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Factors pushing the Sensex and Nifty to new highs

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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 Deputy Mayor Celebrates Diwali and Bhai Dooj with Women Waste Pickers

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Dashrath Bhagat and his family distribute festive treats and firecrackers, recognising the contribution of women sanitation workers to the city’s cleanliness.

The Celebration

Navi Mumbai Deputy Mayor Dashrath Bhagat and his family celebrated Diwali and Bhai Dooj with women waste pickers and their families in Vashi, acknowledging their contribution to keeping the city clean and highlighting the dignity of their work.

The programme was organised in the slum area of Sector 30, Vashi, in the presence of corporators Nishant Bhagat and Preeti Sandeep Bhagat, along with social worker Sandeep Bhagat. Diwali snacks were distributed among the families, while firecrackers were gifted to children to make the celebrations special.

Speaking on the occasion, Deputy Mayor Dashrath Bhagat said women waste pickers play an important role in making Navi Mumbai clean, beautiful and fragrant. He emphasised that their efforts deserve recognition and appreciation from society.

Corporator Nishant Bhagat said celebrating Diwali and Bhai Dooj with these women was a special experience. He added that the true spirit of festivals lies in spreading happiness among others. The smiles of the women, the joy of their children and their blessings were the family’s greatest gifts, he said. The initiative was organised under the ‘Sugandhi Shahar’ (Fragrant City) campaign, implemented as part of the Swachh Bharat Mission under the inspiration and guidance of State Forest Minister Ganesh Naik.

The campaign aims to encourage public participation in cleanliness initiatives while recognising the contribution of different sections of society towards keeping Navi Mumbai clean.

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Fake ‘Tourism Tehsil Office’ Exposed in Navi Mumbai, 30-Year-Old Man Arrested

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Vashi Police arrest accused for allegedly creating a fake government office, forging official documents and sending misleading letters to authorities.

The Fake Office

Vashi Police have arrested a 30-year-old man, identified as Suyash Sanjay Shirke, for allegedly creating a fake government office named ‘Tourism Tehsil Office’ and using forged documents to mislead government authorities.

According to police, the accused allegedly prepared fake letterheads featuring a government-style name, official logo and forged stamp to make the non-existent office appear legitimate. He reportedly posed as a revenue officer and sent letters to the Thane District Collector and Navi Mumbai Police Commissioner.

One of the letters, reportedly sent under the name ‘Kiran Kumar’, demanded a ban on members of the Muslim community offering prayers at Kalyan’s Durgadi Fort and its surrounding area during Ramzan Eid and between March and May. It also sought permission to organise a press conference at a private building in Vashi Sector 17.

The matter came to light when officials became suspicious and discovered that no such government office existed in official records. During the investigation, police examined courier records, CCTV footage and information from a photocopy centre in Sector 17, which helped them trace the accused.

Police said Shirke had allegedly used an address in the Naneghat area of Murbad and a Gmail account to prepare and send the forged documents. A case has been registered under Sections 336(2) and 340(2) of the Bharatiya Nyaya Sanhita (BNS). Further investigation is underway to determine whether others were involved.

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Chhath Puja Songs Played at Navi Mumbai Railway Stations, Surprise Commuters

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Bhojpuri devotional music heard over public announcement systems at Nerul, Sanpada stations, passengers seek clarification from railway authorities.

The Songs

Commuters at several railway stations in Navi Mumbai were taken by surprise after Chhath Puja songs were played over the public announcement systems on Wednesday, November 11. The songs were reportedly heard at Nerul, Sanpada and other stations.

Passengers, who are usually accustomed to hearing train arrival and departure announcements, platform changes and other railway updates, were surprised by the sudden broadcast of Bhojpuri devotional songs associated with Chhath Puja.

At Nerul station, some commuters approached station manager Awadhesh Singh seeking clarification about the initiative. He reportedly informed them that the songs were being played as per instructions from the Central Railway administration and that the decision had not been taken by the local station management.

The initiative appears to be aimed at creating a festive atmosphere at railway stations during the Chhath Puja celebrations. However, it is not clear whether the arrangement is limited to selected stations or will be extended across other Central Railway stations. While some commuters welcomed the festive gesture, others raised concerns about whether playing songs could interfere with important railway announcements. Passengers stressed that information regarding train schedules, platform changes and emergencies should remain the priority.

The incident has drawn attention to the balance between festive celebrations at public places and the need to ensure smooth railway communication.

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