Sensex gripped by US rate hike fears, slips into red zone

Mumbai, Oct 21 (PTI) Market showed some signs of restraint as the Sensex ended up in the red today after RIL earnings failed to move investors and on heightened prospects of a US rate hike amid mixed Asian cues.

However, for the week, the Sensex and the Nifty recorded gains by rising 403.58 points, or 1.45 per cent, and 109.65 points, or 1.27 per cent, respectively.

Foreign investors held themselves back due to the surge in US dollar index led by increasing certainty of higher US borrowing costs.

"FIIs were not active in the market due to the surge in US dollar index led by increasing certainty of Fed rate hike. As expected, ECB maintained status quo and ruled out possibility of sudden end in QE which provided breather to the market," said Vinod Nair, Head of Research, Geojit BNP Paribas Fin Services.

The 30-share index stayed in the negative zone for the most part. But some fag-end value buying meant it recovered a bit before closing at 28,077.18, down 52.66 points, or 0.19 per cent.

The broader Nifty also succumbed to the pressure before recovering to close lower by 6.35 points, or 0.07 per cent at 8,693.05.

A mixed trend prevailed in rest of Asia following an earthquake in western Japan, which weighed on equities. Hong Kong markets were shut due to a typhoon.

In contrast, broader markets were in a better shape, with the mid-cap and small-cap indices closing higher by 0.31 per cent and 0.10 per cent, respectively.

Brokers said selling by funds as well as retailers gathered momentum after Reliance Industries yesterday reported a 23 per cent drop in its second quarter consolidated net profit, which had a bearing on stock movement.

RIL shares fell 2.21 per cent to Rs 1,064.40 after the consolidated net profit in July-September came in at Rs 7,206 crore, 22.9 per cent lower than Rs 9,345 crore in the same period a year ago.

Shares of cement maker ACC plunged 3.10 per cent to Rs 1,562.05 after the company said its consolidated net profit fell 29 per cent to Rs 81.97 crore for the September quarter.

Sectorwise, the BSE consumer durables index fell by 1.70 per cent and metal index shed 0.62 per cent. Realty gained the most by surging 0.86 per cent followed by IT 0.69 per cent.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 7.30 crore yesterday, as per provisional data released by the stock exchanges.

Globally, a mixed trend emerged in other Asian bourses, helping key indices on the domestic bourses trim their losses, the brokers added.

Japan's Nikkei came off six-month highs by falling 0.30 per cent after the quake while Shanghai Composite rose 0.21 per cent.

In Europe, most indices rose in their early deals after the European Central Bank quashed talks regarding its future monetary policy. Key indices in France, Germany and London rose between 0.04 per cent and 0.12 per cent. .

Gavaskar to receive Lifetime Achievement Award from SJAM

Mumbai, Oct 21 (PTI) As a part of its golden jubilee celebrations, the Sports Journalists' Association of Mumbai (SJAM) will present cricket legend Sunil Manohar Gavaskar with the Lifetime Achievement award here on December 11 at the Cricket Club of India.

The award will be presented to the former India captain on the fourth day of the fourth Test match between India and England at the Wankhede Stadium, said a media release from SJAM.

The SJAM's first Lifetime Achievement award was presented to badminton legend Nandu Natekar in September 2013.

Gavaskar has completed a memorable 50-year connect with the Indian cricket. He made his first class debut representing Vazir Sultan XI against Dungarpur XI in the quarter-final of the Moin-Ud-Dowlah Gold Cup in October 1966.

He made his debut for Bombay in the Ranji Trophy semi-final against Mysore at the Brabourne Stadium in March 1970.

After recording a phenomenal aggregate of 774 runs in his debut Test series on the 1970-71 tour of the West Indies in 1971, Gavaskar became the first batsman in annals of Test cricket to cross the 10,000 run mark.

He was a part of the Indian team led by Kapil Dev that won the third Prudential World Cup in 1983. He was the captain of the team that won the Benson and Hedges World Championship tournament in Australia in 1985.

Gavaskar played 125 Test matches and scored 10,122 runs with 34 centuries. He also represented India in 108 ODIs tallying over 3,000 runs.

After his retirement from international cricket in 1987, Gavaskar occupied a number of posts such as Chairman of the BCCI's Technical Committee and ICC Cricket Committee. He has been an ICC Match Referee, Chairman of the Mumbai Cricket Association's Cricket Improvement Committee (CIC), batting coach of the Indian team.

