happening to the world,' Spielberg, 76, said in an interview with Daily Star 'All the experts that were coming out and the denial from the White House that this wasn't so bad, it was just like a passing flu epidemic,' he remembered.'I really thought were were not heading in a good direction and this was not going to end well for many of us.
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