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.
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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe
The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.
Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.
An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.
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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations
The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.
According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.
The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.
Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.
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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election
The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.
Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.
Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.
As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.
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