He has also stepped in as coach when Ajit Wadekar fell ill in a tournament in Sharjah.

In 2014, the Supreme Court nominated him President BCCI for the IPL tournament held in the UAE and in India.

BSF kills 7 Pak Rangers, one terrorist on Jammu border

Jammu, Oct 21 (PTI) BSF today said it had killed 7 personnel of Pakistani Rangers and a terrorist while retaliating to a ceasefire violation on the International Border in Kathua district of Jammu and Kashmir in which one BSF jawan was injured.

Pakistan Rangers, the border force of Pakistan, resorted to sniper attacks at Indian posts at Hira Nagar in Kathua at around 9.35 AM, BSF said.

The Indian border guarding force launched an aggressive offensive against the Pakistani firing, BSF said in a release, adding seven Rangers and a terrorist were shot dead in the retaliatory firing.

Seeking to suggest that the killings had been corroborated by Pakistani media, the BSF said "source input" claimed that a media organisation in that country was running a news item about death of 5 Rangers.

The strong response by the BSF came after one of Constables Gurnam Singh was injured in a sniper fire attack by Pakistani Rangers this morning in the same area.

Singh, whose condition is considered to be critical, was evacuated with the cover fire to Government Medical College, Jammu.

This firing from Pakistan was effectively retaliated and that has claimed the casualties of Pakistani forces, the release said. .

Rita Bahuguna joins BJP, slams Rahul for barb at Modi

New Delhi, Oct 20 (PTI) In a jolt to Congress in poll- bound Uttar Pradesh, senior party leader Rita Bahuguna Joshi today joined BJP and attacked Rahul Gandhi over the way he was running the party and his reaction to the army's surgical strikes.

67-year-old Joshi, daughter of late Congress veteran Hemvati Nandan Bahuguna, over whom there has been speculation of deserting Congress, joined BJP in the presence of party president Amit Shah at the party headquaters here.

A former UPCC president who resigned as a Congress MLA today, said there is no alternative to Prime Minister Narendra Modi and BJP.

Joshi, who was said to be unhappy with the Congress leadership over projection of Sheila Dikshit as its chief ministerial face in Uttar Pradesh, rued the present state of affairs in the party, alleging that it is in such a bad shape that it has contracted out its working to strategist Prashant Kishore.

Slamming Rahul for his 'dalali' barb at Modi over the surgical strikes, Joshi said she has been disheartened by the events which happened in the last few days.

"India is fighting terrorism and the Modi government has given the army a free hand. Besides valour of the army, the government's strong leadership was also behind the surgical strikes.

"Along with the nation, I too was happy. The whole world accepted India's arguments behind the strikes. Congress, however, behaved like a small party and went on to question it. The whole nation was upset with a phrase like 'khoon like dalali'," she said attacking Gandhi.

His remarks gave Pakistan an opportunity to question surgical strikes, she said, adding that political differences over national interest were not good.

Noting that she had spent 24 years out of 27 years of her political career in Congress and only 10 months in Samajwadi Party, she said, "The decision to quit Congress was not easy.

However, I took it in the interest of the nation and the state (UP)." 

Her joining BJP is expected to give a boost to the party's efforts to consolidate Brahmin voters as it looks to capture power in the state following a gap of over 15 years.

The assembly polls in UP are due early next year. Ruling Samajwadi Parry and BSP have been in the power by turn all this while.

No hidden agenda behind triple talaq opposition: Law Minister

New Delhi, Oct 20 (PTI) Government has no "hidden agenda" of imposing uniform civil code or behind the opposition to the triple talaq among Muslims, says Law Minister Ravi Shankar Prasad rejecting allegations by religious bodies and opposition parties as completely baseless.

He also asserts that while India respects freedom of religion and faith, "unreasonable or discriminatory" practices cannot be held integral to it and protected.

"This whole apprehension that we are bringing uniform civil code or it is an agenda is completely baseless. The two need not be linked at all. The Law Commission is examining it and let there be a widest consultation possible by all the stakeholders," Prasad told PTI in an interview.

He said the people opposing the common civil code should tell so to the law panel which has sought public opinion on the subject.

"Say your opposition also. But the government presently has nothing to say. Let the Law Commission take a view. The entire argument of any hidden agenda is something which I deny with all the authority at my command," he said.

Prasad cited the practice of "untouchability" to assert that religious practices need to be in accord with constitutional values and emphasised that "gender justice, gender equality and gender dignity" were at the core of the Narendra Modi government's priority.

