Morning briefing: Sensex, Nifty recover after Monday’s plunge

GN Staff | August 25, 2015



The BSE Sensex on Tuesday gained more than 356 points to touch 26,098 in early trade. The broader 50-share NSE Nifty also gained close to 100 points at during the opening trade. All the sectoral indices on the BSE are trading in the green, with the Realty index being the top gainer, up 3.3%. The Metal and Consumer Durables indices jump 2.2% each, Bankex and Auto rise 1.8%, Healthcare 1.9%, Oil and Gas 1.6% and IT index 1%.

Govt to decide on reconvening of monsoon session today
The government is likely to take a view on Tuesday on reconvening Parliament's Monsoon Session, which was adjourned sine die on August 13 but not prorogued, to push through key reform measures like GST. Parliamentary Affairs Minister M Venkaiah Naidu is expected to throw some light on the government's plans on the issue when he addresses a press conference today. The stormy Monsoon Session of Parliament was a virtual washout, delaying legislations, including the crucial GST bill, which could not be passed because of continuous acrimony and disruptions.

Arvind Kejriwal likely to meet PM Modi today

Delhi chief minister Arvind Kejriwal has sought an appointment with prime minister Narendra Modi on Tuesday during which he is likely to discuss several issues including the relation between the centre and Delhi government with him.The CM is going to talk about tussle with lt governor Najeeb Jung and transfer and postings of bureaucrats. During the budget session of Delhi assembly, Kejriwal had said, he had sought an appointment to meet PM, but he did not get a chance.

Patels' show of strength set to bring Ahmedabad to halt

The Patel community is set for a show of strength with a mega-rally in Ahmedabad today over reservations under the OBC quota. Patel leaders  have also called for bandh on Tuesday. According to the convener of 'Patidar Anamat Andolan Samiti' Hardik Patel who is leading the agitation, a 'Maha-Kranti Rally' will be organised after a mass gathering at GMDC ground.

Three-member panel likely to submit report on FTII today

The three-member committee constituted by the Information and Broadcasting Ministry to look into issues pertaining to Film and Television Institute of India (FTII) is likely to submit its report on Tuesday. Sources said that members of the committee who had been given 48 hours to submit their report on the ground situation at FTII, especially pertaining to the assessment of 2008 batch of students, had on Monday met Minister of State for I&B Rajyavardhan Rathore and sought more time. The FTII campus has been witnessing students' protest ever since actor Gajendra Chauhan was named as the chairman of the institute by the I&B Ministry.

Asians abusing US birthright citizenship, says White House hopeful Jeb Bush
White House hopeful Jeb Bush on Monday accused Asians of abusing rules allowing infants born in the United States to be American citizens, amid a campaign row over immigration.  Pew Research Center said Asians made up the largest share of recent immigrants at 36 percent of the total, surpassing the 31 percent who were of Hispanic origin. Last March, US investigators raided dozens of Los Angeles locations suspected of offering "maternity tourism" services for pregnant Chinese women wanting to gain US citizenship for their children.

Global funds will flow to India once volatility settles: Raghuram Rajan
The Indian economy will be a magnet for global funds and transfer of wealth from the West to India is expected to resume once the volatility caused by China's currency devaluation settles down, according to Reserve Bank of India governor Raghuram Rajan. speaking at a banking summit organized by FICCI and Indian Banks Association in support with Boston Consulting  Group, the central bank chief said that India will emerge as a destination of choice once the volatility settles down.

US stocks end sharply lower, Dow Jones closes down 586 points
US stocks finished sharply lower on Monday, but far above the session's floor, following a bruising day in global financial markets sparked by mounting worries over the Chinese economy. The broad-based S&P 500 tumbled 77.68 points (3.94 per cent) to 1,893.21, pushing the index into "correction" territory, normally defined as a loss of 10 per cent or more. The Dow Jones Industrial Average dropped 588.47 (3.58 per cent) to 15,871.28, while the tech-rich Nasdaq Composite Index shed 179.79 (3.82 per cent) at 4,526.25.

Onion prices to rise further by 10%
Onion prices, which are already ruling at around Rs 80 per kg in most parts of the country, are likely to increase further by 10 per cent on tight supplies due to unseasonal rains affecting the crops. Onions imported from Pakistan are already in the market and the lot from Egypt would hit the market next week but this may not bring down the prices. The wholesale price of onion has risen to around Rs 60 per kg at Lasalgaon in Maharashtra while it is already selling at around Rs 80 per kg in retail markets.


Adani Enterprises to invest Rs 25,000 crore in Chhattisgarh
Adani Group has inked a pact with the Chhattisgarh government to invest over Rs 25,000 crore for setting up urea, power project and rice bran oil extraction plant in the state. The proposed coal to poly-generation (CTP) project of Adani Enterprises is being set up for the first time in India, based on coal to synthetic energy, Adani Group said. The second project comprises of setting up a rice bran solvent extraction plant and a physical refinery packing plant at Rajnandgaon district in Chhattisgarh.

Bengaluru civic election results: BJP takes a big lead over ruling Congress

BJP has taken a big lead over the ruling Congress in the Bruhat Bengaluru Mahanagara Palike (BBMP) polls. At 10:00 am Congress was leading in 26 seats, BJP in 57 seats, JDS in 9 and Others in 5 seats. BBMP has a total 198 seats. The BJP was in power at the BBMP during the previous term. Defeat for Congress can be seen as a huge setback for Karnataka's Congress chief minister Siddaramaiah.


 

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