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Global indices, stock-specific buying lift Indian equities

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Sensex

Mumbai, Feb 12: Positive global indices, coupled with healthy buying in capital goods, auto, banking, healthcare and metal stocks, lifted the key Indian equity indices on Monday.

Market observers said investors awaited the retail and industrial inflation data due to be announced in the evening which is expected to give direction to the central bank’s next course of action on raising interest rates.

The wider Nifty50 of the National Stock Exchange held the 10,500-mark and closed higher by 84.80 points or 0.81 per cent at 10,539.75 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at 34,300.47 points — up 294.71 points or 0.87 per cent from its previous close.

The Sensex touched a high of 34,351.34 points and a low of 34,115.12 points during the intra-day trade.

The BSE market breadth was bullish as 2,050 stocks advanced as against 764 declines.

In terms of the broader markets, the S&P BSE mid-cap index edged higher by 1.31 per cent and the small-cap index by 1.60 per cent.

“Markets bounced back on Monday after the correction seen on last Friday. The gains came on the back of strong global cues,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Major Asian markets closed on a positive note, barring the Hang Seng index. European indices like FTSE 100, DAX and CAC 40 traded in the green,” he added.

Last week on Friday, the key equities had plunged into the negative territory amid a global sell-off, with the Sensex shedding 407.40 points or 1.18 per cent and the Nifty50 was down 121.90 points.

Vinod Nair, Head of Research, Geojit Financial Services, said: “On Monday, market reversed from previous day’s losses owing to positive global cues and expectation of marginal decline in January CPI (Consumer Price inflation) inflation today.”

“Mid and small-caps outperformed the benchmark indices as investors start accumulating the over sold stocks. The economy is forecast to improve in the long-term with strong earnings growth which is likely to provide a safety to the ongoing consolidation,” he added.

The Central Statistics Office (CSO) is slated to release the macro-economic data points of the CPI and IIP (Index of Industrial Production) on Monday evening.

On the currency front, the Indian rupee strengthened by nine paise to close at 64.31 against the US dollar from its previous close at 64.40.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 814.11 crore while domestic institutional investors bought stocks worth Rs 1,342.70 crore.

Sectorwise, the S&P BSE capital goods index surged by 317.88 points, followed by auto index by 266.55 points and banking index by 197.62 points.

On the other hand, the S&P BSE IT index edged lower by 52.47 points and the Teck (technology, media and entertainment) index by 22.59 points.

Major Sensex gainers on Monday were: Tata Steel, up 4.22 per cent at Rs 712.50; Yes Bank, up 2.89 per cent at Rs 334.95; Power Grid, up 2.51 per cent at Rs 198.05; IndusInd Bank, up 2.12 per cent at Rs 1,686.45; and Hero MotoCorp, up 1.94 per cent at Rs 3,615.

Major Sensex losers were: State Bank of India, down 2.67 per cent at Rs 288.50; Infosys, down 0.72 per cent at Rs 1,103.80; ITC, down 0.53 per cent at Rs 269.85; Mahindra and Mahindra, down 0.43 per cent at Rs 746.70; and ICICI Bank, down 0.23 per cent at Rs 326.

The Indian equity markets will remain closed on Tuesday (February 13) for Mahashivratri.

IANS

 

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Back series GDP calculation proved UPA years best: Chidambaram

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P Chidambaram
P. Chidambaram (File Photo)

New Delhi, Aug 18: Former Union Minister and senior Congress leader P. Chidambaram on Saturday challenged Prime Minister Narendra Modi’s government to match up with the UPA’s GDP rate in its fifth year and said that back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014.

Quoting figures of the recently released Ministry of Statistics’ data, Chidambaram said: “Truth has triumphed. The back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014.”

“The average growth rate under four governments since 1999 were– NDA I – 5.68 per cent, UPA I – 8.36 per cent UPA II – 7.68 per cent and NDA II – 7.35 per cent (four years),” Chidambaram tweeted.