"... we respect freedom of religion and freedom of faith which are protected by the fundamental rights. But every unreasonable or discriminatory practice cannot be held integral to faith....

"For instance, can anyone claim that untouchability against Dalits flows from my faith and I can practice it.

Therefore, religious practices also need to be in accord with the constitutional values," he said.

The government had on October 7 opposed in the Supreme Court the practice of triple talaq among Muslims, maintaining that it cannot be regarded as an essential part of religion.

Responding to questions on the issue of triple talaq, the senior BJP leader said a set of women cannot lose their rights for being from a particular religion.

"Can in a secular country like India a big chunk of women be forced to live in a state of vulnerability only on the ground that they belong to a particular religion?" he questioned.

Noting that gender equality stands embedded right from the day the Constitution came into existence, the minister said development and empowerment of women were also among government's priorities. .

India, Myanmar to enhance security, trade ties

New Delhi, Oct 19 (PTI) As Myanmar embarks on a journey of democracy and development, India today assured it of unstinted support as the two traditionally close neighbours agreed to enhance ties in a range of areas including security and trade during talks between Prime Minister Narendra Modi and Myanmar's top leader Aung San Suu Kyi.

The two sides signed three agreements to boost cooperation in power, banking and insurance sectors besides deciding to step up ties in areas of oil and gas, agriculture, renewable energy and health care.

It is Suu Kyi's first visit to India after her National League for Democracy wrested power from the military junta in a landmark election earlier this year. Suu Kyi, who could not become Myanmar's President due to a constitutional provision but has full control over the government, holds the position of State Councillor and Foreign Minister.

Welcoming Suu Kyi, the Prime Minister described India as her second home and assured that "India and its friendship will stand with you in full support and solidarity."

"You are no stranger to the people of India. The sights, the sounds and vibrancy of Delhi are familiar to you. Welcome back, Excellency, to your second home!

"Excellency, you are an iconic leader," he said in a media statement. Suu Kyi had done her graduation from Delhi University.

In her comments, the Myanmerase leader invoked Mahatma Gandhi and Jawaharlal Nehru and said Myanmar drew huge inspiration from the two Indian leaders in its struggle for democracy.

The Prime Minister said as close and friendly neighbours, the security interests of India and Myanmar are closely aligned.

The two countries agreed that close coordination to ensure security in the areas along border, and sensitivity to each other's strategic interests, will help both neighbours, he said.

Myanmar, considered one of India's strategic neighbours, shares a 1,640-km-long border with a number of northeastern states including militancy-hit Nagaland and Manipur.

Giving details of the talks, Modi said the two countries agreed to enhance engagement in several areas including agriculture, power, renewable energy and power sector.

"Let me assure you, Excellency, that as you lead Myanmar to become a modern, secure, economically prosperous and better connected nation, India and its friendship will stand with you in full support and solidarity," Modi said.

Effusive in his praise, Modi said, "Your clear vision, mature leadership, struggle and eventual success in establishing democracy in Myanmar has inspired people across the world.

"It is indeed an honour for us to receive you in India.

We are also grateful for your participation at the BIMSTEC and the BRICS-BIMSTEC outreach Summit in Goa a couple of days ago." .

Sensex rises 521 pts to pull off biggest gain in 5 mnth

Mumbai, Oct 18 (PTI) Market went all guns blazing after the benchmark Sensex on Tuesday leaped 521 points -- its biggest single-day gain in nearly five months -- to 28,051 and the Nifty crossed the 8,600-mark on a flurry of buying amid solid overseas cues.

Investors were markedly optimistic in anticipation of positive announcements on the GST front as the GST Council meeting got under way to decide on rates and slabs of the indirect tax, due to be rolled out from April 1 next year.

They also stepped on the pedal to cover short positions, which led to the upmove.

Besides, there are expectations that inflation will stay in the RBI comfort zone, which will usher in lower borrowing costs. The rupee recovering against the dollar too had a positive impact.

Global indices trended up after an unexpected fall in US manufacturing index tempered hopes of an interest rate hike by the Federal Reserve, brokers said.

The 30-share BSE Sensex resumed higher and quickly crossed the 28,000-mark to hit a high of 28,064.39 before settling at 28,050.88, a significant gain of 520.91, or 1.89 per cent. This was the biggest single-day gain since May 25 when it had gained 575.70 points.

