Corporate earnings, fall in COVID cases to provide impetus to bourses
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Benchmark indices extended the gains after the Reserve Bank of India s (RBI) announcements which were directed mostly towards COVID-impacted sectors, ample liquidity and softening of yields.
The benchmark Sensex closed up 0.88 percent and Nifty 50 ended up 0.84 percent from Tuesdayâs closing. Markets have held the support level of 14,500 in Nifty 50. Trading above this level is positive and could lead to 14,800-15,000 zone in near-term. Strong buying interest is seen across IT, pharma and financial sectors with Sun Pharma, UPL, Axis Bank among the top gainers in Nifty 50. Adani Ports, Bajaj Finance, SBI Life Insurance and Asian paints saw some losses.
File photo of the Madras High Court.
The Madras High Court on Monday slammed the Election Commission of India for allowing political rallies amid a deadly second wave of Covid-19.
The EC is singularly responsible for the second wave of Covid-19 by not stopping political parties from holding election rallies, Madras HC Chief Justice Sanjib Bannerjee said on Monday as he reprimanded the poll body.
The Madras HC also observed that the Election Commission officials should be booked for murder.
“Your institution is singularly responsible for the second wave of Covid-19. Election Commission officers should be booked on murder charges probably,” the HC observed.
Retailers, MSMEs, daily wagers hit hard by 2nd Covid wave
A mall looks deserted in the Capital on Sunday - KAMAL NARANG×
Malls, restaurants grappling with revenue loss as most States impose curbs
Businesses, including malls, retailers and restaurants, are in a disarray as they grapple with restrictions, including weekend lockdowns and night curfews in different states and districts, as the country faces the second wave of Covid-19 pandemic. But daily wagers, casual workers and MSMEs, which lack deep pockets, have been hit the hardest.
Dalip Sehgal, CEO, Nexus Malls said, “With different rules and restrictions across states, it’s not just becoming difficult to conduct business, but it’s also leading to a lot of ambiguity amongst customers leading to a rapid decline in footfalls and sales.
On the economic front, Indiaâs glass is half-full despite challenges, writes Kiran Nanda
The emergence of the second Covid wave and localised lockdowns could, however, pose risks to our growth
Against the backdrop of a likely global economic recovery due to US President Joe Bidenâs $3-$4tn infrastructure spending package, growing investor appetite for riskier assets and Indiaâs quick turnaround from the impact of the pandemic, the Indian economy has embarked on the path of gradual rebound.
Real GDP growth returned to positive territory in the fourth quarter of 2020, supported by a pick-up in gross fixed capital formation. The World Bank has scaled up its projection for Indiaâs economic growth to 10.1 per cent for FY22, quoting recovery in private consumption and investment growth. Exports have also started rising ($34bn in March). However, the emergence of the second Covid wave and localised lockdowns could pose risks to Indiaâs growth.