Yeddyurappa's resignation victory of democracy: Mamata Banerjee
New Delhi, May 19 : West Bengal Chief Minister Mamata Banerjee on Saturday congratulated former Prime Minister and JD-S Chief H.D. Deve Gowda, party leader H.D. Kumaraswamy and the Congress after B.S. Yeddyurappa announced his resignation as the Karnataka Chief Minister before facing a crucial trust vote in the state Assembly, and called it a "victory of democracy".
"Democracy wins. Congratulations Karnataka. Congratulations Deve Gowdaji, Kumaraswamyji, Congress and others. Victory of the 'regional' front," Mamata tweeted.
Mamata's remarks came just after Yeddyurappa announced his resignation in the Karnataka Assembly in an emotional speech, saying "the BJP didn't get the numbers needed to prove majority in the House".
The resignation comes two days after Yeddyurappa took oath as the 15th Chief Minister of the state.
The May 12 election across the state in 222 constituencies of the 225-member assembly, including one nominated, threw up a hung House, with no party securing majority. Polls in two constituencies were deferred.
Of the 222 seats, the BJP won 104, the Congress 78, the Janata Dal-Secular, 37 and one each was bagged by the Bahujan Samaj Party, the Karnataka Pragnyavantha Janatha Party and an Independent.
As JD-S leader H.D. Kumaraswamy won from both Channapatna and Ramanagara segments, the party's effective strength in the House was 36.
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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.
