Mumbai braces for more rain after deluge
MUMBAI: India’s weather office forecast “heavy to very heavy” rainfall for parts of Mumbai a day after the nation’s commercial capital suffered the worst downpour since 2005.
The city’s Santacruz weather centre recorded 33.1 centimetres of rain in 24 hours that ended at 8:30am yesterday, the most since 94.4cm of precipitation recorded 12 years ago. Authorities asked residents to stay at home even as suburban train services, which carry 8 million passengers daily, resumed services. Jet Airways India cancelled 12 flights from Mumbai citing weather conditions, while the Mumbai airport said it was functioning normally.
“Trading volumes will remain weak as most market participants couldn’t turn up at their offices,” said Nilesh Dedhia, director at NTD Trading. “Most offices remain thinly attended as employees stay far from their offices.”
Trading volumes on the National Stock Exchange’s NSE 50 Nifty Index were 27% below the 30-day average as of 11:13am local time.
Residents in the city, home to the nation’s central bank, stock exchanges and the Indian headquarters of Novartis AG and Citigroup Inc, walked home, hitched rides on trucks or spend the night in their offices as the deluge evoked memories of the flooding in 2005 caused by a cloudburst that dumped almost a metre of rain on a single day, killing 570 people, grounding flights and cutting off rail and road links.
“Activity in the bond market is low, there are few quotes, fewer deals in corporate bonds,” said Sandeep Bagla, associate director at Trust Capital Services in Mumbai. “Few dealers are on desk, with the intention of deploying overnight cash as banking has been kept open.”
“Stay indoors as far as possible,” Mumbai police said in a Twitter post. “Move out only if it is very important. Due to waterlogged roads, traffic not moving and slow at most places.”
Rain was 4% below normal across the country since June 1, according to the India Meteorological Department.