RBI policy review, global trends to dictate stocks this week: Analysts

Agencies
September 27, 2020

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New Delhi, Sept 27: Stock markets are expected to consolidate in near-term due to economic uncertainty and a host of factors such as RBI monetary policy, car sales and macroeconomic data and global cues would dictate the direction in this holiday-shortened week, analysts said.

They said that despite a relief rally on Friday markets are likely to remain volatile amid resurging coronavirus cases in Europe.

The RBI's monetary policy review on October 1 and auto sales numbers would be among the key events for investors. The RBI's monetary policy committee will be meeting for three days from September 29.

Indian equity benchmark index Sensex declined by 3.83 per cent or 1,457.16 points and the broad-based Nifty tumbled 4.04 per cent last week.

The stock indices declined for six straight sessions to Thursday, plunging by more than 7 per cent due to growth concerns after resurgence in coronavirus cases globally.

The markets, however, cut short their losses and rallied over 2 per cent on Friday after reports that the US lawmakers were working on a stimulus deal that could be voted on as early as this week.

"We expect market to consolidate in near term given the rising global virus cases, economic uncertainty and continuous FII selling for past few sessions.

"This week, investors would watch out for GDP data of the US and the UK, PMI data for the US on the global front, while on the domestic front RBI's monetary policy along with infrastructure output would provide direction to the market, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

The PMI data for the manufacturing sector is scheduled to come on Thursday.

"This week, participants will be closely eyeing the outcome of MPC's monetary policy review meet scheduled on October 1. Also, they would be eyeing auto sales number which starts pouring in the first week of every month. On the global front, COVID-related updates and performance of world indices will also be in focus," Ajit Mishra, VP - Research, Religare Broking Ltd said.

Also, updates over the US stimulus measures would be tracked by investors.

Samco Securities, Senior Research Analyst, Nirali Shah said in this holiday-shortened week, markets are expected to be watchful of RBI's MPC meet. Markets will remain closed on Friday for Mahatma Gandhi Jayanti.

"In spite of the rally seen on Friday, the market is expected to remain volatile and directionless in the absence of solid triggers. Global cues will continue to be in focus as a resurgence in virus cases around the world, leads to more restrictions and more pressure on the economic recovery," Vinod Nair, Head of Research at Geojit Financial Services said.

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News Network
October 28,2020

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New Delhi, Oct 28: Union Minister Smriti Irani has tested positive for Covid-19, she tweeted on Wednesday.

The MP from Amethi has requested those who came in her contact to get a Covid test at the earliest.

"It is rare for me to search for words while making an announcement; hence here's me keeping it simple -- I've tested positive for COVID and would request those who came in contact with me to get themselves tested at the earliest," Irani tweeted.

Irani had been actively participating in the election rally for Bihar and Bypoll Gujarat for past few days.

On October 24, she had addressed a rally at Gujarat's Vadodara and Bihar's Bikram area while on October 26, she had addressed a rally in Bodh Gaya for the Bihar Assembly election.

India's coronavirus tally neared the 80-lakh mark on Wednesday with 43,893 new Covid-19 infections. India reports 43,893 new COVID-19 cases, tally stands at 79,90,322. India's total cases surged to 79,90,322 on Wednesday, said the Union Ministry of Health and Family Welfare (MoHFW).

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Agencies
October 22,2020

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Thane, Oct 22: At least 25 people were injured when lightning struck a residential area at a village in Maharashtra's Thane district, an official said on Thursday.

During heavy rains in Thane on Wednesday evening, lightning stuck Palaspada hamlet in Umbarmali village under Sahapur taluka around 7 pm, regional disaster management cell chief Santosh Kadam said.

A house in the locality was completely destroyed while some adjoining houses also suffered damages, he said.

"At least 25 people, including women and children, were injured due to the lightning strike and were rushed to the Sahapur rural hospital," Kadam said.

Their condition was reported to be stable, Thane's resident deputy collector Dr Shivaji Patil said.

Sahapur MLA Daulat Daroda visited the injured people in the hospital late Wednesday night.

Heavy rains along with thunder and lightning were experienced in Thane and neighbouring areas on Wednesday evening.

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News Network
October 20,2020

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Bengaluru, Oct 20: Karnataka's Transport Department has made helmets mandatory for all people riding on the two-wheelers and imposed a three-month suspension of driving license for non-compliance.

"As per new directives, helmets are mandatory for all two-wheeler riders who are over four years of age. State govt has imposed a 3-month suspension of driving license along with a penalty in case of violation," said State Department of Transport, Karnataka.

The state transport department has also issued a directive to strictly enforce the old rules for the safety of the riders.

As per the rule, Under the Central Motor Vehicle Act, motorcycle riders must wear a helmet. As per the Karnataka Motor Vehicle Rule, all bikers in the state wearing helmets are mandatory.

This new order comes after the Supreme Court's direction to the state's Road Safety Committee to strictly enforce the mandatory helmet-wearing rule for all persons traveling on two-wheelers in the state.

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