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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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40,000 NMMC School Students Await Uniforms as Contractor Misses Deadline

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Navi Mumbai civic body extends delivery deadline to August 15 for Mafatlal Industries, imposing week-by-week financial penalties.

The Deadline

Over 40,000 primary and secondary students enrolled in Navi Mumbai Municipal Corporation (NMMC) civic schools remain without their new uniforms, following significant delays by the designated contractor.

The civic body had awarded a Rs 13.33 crore contract to M/s Mafatlal Industries Limited to supply regular, sports, and Scout/Guide uniforms to 50,550 students ranging from Balwadi to Class 10. Despite receiving the work order on May 8 with a strict delivery deadline of July 15, the contractor managed to supply complete sets to only around 8,000 students by the target date. As a result, thousands of children are currently forced to attend classes in old uniforms or home clothes.

Following show-cause notices issued on July 10 and July 21, the civic administration granted an official extension until August 15. However, the delay comes with financial consequences for the supplier. In accordance with contract terms, NMMC will deduct progressive penalties from the final payment ranging from 0.5% for the first week of delay up to 2.0% for subsequent weeks.

NMMC Deputy Education Commissioner Sanghratna Khillare confirmed that the decision to extend the deadline was taken after high-level discussions with civic authorities, emphasizing that penalty deductions will be strictly enforced as per municipal rules to ensure full delivery before mid-August.

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Deep Potholes Turn Kharghar Stretch into Hazardous Accident Zone

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Frustrated residents call out PCMC inaction as hidden craters under waterlogged roads trigger collisions and severe commuter delay.

The Potholes

Growing public outrage has erupted across Kharghar as deep, crater-like potholes and poor drainage have converted key internal corridors into severe accident hazards. Monsoon rains have left several vital stretches particularly those serving Sectors 2 through 36 and connecting high-footfall destinations like Central Park, ISKCON Temple, and the Tata Memorial/ACTREC facility in a state of absolute disrepair.

Submerged under rainwater, the hidden potholes pose an invisible trap for two-wheeler riders and daily commuters. Frequent incidents of motorists skidding, losing balance, and crashing into deep depressions have been reported. The situation is further compounded by heavy commercial vehicles making sudden, erratic maneuvers to dodge the craters, causing minor rear-end collisions and massive traffic bottlenecks during peak commuting hours.

Local residents and civic activists have strongly criticized the Panvel City Municipal Corporation (PCMC) for its inaction. Frustrated tax-paying citizens point out that recurring temporary patch-ups dissolve within weeks of heavy downpours, reflecting a lack of quality control in municipal road maintenance contracts.

Demanding immediate accountability, community members have urged civic authorities to deploy emergency road repair teams, clear clogged storm-water drains, and execute comprehensive quality audits on recent infrastructure works before major casualties occur.

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Pothole-Riddled Highways Threaten Commuters and Airport Route in Navi Mumbai

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Despite millions spent on annual maintenance, heavy rains expose crumbling infrastructure across major arteries like Sion-Panvel and Ulwe-Belapur roads.

The Potholes

A wave of public anger has erupted across Navi Mumbai as relentless monsoon rains have turned major highways into dangerous, pothole-riddled stretches. Key routes connecting Mumbai, Thane, Raigad, and the JNPA port are seeing severe traffic bottlenecks and frequent accidents.

The situation is particularly critical along the Ulwe-Belapur road, the primary arterial route for the Navi Mumbai International Airport. Deep craters and heavy waterlogging have made travel hazardous for both domestic and international commuters. The safety risks were highlighted recently when a heavy container truck overturned on the Ulwe-Belapur stretch, causing massive gridlock on both sides of the corridor.

Other vital thoroughfares, including the Sion-Panvel Highway and the Thane-Belapur road, are equally affected. Key flyovers at Kharghar and Turbhe, along with the main entry stretch from Airoli Toll Plaza, have developed large, hidden craters beneath accumulated rainwater. Daily commuters and two-wheeler riders face constant hazards as vehicles lose balance during sudden braking.

Frustrated residents have raised sharp questions over civic accountability, noting that temporary patch-ups wash away annually despite substantial maintenance budgets. Addressing the mounting criticism, National Highways Authority of India (NHAI) officials stated that repair work is currently underway on a war footing, promising long-term, modern road infrastructure upgrades to match the international airport’s requirements.

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