The gauge had lost 143.63 points, spooked by tepid start to second quarterly earnings and a lacklustre global trend.

The NSE Nifty retook the 8,600-mark to touch a high of 8,659.80 and finally settled up 157.50 points, or 1.85 per cent, at 8,677.90.

In the process, both the Sensex and the Nifty recorded their biggest single-day gain in nearly five months.

Banking hogged all the limelight, with private lender ICICI Bank zooming 4.58 per cent. Axis Bank rose 2.59 per cent, HDFC Bank 1.58 per cent while SBI gained 1.50 per cent.

The second-line stocks too witnessed heavy buying, lifting the mid-cap index by 1.89 per cent and small-cap by 1.30 per cent.

Among sectoral indices, the banking index topped the chart by climbing 2.37 per cent followed by capital goods 2.07 per cent, IT 1.84 per cent, metal 1.82 per cent and technology 1.68 per cent.

Out of the 30-share Sensex pack, 28 scrips ended with gains while ONGC and Asian Paint registered losses.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 456.64 crore on yesterday, showed provisional data.

Elsewhere, other Asian markets also ended higher with Japan's Nikkei up 0.38 per cent, Hong Kong's Hang Seng 1.55 per cent and Shanghai Composite 1.40 per cent.

European markets also opened on a positive note, tracking gains in Asian trading amid a slide in the US dollar ahead of US inflation data. London's FTSE, Paris CAC 40 and Frankfurt's DAX 30 all gained up to 1.21 per cent in their early deals.

Mandatory Standards for products and services in health, food sector on anvil

The Union Minister for Consumer Affairs, Food and Public Distribution, Shri Ram Vilas Paswan addressing the Regional Editors’ Conference, in Chandigarh on October 18, 2016. The Director General (M&C), Press Information Bureau, Shri A.P. Frank Noronha and other dignitaries are also seen.

Rs. 2/kg wheat and Rs. 3/kg rice will soon be available to all beneficiaries under Food Security Act 

The Government has taken number of initiatives for the protection of the interests of consumers. Very soon services and products in the area of health, food etc. shall have to follow mandatory quality standards. Precious metal like Gold and silvers shall have to wear hallmarking for the larger interests of consumers. New Bureau of Indian Standards Act has been enacted for this purpose and rules are being framed. This was announced by Shri Ram Vilas Paswan, Minister of Consumer Affair, Food & Public Distribution while addressing Regional Editors’ Conference in Chandigarh today. Sh. Ram Vilas Paswan said his ministry is also working on new Consumer Protection Act which will have more teeth to protect the interests of consumers. An authority has been proposed under the Act to take suo motto action if product and services are not up to the standard. The Minister said charging over MRP is unfair trade practice and expressed hope that the new Consumer Protection Act will effectively check that.

Regarding misleading advertisements, Sh. Ram Vilas Paswan said effective provisions have been proposed in the new Consumer Protection Act. The Act will enable people to file complains in Consumers Courts online from any place in the country and it will ensure time bound admission of their complaints in the courts.

Highlighting reforms initiated in Public Distribution System, Sh. Ram Vilas Paswan said that so far 100 percent digitization of ration card has been completed and about 70 percent cards have been linked with Aadhar Cards to make the system more transparent and leak proof. The Union Minister said that at present more than 81 crore people are getting subsidized food grains i.e .Rs. 2/kg wheat and 3/kg rice under National Food Security Act and very soon beneficiaries from across the nation except Tamil Nadu will get food grains as Kerala has also agreed to implement the Act next month.

Referring efforts being made by Government to check prices of essential commodities, especially pulses, Sh. Ram Vilas Paswan said that incentives given to farmers will increase the availability of the produce soon. He said that besides increasing MSP for the pulses, the Government agencies are making direct procurement of pulses from the farmers at market price for the buffer stocks of 20 lakh MT. The states are being provided pulses at subsidies rates from this stock, said the Minister.

Sh. Ram Vilas Paswan asserted that consumer awareness is of paramount importance for safeguarding their interests, and appealed media to play an active role in this regard.

Sensex fails to keep early lead, slumps to 3-month low

Mumbai, Oct 17 (PTI) Stocks saw a positive start on Monday, only to reverse the trend later as the Sensex fell about 144 points to end at an over 3-month low, unnerved by muted start to second quarterly earnings and a lacklustre global trend.

The numbers from both TCS and Infosys fell short of the crease as investors did not seem impressed.

