Modi in J&K: Internet suspended, schools closed
Srinagar, May 19: Prime Minister Narendra Modi arrived in Leh town of the Ladakh region on Saturday beginning his day-long visit to Jammu and Kashmir amid hightended security as authorities suspended internet services and shut down schools and colleges for the day.
Modi was received at the Leh Airport by Governor N.N. Vohra and Chief Minister Mehbooba Mufti.
As separatists called for protest march to Srinagar's city centre Lal Chowk against Modi's visit, the authorities suspended mobile internet services across the Kashmir Valley as a precautionary measure, police said.
Restrictions were also imposed in several areas in Srinagar. All schools and colleges were shut for the day.
Separatists leaders, including Syed Ali Geelani and Mirwaiz Umer Farooq have been placed under house arrest while Yasin Malik has been taken into preventive custody.
The Prime Minister has a hectic schedule that includes the unveiling of a plaque to mark the commencement of work on the Zojila Tunnel, India's longest road tunnel and Asia's longest bi-directional tunnel.
The state-of-the-art Zojila Tunnel would provide all weather connectivity between the Ladakh region, that remains cut off from the rest of the country during the winter months.
It will cut down the time taken to cross the Zojila pass from three-and-a-half hours to just 15 minutes, besides providing all-round economic and socio-cultural integration of the region. It also has immense strategic importance, an announcement said.
Modi would also attend the closing ceremony of the birth centenary celebration of Buddhist spiritual leader Kushok Bakula Rinpoche in Leh.
He will also dedicate the 330 MW Kishanganga hydropower project to the nation, at the Sher-i-Kashmir International Conference Centre (SKICC) in Srinagar during the day. Besides, laying the foundation stone of the four lane 41.2-km long Srinagar Ring Road.
In Jammu city, Modi will lay the foundation stone of the Pakul Dul Power Project and the four lane 58.2-kilometre-long Jammu Ring Road.
Ring Roads in Srinagar and Jammu are aimed at reducing traffic congestion and making road travel safer, faster, more convenient and more environment friendly.
Modi will also inaugurate the Tarakote Marg and Material Ropeway of the Shri Mata Vaishno Devi Shrine Board that will facilitate pilgrims visiting the shrine.
The Prime Minister will also attend the Convocation of the Sher-e-Kashmir University of Agricultural Sciences and Technology in Jammu.
After a busy day, Modi will fly back to New Delhi in the evening.
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Investors become poorer by Rs 12 lakh cr in three days of market fall
New Delhi, Jan 10: Investors' wealth tumbled Rs 12 lakh crore in three days of market slump due to uninterrupted foreign fund outflows and concerns over quarterly earnings.
Also, rising crude oil prices and a strengthening dollar index added to investors' pessimism.
In three days, the BSE benchmark Sensex tanked 820.2 points or 1.04 per cent.
On Friday, the 30-share BSE benchmark declined 241.30 points or 0.31 per cent to settle at 77,378.91. During the day, the benchmark gyrated 820.15 points between the day's high of 77,919.70 and low of 77,099.55.
The NSE Nifty dropped 95 points or 0.40 per cent to 23,431.50.
The market capitalisation of BSE-listed firms diminished by Rs 12,07,314.99 crore to Rs 4,29,67,835.05 crore (USD 5 trillion) in the three days.
From the 30-share blue-chip pack on Friday, IndusInd Bank, NTPC, UltraTech Cement, State Bank of India, Sun Pharma, Axis Bank, Tata Steel and Power Grid were among the major laggards.
Tata Consultancy Services jumped nearly 6 per cent after the IT services company reported an 11.95 per cent surge in the December quarter net profit to Rs 12,380 crore.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "Strong quarterly earnings from TCS drove the IT index up 3.4 per cent, helping the market withstand a sharp sell-off."
However, despite broad gains across IT stocks, the Nifty fell for the third consecutive session, Vakil added.
Tech Mahindra, HCL Tech, Infosys and Bajaj Finserv were the other big gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,170.87 crore on Thursday, according to exchange data.
"Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector's resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations.
"Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance," Vinod Nair, Head of Research at Geojit Financial Services, said.
The BSE smallcap gauge dropped 2.40 per cent and midcap index declined 2.13 per cent.
Among BSE sectoral indices, power tanked 3.07 per cent, utilities (2.86 per cent), realty (2.64 per cent), industrials (2.08 per cent), commodities (2.05 per cent) and consumer durables (1.98 per cent).
BSE Focused IT jumped 3.17 per cent, IT (2.65 per cent) and teck (2.24 per cent) were the biggest gainers.
As many as 3,167 stocks declined while 827 advanced and 84 remained unchanged on the BSE.
"Markets continued its downward trajectory as the rupee dropping to new lows against the strengthening dollar has further dampened investors' sentiment. Amid concerns of subdued economic growth and expectations of a slowdown in the quarterly earnings, investors cut their bet on banking and mid & small cap stocks.
"With expensive valuations of Indian markets at large still a concern, investors would mostly resort to stock-specific activities," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
