Mumbai witnessed major power cuts after 10 am on October 12, 2020 due to unprecedented failure and issues related to incoming supply to the main grid.
Mumbai Municipal Commissioner Iqbal Chahal said the power restoration will be done in phases throughout the day. As per experts, IT sector got disrupted due to their nature of work.
“Mumbai is the base of major IT/data centre companies, and their employees are working from home. Today’s power outage has not only impacted their Mumbai business but also affected their sub-centres/offices operating in other geographies. Normally companies keep 24 to 48 hours of power backup in offices, but this time the situation was different because most of the employees are working from home and they are using residential power and data,” said Vinit Bolinjkar, Head of Research, Ventura Securities.
Further, the stock exchanges - NSE and BSE - tweeted that despite power outage they are functioning normally. The S&P BSE Sensex reached a high of 40905.49 during the intraday, while NSE Nifty reached high of 12022.05. That said, the Sensex closed at 40593.8 by 84.31 points up, whereas on NSE, Nifty50 index ended at 11930.95 up by 16.75 points or 0.14 per cent.
“Sentiments in domestic markets were mixed for the day with NITI Aayog CEO Amitabh Kant’s statement that India's massive digital footprint is one of its biggest strengths for Artificial Intelligence (AI) development, and established platforms like Aadhaar and UPI. The concerns were heightened by severe large-scale grid power failure witnessed in India's financial capital, which lasted several hours. On sectoral front, Pharma, IT and FMCG were trading in green while all other sectors traded in red,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers.
(Inputs from Yagnesh Kansara)