What clouded sentiment further was US Fed chief Janet Yellen's commentary on the US economy, indicating the need for aggressive steps to reboot it. The effect was immediate as indices globally started turning weak.

Shares of state-run oil retailers such as Bharat Petroleum, Indian Oil and Hindustan Petroleum fell after rising over 1 per cent each in early deals due to a hike in petrol and diesel prices.

Investors are betting on a hike in interest rates by the US Fed before the end of this year, brokers said, adding that profit-booking only hastened the fall.

The BSE index ended lower by 143.63 points, or 0.52 per cent, at 27,529.97, its lowest close since July 8. The gauge had edged up 30 points in the last session on Friday.

"Nervous global markets following Fed chair's comments last Friday, and sustained selling by FIIs seen all through last week look to have pricked sentiment, sparking long liquidation," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.

Barring banking, all sectors ended lower with auto, capital goods and realty closing down by up to 2.12 per cent.

The NSE Nifty closed lower by 63 points, or 0.73 per cent, at 8,520.40. Intra-day, it shuttled between 8,615.40 and 8,506.15.

As many as 24 stocks in the Sensex group fell and only six rose.

M&M was battered the most as it plunged by 3.22 per cent, followed by Hero MotoCorp (2.24 per cent), Asian Paints (2.07 per cent), HDFC Bank (1.87 per cent), Bajaj auto (1.80 per cent), L&T (1.71 per cent) and RIL (1.67 per cent).

Banking shaped up well as concerns about bad loans eased after Russian Rosneft-led group took over private oil firm Essar Oil in an all-cash deal valued at about USD 13 billion.

ICICI Bank surged the most since March, climbing 6.91 per cent. SBI too ended higher by 0.48 per cent.

BSE auto suffered the most by falling 2.12 per cent followed by capital goods (1.47 per cent), realty (1.19 per cent) and metal (1.19 per cent).

Broader markets put up a similar show, with the mid-cap index falling 0.95 per cent and small-cap dropping 0.52 per cent.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 946.42 crore on Friday, showed provisional data.

Regional markets were mostly lower with China's Shanghai Composite falling 0.47 per cent and Hong Kong's Hang Seng 0.82 per cent. Japan's Nikkei rose 0.26 per cent.

Europe was in the grip of weakness as investors remained cautious ahead of earnings amid speculation about ECB policy as concern resurfaced about the health of the global economy.

London's FTSE declined 0.78 per cent, Paris CAC 30 0.55 per cent and Frankfurt's DAX 0.54 per cent in their early session. .

PM says Pak is 'mothership' of terror, wants collective action

Benaulim, Oct 16 (PTI) Dubbing Pakistan as "mothership" of global terrorism, Prime Minister Narendra Modi today pressed for "comprehensive" and "collective" action against the menace and its supporters, warning that any selective approach will be "counter-productive".

At the BRICS Summit here attended by Russian President Vladimir Putin, Chinese President Xi Jinping and leaders of other member countries, Modi lambasted Pakistan without naming it, saying it not only shelters terrorists but also "nurtures a mindset" that "loudly proclaims that terrorism is justified for political gains".

He also appeared to be sending out a message to the Chinese President whose country has blocked designation of Pak-based terror group JeM chief Masood Azhar as a global terrorist by the UN as he said that those supporting terrorism have to be "punished, not rewarded".

Asking the BRICS nations, which also include Brazil and South Africa, to act together against the threat posed by terrorism, Modi said response to terrorism must be nothing less than comprehensive and that countries must act both "individually and collectively".

"In our own region, terrorism poses a grave threat to peace, security and development. Tragically its mothership is a country in India's neighbourhood. Terror modules around the world are linked to this mothership. This country shelters not just terrorists. It nurtures a mindset. A mindset that loudly proclaims that terrorism is justified for political gains.

"It is a mindset that we strongly condemn. And, against which we as BRICS need to stand and act together. BRICS must speak in one voice against this threat," he said at the Summit also attended by Brazilian President Michel Temer and South African President Jacob Zuma.

Underlining that "Criminality should be the only basis for punitive action against the individuals and organizations responsible for carrying out terrorist acts", the Prime Minister said "Terrorist funding, their weapons supply, training and political support must be systematically cut off." 

He also called for early adoption of the draft Comprehensive Convention on International Terrorism saying doing so will be an expression of "our resolve" to fight the menace. .