After snapping his political alliance with the ruling National Democratic Alliance at the Centre, N Chandrababu Naidu, chief minister of Andhra Pradesh, speaks to B Dasarath Reddy on what he now has in mind.
Modi's visit to Brussels comes eight days after the deadly attacks on the city in which at least 35 people, including an Indian, died and over 300 were wounded.
Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
Doctors says this new procedure could save the lives of more than 30 per cent heart transplant patients by increasing supply of suitable donors
Is the SBI chairman leaving the bank in a stronger and better position than what it was? Abhijit Lele finds out.
Smile, sound upbeat and keep your communication short.
The 30-share Sensex ended 53 points higher at 28,439 and the 50-share Nifty closed 18 points higher at 8,494.
The man behind Aligarh Muslim University 200 years on.
Delhi Chief Minister and AAP National Convener Arvind Kejriwal unveiled the party's manifesto for the youth. The party, which is aiming to capture power in the state, will come out with separate manifestos for different sections of society.
Pakistan's dismal public health system is rife with mismanagement and a paucity of resources. Amidst this shambolic system, one hospital in Karachi has been providing specialised healthcare to millions. Free of charge. As the Sindh Institute of Urology and Transplantation celebrated 40 years of successful service, Dr Sanjay Nagral visited the facility and met the man who helms it, armed with the simple philosophy that 'No person should die only because they are unable to afford medical expenses.'
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 29,008 and 8,767 respectively.
The broader markets are outperforming the benchmark indices.
Dr Manjiri Bakre's OncoStem is revolutionising breast cancer treatment. And has raised $6 million to do more!
Sensex rises, Nifty ends at record high; RIL shares rally.
The 30-share Sensex ended 79 points lower at 26,909 and the 50-share Nifty closed 25 points lower at 8,102.
The President talked about demonetisation, electoral reforms and disruptions in Parliament.
At the 53rd annual convocation ceremony of the IIT-Bombay, Nobel laureate Kailash Satyarthi shared stories of his struggle and victories.
10 takeaways from the prime minister's UN speech.
Narendra Modi's success at the BRICS summit is the best Diwali gift for India's diplomacy and marks her ascendancy to global leadership, says Tarun Vijay.
New Delhi can strengthen its leverage by having better relations with the two than they have with each other.
It further said India is facilitating external commercial borrowings by startups in order to encourage innovation and promote ease of doing business.
'Relations between India and Japan are robust and devoid of either shadow of history or any irritant.' 'In fact, there is plenty of warmth and goodwill earned over history. There are no negatives but only opportunities,' notes Dr Rajaram Panda.
Model 3 received 180,000 orders worldwide.
In an online chat, career counsellor Amit Bansal shared crucial career advice with readers on how to pick the right stream and college to study engineering.
IT majors along with metal names Sesa Goa and Hindalco buck trend.
The benchmark Nifty rallied 1,000 points or 17% from 7,000 in 78 trading sessions since May 12, till date to surpass the 8,000 mark.
Make in India has few advantages and some disadvatnages too.
We don't want 2 gay men holding hands walking on Marine Drive Marine Drive should be disturbed by the police'
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We present Prime Minister Manmohan Singh's full speech as he addressed the country on the occasion of 66th Independence Day, from Red Fort, Delhi.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
Don't believe us? Then listen to the expert. Harish Rao dispels myths about Ola and Uber's dynamic pricing model and explains why government interference in it finally hurt us, the rider.
Over the past year we have heard a lot about policy reforms to improve the ease of doing business in India.
In 20th edition of his radio programme 'Mann ki Baat', Prime Minister Narendra Modi talked about water conservation, Rio Olympics and other subjects.
The Indian Army and more recently the Indian Navy have already set up dedicated intelligence branches. It is surprising indeed that the IAF, where real time and timely intelligence is most vital for effective and safe prosecution of the air war, has still not done so itself, says Group Capt (retd) P I Muralidharan.
More activity in the IT, health care, services sectors; manufacturing firms keeping fingers crossed.
Nestle refused to regret the mistake in a public statement.
Drones are being sold by e-retailers like Flipkart and Snapdeal for less than Rs 40,000 apiece.
'...Unless we muck up our policies.' 'We have to become a modernised economy.' 'Our institutions should be stronger. And that is most important.' 'The rule of law should prevail and contracts should be enforced.' 'Above all, we have to recognise the importance of globalisation.' 'It is in our favour at this stage. We should grow and become globally competitive.'
The 30-share Sensex ended down 208 points at 27,057 and the 50-share Nifty closed 59 points lower at 8,094.
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