Sensex, Nifty rebound after days of downtrend
Mumbai, Nov 19: Equity benchmark indices Sensex and Nifty bounced back on Tuesday after days of downtrend on value-buying at lower levels and rally in blue-chip stocks HDFC Bank, Tech Mahindra and M&M.
Continuous buying by domestic institutional investors also supported the indices, traders said.
Snapping its four days of decline, the BSE benchmark Sensex climbed 239.37 points or 0.31 per cent to settle at 77,578.38. However, fag-end decline in Reliance Industries restricted the market rally. During the day, it zoomed 1,112.64 points or 1.43 per cent to 78,451.65.
The NSE Nifty also bounced back after falling in the past seven trading days. It went up by 64.70 points or 0.28 per cent to settle at 23,518.50.
From the 30-share Sensex pack, Mahindra & Mahindra, Tech Mahindra, HDFC Bank, Titan, Tata Motors, UltraTech Cement, Power Grid and Infosys were the biggest gainers.
In contrast, Reliance Industries, State Bank of India, Bajaj Finserv, Maruti, Tata Steel and Bharti Airtel were among the laggards.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,403.40 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 2,330.56 crore, according to exchange data.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled higher.
European markets were trading lower. The US markets ended mostly higher on Monday.
Global oil benchmark Brent crude dipped 0.25 per cent to USD 73.12 a barrel.
The 30-share BSE benchmark dropped 241.30 points or 0.31 per cent to settle at 77,339.01, registering its fourth day of decline on Monday. Falling for the seventh day in a row, the Nifty dipped 78.90 points or 0.34 per cent to 23,453.80.
Leading stock exchanges BSE and NSE have declared a trading holiday on November 20 for assembly elections in Maharashtra.
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Unreserved vacancies for candidates with disabilities open for all categories: SC
New Delhi (PTI): The Supreme Court on Tuesday said "unreserved" vacancies for Persons with Disabilities (PWD) are an open pool where merit remains the decisive factor and that eligible candidates belonging to any social or special category can be employed.
A bench of Justices Sanjay Karol and N Kotiswar Singh set aside a judgement of the Calcutta High Court, saying the "unreserved" category is not a separate "social category" but an open field for all.
It held that a more meritorious PWD candidate belonging to a reserved category like OBC, SC, or ST cannot be barred from an unreserved PWD post simply because a candidate from the "General" category is also available.
"In reservation law, it is well settled that the Unreserved/Open category does not refer to any social/communal category like SCs, STs or OBC. In other words, any post falling under the Unreserved or Open category does not pertain to any particular social category, it provides an open field or pool meant for the world at large, in the sense that it is open to all candidates, irrespective of whether one belongs to any social or special category or not," Justice Singh, who authored the verdict, said.
The court said if an unreserved or open post is meant for the special category of Persons with Disabilities, it means that the said post will be open to all candidates of all vertical social categories, whether Scheduled Castes (SCs), Scheduled Tribes (STs) or Other Backward Classes (OBC), provided such candidates are also PWD.
"Thus, all candidates, whether SC, ST or OBC, but who are Persons with Disabilities, are equally entitled to compete for the post meant for Persons with Disabilities falling under the Unreserved category, the rationale being that all those who are similarly situated must be treated equally," it said.
The case arose from a recruitment drive of the West Bengal State Electricity Transmission Company Limited (WBSETCL) for the post of Junior Engineer (Civil) Grade-II.
The notification included one post specifically earmarked for Unreserved (Persons with Disabilities -- Low Vision).
The controversy involved two candidates, an unreserved category candidate with low vision who scored 55.667 marks and an OBC candidate, also with low vision, who scored 66.667 marks.
The WBSETCL appointed the OBC candidate to the post based on his higher merit.
This was challenged by the general category candidate who said since he was a "qualified unreserved candidate", the vacancy should have gone to him and that reserved category candidates should only be considered if no unreserved PWD candidate is available.
While a single-judge bench of the high court dismissed the plea, a division bench reversed that decision, directing the employer to appoint the less-meritorious unreserved candidate.
The WBSETCL had then appealed to the Supreme Court.
