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
May 10,2024

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The Supreme Court Friday granted interim bail to Delhi Chief Minister Arvind Kejriwal till June 1 in the excise policy case.

The top court, however, stated that it will be passing a detailed order over the matter soon.

On Thursday, the Enforcement Directorate had opposed the move to grant interim bail to Kejriwal saying that “any special concession” to him will “amount to anathema to the rule of law and equality… thereby creating two separate classes in the country viz. ordinary people, who are bound by the rule of law as well as the laws of the country, and politicians who can seek exemption from the laws”.

The ED had arrested Kejriwal on March 21 in the excise policy case.

“The right to campaign for an election is neither a fundamental right nor a constitutional right and not even a legal right,” the ED said, maintaining that to its knowledge, “no political leader has been granted interim bail for campaigning even though he is not the contesting candidate”.

After the ED filed its affidavit, the AAP, in a press release, said, “The legal team of Delhi Chief Minister and AAP National Convenor, Shri Arvind Kejriwal, has raised strong objection to the affidavit filed by the Enforcement Directorate opposing interim bail in the Supreme Court.”

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News Network
May 7,2024

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Bengaluru: JD(S) leader H D Kumaraswamy has claimed that 25,000 pen drives with videos of women being sexually abused allegedly by his nephew, Lok Sabha election candidate Prajwal Revanna, were distributed before polls, and accused Chief Minister Siddaramaiah and his deputy D K Shivakumar of a conspiracy.

The former chief minister also sought to discredit the Special Investigation Team (SIT) formed by the Congress government on April 28 to probe the charges against Prajwal of sexually abusing several women after videos allegedly involving him started making the rounds on social media.

"It is not a Special Investigation Team but 'Siddaramaiah Investigation Team' and 'Shivakumar Investigation Team'," the JD(S) second-in-command, who is the son of party supremo and former prime minister H D Deve Gowda, said.

MLA H D Revanna and his son and Hassan MP Prajwal have been booked for allegedly molesting their cook. In another case, Revanna has been booked and arrested for allegedly kidnapping a woman who was allegedly sexually assaulted by Prajwal. A case of rape has also been registered against Prajwal.

Addressing a press conference here, Kumaraswamy said the pen drives were circulated by police officers who were "threatened to do it".

“It (pen drive carrying videos) was released in Bengaluru Rural constituency (where the Congress candidate in the Lok Sabha elections is D K Suresh, who is the brother of Shivakumar). This was an April 21 development. On April 22, Poornachandra, our polling agent, gave a complaint to the District Deputy Commissioner, who is the Returning Officer,” the JD(S) leader said.

“Poornachandra received a message at 8 pm on April 21 asking people to 'follow a WhatsApp channel to see Prajwal Revanna’s sleaze video'. There was a message on this WhatsApp channel, 'Countdown for the release of Prajwal’s sleaze videos'," Kumaraswamy further said.

According to Kumaraswamy, one Naveen Gowda had sent the message about the "countdown".

In his complaint to the Deputy Commissioner and the Superintendent of Police of Hassan district, Poornachandra has named five people including Naveen Gowda, Karthik Gowda (Revanna’s driver), Chethan and Puttaraju alias Putty, he said.

It has been more than a fortnight since the complaint made on April 21 but no action has been taken against these five people, Kumaraswamy said and demanded that they should first be arrested for "mortgaging the modesty" of women in the videos.

Kumaraswamy alleged that 25,000 pen drives were distributed in the entire state, and cited a report in a regional daily to support his claim.

“My question here is why no action was taken. If someone posts something on social media, immediately houses are searched and the person is made to sit in the police station. Why no action was taken against these five people despite a complaint?” he asked.

"Chief Minister Siddaramaiah had confidently said that all the three JD(S) candidates in the Lok Sabha elections will be defeated," Kumaraswamy said, adding, "It raises doubts about the involvement of many people."

On April 25, Karnataka State Commission for Women Chairperson Nagalakshmi Chowdhary wrote to Siddaramaiah demanding an SIT probe into the tapes where Prajwal is allegedly seen sexually abusing several women. The same night, the CM gave his nod and ordered the formation of a SIT, Kumaraswamy said.

“In that letter, Nagalakshmi Chowdhary did not mention the name of Prajwal or Revanna but the chief minister called it ‘Prajwal Revanna’s explicit videos’ in his post on X when he announced the formation of SIT. This shows how the conspiracy was hatched,” the JD(S) leader claimed.

He also alleged that the first complaint "framing" his brother H D Revanna and nephew Prajwal was typed on a computer in Bengaluru and was sent to Holenarasipura, which is represented in the Karnataka Legislative Assembly by Revanna, on April 28.

“It’s not a Special Investigation Team but there are two teams within it – one is ‘Siddaramaiah Investigation Team’ and another one is ‘Shivakumar Investigation Team’,” he charged.

He said the ‘convenor’ of the 'pen drive story', Karthik Gowda should be traced first and brought before the people.

“Going through the conspiracies, one can doubt the intention behind the investigation because more than protecting the women victims, you are limiting the scope of the probe only to defame people,” Kumaraswamy further alleged.

He underlined that he was not trying to protect anyone. “I have said that in this case I will not protect anyone doing wrong. Stringent punishment should be given to the person involved in this crime as per the law of land."

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News Network
May 11,2024

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Madikeri, May 11: Kodagu police have apprehended the man allegedly responsible for the brutal murder of a minor girl within the confines of Kumbaragadige village in Karnataka's Somwarpet taluk. 

Kodagu Superintendent of Police, K Ramarajan, disclosed that the arrested individual is Prakash (32) from Hammiyala village in Somwarpet taluk. However, authorities are still in the process of recovering the severed head of the victim. The perpetrator had absconded with the victim's severed head after committing the crime. 

Search operations for the suspect commenced late on Thursday night (May 9), with officials diligently pursuing leads. Acting on information suggesting the suspect's presence in a forested area near the village, the police swiftly moved in and apprehended him.

The victim US Meena, 15, a student of Surlabbi High School, had passed the SSLC examinations, the results of which were announced on May. One same day, she was murdered. 

Reportedly, the engagement of the minor girl with the suspect was thwarted by officials from the Women and Child Development department. Subsequently, officials persuaded the girl's parents against proceeding with the marriage. 

However, despite these interventions, the suspect forcibly entered her residence during the night, purportedly abducted her, and later perpetrated the heinous crime in a wooded area on the outskirts of the forest, before absconding with her severed head.

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