Global cues, caution ahead of F&O expiry pull equity indices lower
Mumbai, Sep 27 : The key equity indices slipped into the red for the second consecutive session on Thursday as investors turned cautious ahead of the expiry of September futures and options (F&O) contracts.
Weak global cues also weighed on the Indian market, analysts said. Globally, the markets were subdued after the US Federal Reserve raised its key interest rate by 0.25 per cent for the third time in 2018 bringing it to the 2-2.25 per cent range.
Although the Indian indices had opened on a positive note, they could not hold on to the gains for long.
Sector-wise, almost all the sectors, led by finance, banking and capital goods, came under selling pressure on Thursday. However, TECK (technology, entertainment and media) and IT stocks gained.
Index-wise, the Nifty50 on the National Stock Exchange closed at 10,977.55 points, lower 76.25 points or 0.69 per cent from its previous close.
The BSE Sensex, which had opened at 36,691.93 points, closed at 36,324.17 points, down 218.10 points or 0.60 per cent from its previous close of 36,542.27 points.
It touched an intra-day high of 36,711.62 points and a low of 36,238.23 points.
Major Asian markets closed on a mixed note, while European indices like DAX and CAC 40 traded in the red, Deepak Jasani, Head of Retail Research at HDFC Securities said.
On the currency front, the Indian rupee closed at 72.59 per US dollar, two paise stronger from its previous close of 72.61 per greenback. Rupee appreciated marginally as the government on Wesnesday raised import duties on various items in order to narrow down the current account deficit and arrest the fall of Indian currency.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 552.44 crore and domestic institutional investors sold stocks worth Rs 186.69 crore.
The top Sensex gainers were: Tata Consultancy Services, up 2.16 per cent at Rs 2,187.80; Coal India, up 1.39 per cent at Rs 276.30; Power Grid, up 0.93 per cent at Rs 194.80; Infosys, up 0.88 per cent at Rs 724.15; and HDFC Bank, up 0.54 per cent at Rs 1,977.95 per share.
On the other hand, major Sensex losers were: Yes Bank, down 9.14 per cent at Rs 203.20; Tata Motors (DVR), down 3.69 per cent at Rs 118.75; Maruti Suzuki, down 3.68 per cent at Rs 7,556.05; Tata Motors, down 3.32 per cent at Rs 225.55; and Axis Bank, down 2.79 per cent at Rs 598.70 per share.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Another North Goa nightclub sealed; Kejriwal says corruption led to fire tragedy
Panaji (PTI): As part of a crackdown against tourist establishments violating laws and safety norms in the aftermath of the Arpora fire tragedy, Goa authorities on Saturday sealed a renowned club at Vagator and revoked the fire department NOC of another club.
Cafe CO2 Goa, located on a cliff overlooking the Arabian Sea at Vagator beach in North Goa, was sealed. The move came two days after Goya Club, also in Vagator, was shut down for alleged violations of rules.
Elsewhere, campaigning for local body polls, AAP leader Arvind Kejriwal said the fire incident at Birch by Romeo Lane nightclub at Arpora, which claimed 25 lives on December 6, happened because the BJP government in the state was corrupt.
An inspection of Cafe CO2 Goa by a state government-appointed team revealed that the establishment, with a seating capacity of 250, did not possess a no-objection certificate (NOC) of the Fire and Emergency Services Department. The club, which sits atop Ozrant Cliff, also did not have structural stability, the team found.
The Fire and Emergency Services on Saturday also revoked the NOC issued to Diaz Pool Club and Bar at Anjuna as the fire extinguishers installed in the establishment were found to be inadequate, said divisional fire officer Shripad Gawas.
A notice was issued to Nitin Wadhwa, the partner of the club, he said in the order.
Campaigning at Chimbel village near Panaji in support of his party's Zilla Panchayat election candidate, Aam Aadmi Party leader Kejriwal said the nightclub fire at Arpora happened because of the "corruption of the Pramod Sawant-led state government."
"Why this fire incident happened? I read in the newspapers that the nightclub had no occupancy certificate, no building licence, no excise licence, no construction licence or trade licence. The entire club was illegal but still it was going on," he said.
"How could it go on? Couldn't Pramod Sawant or anyone else see it? I was told that hafta (bribe) was being paid," the former Delhi chief minister said.
A person can not work without bribing officials in the coastal state, Kejriwal said, alleging that officers, MLAs and even ministers are accepting bribes.