“I wish the Modi government well in its fifth year. It can never catch up with UPA I, but I wish it catches up with UPA II,” he added.

Chidambaram said that the UPA governments delivered the best ever decadal growth and lifted 140 million people out of poverty and thanked the people for the opportunity to serve them for 10 years.

IANS

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SBI contributes Rs 2 cr for flood-hit Kerala

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SBI

Mumbai, Aug 18: The State Bank of India (SBI) has donated Rs 2 crore for the Kerala flood victims and initiated several other ground-level measures in the deluged state, an official said on Saturday.

The SBI has encouraged all its 270,000 staffers to contribute to the Chief Minister’s Distress Relief Fund (CMDRF), and the bank would contribute an equivalent amount.

It also announced a waiver of fees and charges on services like loans for flood relief, duplicate passbooks, ATM cards, cheque books and EMI delays, besides making attempts to restore the working of branches and ATMs in the flood affected regions of the state.

Besides, the SBI has decided to waive all charges on remittance to the CMDRF, penalty on non-maintenance of minimum account balance from proceeds of relief fund provided by the government and agencies and if already recovered, such charges would be refunded for customers in the state.

The bank has extended Xpress Credit to existing customers with relaxed norms for a month, deployed cash at PoS (Point of Sale) to enable people avail Rs 2,000 to meet daily cash requirements across the state.

Persons who have lost or displaced personal documents can open small accounts with only photos and signature or thumb impressions and all employees of SBI deployed to address requirements of the customers and ensure best possible service.

At least  324 persons have lost their lives, thousands displaced or stranded as incessant rains pounded Kerala since the past 10 days, causing havoc in 12 districts.

With IANS Inputs

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Army, Navy rescue marooned people in Karnataka’s flood-hit district

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Srirangapatna flood

Bengaluru, Aug 17 (IANS) Indian Army troops and Navy divers joined the national and state disaster relief forces to rescue hundreds of people marooned in Karnataka’s flood-hit Kodagu district, said an official statement on Friday.

“About 60 Dogra Regiment soldiers and 12 expert naval divers rescued 873 marooned people in the flood-hit district, where overnight heavy rains caused landslides and inundated low-lying areas at Makkanduru,” said the statement from the Chief Minister’s office here.

Kodagu, about 250 km from Bengaluru, is one of the districts in the southern state worst hit by the south-west monsoon rains since June first week.

The Army’s engineering task force deployed 73 boats, equipment and rafts in rescuing the people and escorting them to safer places in the district.

About 60 members of the national and state disaster relief forces and 45 members of the civil defence joined the rescue and relief operations with boats and equipment in Madikeri in the hilly district.

“Though the Indian Air Force (IAF) aborted rescue mission due to inclement weather, it will fly M17 chopper from Mysuru on Saturday to rescue the remaining stranded and transport relief supplies,” noted the statement.

About 200 personnel of the state fire service had rescued people in flood-hit towns and villages across the district with their boats and equipment.

“Telecom services, disrupted due to rains and strong winds uprooting poles and snapping phone lines, are being restored on priority. HAM operators have been deployed as back-up. Power lines are also being restored,” said the statement.

The district administration has housed 573 persons in 17 relief camps.

Intra and inter-state bus and train services between Karnataka and flood-hit Kerala were suspended due to landslides and rain water submerging the highways and roads in the ghat section.

State-run and private bus services from Mysuru and Chamarajanagar to Ooty and Coonoor hill stations in Tamil Nadu were suspended due to flooding and fallen trees blocking the routes in the ghat section.

According to the weather office, rain fury continued in the state’s coastal districts of Dakshina Kannada, Udupi and Uttara Kannada, disrupting normal life, including vehicular movement of goods and people.

Incessant rains lashed the Malnad region, flooding several areas in Shivamogga, Hassan and Chikkamagaluru districts.

Schools and colleges will remain shut even on Saturday in the affected districts due to flooding and disruption of bus services.

The state’s metrological department has warned of moderate to heavy rain in coastal, south interior and north interior areas of the state till Sunday.

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