Volcano erupts on Atlantic island; lava destroys some homes
Los Llanos de Aridane (Spain), Sep 20: A volcano on Spain's Atlantic Ocean island of La Palma erupted Sunday after a weeklong buildup of seismic activity, prompting authorities to speed up evacuations for 1,000 people as lava flows crept toward isolated mountain homes.
The Canary Islands Volcanology Institute reported the eruption near the southern end of the island, which saw its last eruption in 1971. Huge red plumes topped with black-and-white smoke shot out along the Cumbre Vieja volcanic ridge, which scientists had been closely watching following the accumulation of molten lava below the surface and days of small earthquakes.
La Palma, with a population of 85,000, is one of eight islands in Spain's Canary Islands archipelago off Africa's western coast. At their nearest point, they are 100 kilometres (60 miles) from Morocco.
A 4.2-magnitude quake was recorded before the volcanic eruption, which took place in an area known as Cabeza de Vaca on the western slope as the ridge descends to the coast. Tinges of red could be seen at the bottom of the black jets that shot rocks into the air.
One black lava flow with a burning tip was sliding toward houses in the village of El Paso. Mayor Sergio Rodr guez said 300 people in immediate danger had been evacuated and sent to the El Paso soccer field. Roads were closed due to the explosion and authorities urged the curious not to approach the area.
Mariano Hernandez, president of La Palma island, said there were no immediate reports of deaths or injuries but that the lava flows made him concerned about the populated areas on the coast. He said there were five eruption points, of which two were spewing magma.
People should not come near the eruption site where the lava is flowing, Hernandez said. We are having serious problems with the evacuation because the roads are jammed with people who are trying to get close enough to see it.
Itahiza Dominguez, head of seismology of Spain's National Geology Institute, told Canary Islands Television that although it was too early to tell how long this eruption would last, prior eruptions on the Canary Islands lasted weeks or even months .
The last eruption on La Palma 50 years ago lasted just over three weeks. The last eruption on all the Canary Islands occurred underwater off the coast of El Hierro island in 2011. It lasted five months.
The first hours of the eruption led volcanologist Vicente Soler of Spain's Higher Council to believe that it was not terribly violent.
"(But) the material appears to be very fluid, the lava flows will reach the sea sooner or later, Soler told Canary Islands Television.
Spanish Prime Minister Pedro S nchez cancelled his trip to New York to attend the UN General Assembly so he could travel from Spain's mainland to the Canary Islands.
After days of what scientists call an earthquake swarm, authorities on La Palma on Sunday started to evacuate residents with reduced mobility to a military outpost shortly before ground broke open. Residents of five nearby villages were already on alert to leave their homes in case of an eruption.
The Scientific Committee of the Volcano Risk Prevention Plan said stronger earthquakes are likely to be felt and may cause damage to buildings. It also said part of the island's southwest coast was at risk for landslides and rock falls.
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Equity markets decline in early trade dragged by services, realty stocks, FII outflows
Mumbai (PTI): Equity benchmark indices Sensex and Nifty declined in early trade on Monday weighed down by losses in services and realty stocks and sustained foreign fund outflows.
The 30-share BSE Sensex dropped 316.52 points, or 0.37 per cent, to 85,395.85 in the morning trade. The 50-share NSE Nifty declined by 106.70 points, or 0.41 per cent, to 26,079.75.
From the Sensex firms, Bajaj Finance, Bharat Electronics Ltd, Axis Bank, Bajaj Finserv, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra, NTPC, ICICI Bank, PowerGrid, Hindustan Unilever and Larsen & Toubro were the laggards.
However, Tech Mahindra, Infosys, Eternal, Reliance Industries, Tata Motors Passenger Vehicles, Tata Consultancy Services, Trent, HCL Technologies and Tata Steel were among the gainers.
"Emerging positive and negative news have the potential to keep the market volatile in the near-term. Robust economic growth and indications of earnings growth revival are supportive of markets.
"The massive fiscal and monetary stimulus to the economy this year has contributed to sharp revival in GDP growth as evidenced by the 8.2 per cent Q2 GDP growth print, and RBI's upward revision of FY 26 GDP growth to 7.3 per cent augurs well for the market," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.
He noted that low GDP deflator, consequent to low inflation, has impacted nominal GDP growth and corporate earnings growth. But from the leading indicators it is clear that about 15 per cent earnings growth is achievable in FY27. This is positive for the market.
"However, there are strong negatives, too, which can impact the market. Sustained depreciation of the rupee has been forcing FIIs to sell in the market continuously," Vijayakumar added.
Meanwhile, foreign institutional investors (FIIs) offloaded equities worth Rs 438.90 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,189.17 crore, according to exchange data.
In Asian markets, Japan's Nikkei 225, Shanghai's SSE Composite index and South Korea's Kospi were trading in the green territory while Hong Kong's Hang Seng index was quoting in the red zone.
US markets ended higher on Friday.
"American equities posted modest, broad-based gains last week, supported by softer inflation data and resilient macroeconomic indicators that sustained expectations of Federal Reserve rate cuts," Devarsh Vakil, Head of Prime Research, HDFC Securities, said.
He noted that investors positioned cautiously ahead of the upcoming Federal Open Market Committee (FOMC) meeting, additional inflation releases, and year-end portfolio adjustments.
Brent crude, the global oil benchmark, rose 0.13 per cent, to USD 63.83 per barrel.
On Friday, the 30-share BSE Sensex benchmark advanced 447.05 points to settle at 85,712.37, while the 50-share NSE Nifty climbed 152.70 points to close at 26,186.45.
