Sensex tumbles 531 pts; energy, IT stocks play spoilsport

Agencies
January 25, 2021

Sensex Tumbles 531 Pts Energy IT Stocks Play Spoilsport - BW Businessworld

New Delhi, Jan 25: The BSE benchmark Sensex dived nearly 531 points to close at 48,348 on Monday, prolonging its losing streak to the third straight session, weighed down by massive selling particularly in energy and IT stocks.

After swinging nearly 1,000 points during the session, the BSE benchmark settled with a loss of 530.95 points or 1.09 per cent at 48,347.59.

The 30-share index opened over 375 points higher and hit the day's high of 49,263.15 before succumbing to selling pressure that took the index to the session's lowest point at 48,274.92.

Likewise, the NSE gauge Nifty plunged 133 points or 0.93 per cent to end the session at 14,238.90.

On the Sensex chart, Reliance Industries fell 5.36 per cent, followed by IndusInd Bank, HCL Tech, Asian Paints, UltraTech Cement and PowerGrid dropping as much as 4.72 per cent.

Of the Sensex constituents, 21 closed in the red and only 9 in the green.

Among the gainers were Axis Bank, Sun Pharma, Bajaj Auto, Bajaj FinServ, HDFC Bank and Dr Reddy's.

Analysts are of the view that markets may remain volatile in this holiday-shortened week amid monthly derivatives expiry, quarterly earnings and the upcoming Union Budget.

Indian equity markets will remain closed on Tuesday for the Republic Day.

Asian shares closed higher on Monday.

On the forex front, the rupee ended 3 paise higher at 72.94 against the US dollar.

Meanwhile, Brent crude, the global oil benchmark, was trading 0.56 per cent higher at USD 55.69 per barrel on Monday.

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News Network
November 13,2024

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New Delhi: The Supreme Court took a firm stance on ‘bulldozer justice’ today, affirming that the Executive cannot bypass the Judiciary and that the legal process must not prejudge the guilt of an accused. In a significant judgment, the bench led by Justices BR Gavai and KV Viswanathan set new guidelines for demolition practices, responding to petitions challenging the controversial bulldozer actions taken against individuals accused of crimes.

The rise of this practice, termed 'bulldozer justice,' has seen authorities in various states demolish what they claim to be illegal structures belonging to accused individuals. However, multiple petitions questioned the legality and fairness of this approach, bringing the matter before the court.

Justice Gavai highlighted that owning a home is a cherished goal for many families, and an essential question was whether the Executive should have the authority to strip individuals of their shelter. “In a democracy, the rule of law protects citizens from arbitrary actions by the state. The criminal justice system must not assume guilt,” stated the bench, underscoring that due process is a fundamental right under the Constitution.

On the principle of separation of powers, the bench reinforced that the Judiciary alone holds adjudicatory powers and that the Executive cannot overstep these boundaries. Justice Gavai remarked, “When the state demolishes a home purely because its resident is accused of a crime, it violates the doctrine of separation of powers.”

The court issued a strong warning about accountability, stating that public officials who misuse their power or act arbitrarily must face consequences. Justice Gavai observed that selectively demolishing one property while ignoring similar cases suggests that the aim might be to penalize rather than enforce legality. “For most citizens, a house is the product of years of labor and dreams. Taking it away must be an action of last resort, thoroughly justified,” he said.

In its directives under Article 142 of the Constitution, the Supreme Court established new demolition guidelines. These include:

Mandatory Show-Cause Notice: No demolition should occur without first issuing a show-cause notice. The person served has a minimum of 15 days or the duration stated in local laws to respond.

Transparency of Notice Content: The notice must include specifics about the alleged unauthorized construction, the nature of the violation, and the rationale for demolition.

Hearing and Final Order: Authorities are required to hear the response of the affected individual before issuing a final order. The homeowner will have 15 days to address the issue, with demolition proceeding only if no stay order is obtained from an appellate authority.

Contempt Proceedings: Any breach of these guidelines would lead to contempt proceedings. Officials who disregard these norms will be personally accountable for restitution, with costs deducted from their salaries.

Additionally, the court mandated that all municipal bodies establish digital portals within three months, displaying show-cause notices and final orders on unauthorized structures to ensure public transparency and accountability.

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