India
Factors pushing the Sensex and Nifty to new highs
After its worst day in ten months, the stock market regained its footing on Tuesday. Even as global markets remained on edge amid rising Russia-Ukraine tensions, increases in IT and consumer stocks aided the unexpected recovery.
NIFTY GAIN, SENSEX
The NSE Nifty 50 index increased 1.08 per cent to 17,024.40 points, while the S&P BSE Sensex increased 1.11 per cent to 57,030.60 points.
Both indices had lost 3% the day before in the previous session.
FACTORS TO CONSIDER PRIMARY
Greater Following a drop in U.S. and European stock markets on Monday, Asian stock markets were flat as investors considered the implications of a possible Russian invasion of Ukraine.
According to a Reuters storey, “people are seeking at every opportunity to exit their leveraged holdings,” said AK Prabhakar, head of research at IDBI Capital in Mumbai, citing headwinds such as geopolitical uncertainties, increased crude oil prices, and expected U.S. interest rate hikes.
“People aren’t generating money now that the impetus has died. Investors want to get out of leveraged positions because of the prospect of increasing interest rates and selling from foreign funds.”
FOCUS ON STOCKS
In tumultuous markets, defensive stocks such as information technology and fast-moving consumer products gained traction. The Nifty IT index increased by 1.6%, while the Nifty FMCG index increased by 12%.
Individual stocks sank 4.5 per cent after Cipla’s promoter group sold a 2.5 per cent interest in the firm, and Manappuram Finance dropped more than 10% on reduced quarterly profit.
“Stocks are currently trading under their 50- & 200-day moving averages, making it difficult to hold onto them. Staying on the side-lines rather than taking chances is a better way to protect your money “In a note, analysts William O Neil India wrote.
Meanwhile, BofA Securities lowered its December 2022 Nifty goal to 17,000 from 19,100, citing a potential narrowing of market breadth and increased volatility.
A mix of multi-year CAPEX, credit expansion, start-up cycles, and ‘growth-focused’ fiscal and monetary policies, according to BofA analysts, could cause India’s corporate profitability to outperform nominal gross domestic growth.
Latest News
Woman Alleges Cab Driver Tried to Molest Her in Navi Mumbai
Police register FIR and launch search for accused after late-night incident.
The Case
A woman travelling home after attending a party in Chembur has alleged that her cab driver tried to molest her after stopping the vehicle at an isolated location in Navi Mumbai during the early hours of September 6.
According to her complaint, the incident took place around 1:30 am. The driver reportedly stopped the cab on the roadside, saying he wanted to drink water. After getting back into the vehicle, he allegedly moved to the back seat, held the woman’s hand and tried to remove her clothes despite her resistance.
The woman strongly protested, following which the driver allegedly fled from the spot. She then contacted her family and approached the police to report what had happened. Police identified the accused as Mohammed Afzal Sheikh and registered an FIR based on the woman’s complaint. Multiple police teams have reportedly been formed to trace and arrest him.
Investigators are using technical information and other leads to locate the accused. Police have said the complaint is being taken seriously and that appropriate legal action will follow. The incident has once again raised concerns about the safety of passengers travelling alone in cabs during late-night hours. Police are continuing their investigation into the case.
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Vashi, Belapur Welcome Grand Ganesh Idols Ahead of Ganesh Chaturthi
Thousands of devotees join colourful processions as towering idols arrive in Navi Mumbai.
The Grand Ganesh Celebration
With Ganesh Chaturthi just around the corner, the festive spirit has already taken over Navi Mumbai. Vashi and CBD Belapur witnessed enthusiastic celebrations as devotees gathered to welcome two towering Ganesh idols.
In Vashi Sector 17, the 12-foot idol of Navsala Pavnara Maharaja arrived on September 4 amid the beats of dhol-tasha and chants of “Ganpati Bappa Morya.” Nearly 3,000 devotees took part in the welcome procession. The idol, depicting Lord Ganesha seated on an elephant, will be installed in a grand replica of a royal palace. The mandal is celebrating its 43rd year.
Meanwhile, CBD Belapur Sector 2 welcomed the CBD Cha Raja, a 12.5-foot idol prepared by renowned sculptor Bhendkar from Chembur. A large number of devotees gathered to seek Bappa’s blessings during the arrival ceremony.
The mandal, now entering its 44th year, is creating a replica of the famous Banke Bihari Temple in Mathura as this year’s main attraction.
Beyond the grandeur, the celebrations also reflect Navi Mumbai’s spirit of unity. People from different communities come together to participate in aarti, puja and havan at the mandal. As the city prepares for Ganesh Chaturthi, these celebrations have brought communities together and set the mood for a festival filled with devotion, tradition and togetherness.
Latest News
Ganraj Vashi Cha Raja Enters 43rd Year with Grand Arrival Celebration
Traditional performances, a vibrant procession and an eco-friendly idol mark the beginning of Ganeshotsav in Vashi.
The Grand Celebration
The festive spirit of Ganeshotsav came alive in Vashi as the Ganraj Vashi Cha Raja Public Ganeshotsav Mandal, Sector 16A, began its 43rd year with a grand idol arrival ceremony.
The procession started from Chhatrapati Shivaji Maharaj Chowk and made its way to the main pandal amid the energetic beats of dhol-tasha. Thousands of devotees joined the celebrations, turning the streets into a sea of devotion and excitement.
Traditional performances added to the charm of the procession. Mardani Khel demonstrations, a colourful Lezim performance and the presence of a Govinda troupe drew loud cheers from the crowd. The Govindas formed a human pyramid and offered a special salute to Ganraj Vashi Cha Raja.
The event was attended by BJP corporator Anjali Valunj, mandal president and social worker Vijay Valunj, social worker Ajay Valunj, along with mandal office-bearers, volunteers and devotees. This year, the mandal has also focused on protecting the environment. The Ganesha idol, depicting Lord Ganesha seated on an elephant, has been made from paper as part of its eco-friendly initiative.
The organisers said the mandal has been preserving culture and tradition for 43 years and was among the first in Navi Mumbai to organise an idol arrival ceremony. They also invited devotees from across Navi Mumbai and Maharashtra to visit the mandal and seek Bappa’s blessings.
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