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

Agencies
September 27, 2020

market.jpg

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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 20,2025

Bhagalpur: A violent clash between two nephews of Union Minister Nityanand Rai in Bihar’s Bhagalpur resulted in one death and another critically injured on Thursday.

The incident occurred in Jagatpur under Parvatta police station, Navgachia district. The injured nephew is undergoing treatment at Bhagalpur hospital. Following the incident, top district officials rushed to the hospital, and an investigation is underway.

Naugachhia SP Prerna Kumar stated, "Around 7:30 am, we received information that two brothers shot at each other in Jagatpur village. One succumbed to injuries, while the other is critical. Initial reports suggest a dispute over a water tap escalated into gunfire. The deceased has been identified as Vikal Yadav, and the injured as Jaijit Yadav. Prompt action has been taken, and statements are being recorded. We also have information that they are relatives of a Union minister."

According to reports, the altercation between Jagjit Yadav and Vikal Yadav turned violent when one opened fire on the other. The injured man then grabbed the gun and retaliated. Both were taken to Bhagalpur hospital, where Vikal Yadav was declared dead, and Jaijit remains in critical condition.

During the clash, their mother, who tried to intervene, was shot in the hand. She is also receiving treatment at Dr. AK Yadav’s clinic.

Parvatta police station in-charge Shambhu Kumar confirmed that the dispute revolved around water and led to gunfire. Authorities are investigating further to determine the exact cause of the conflict.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 27,2025

nandini.jpg

The Karnataka government has announced that Nandini milk will become ₹4 costlier per litre starting April 1, 2025. This is the second price hike this year.

The decision was made during a cabinet meeting led by Chief Minister Siddaramaiah. Karnataka Cooperation Minister K N Rajanna and Animal Husbandry Minister K Venkatesh said the increase is meant to support dairy farmers by covering the rising costs of producing and processing milk.

Officials also said that:

>> The extra money from the price hike will go directly to the milk producers.

>> The earlier ₹2 price hike (announced on June 26, 2024) will be withdrawn.

>> The new price hike of ₹4 will apply to both 500 ml and 1-litre packets.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 20,2025

indianUS.jpg

New York: An Indian national enrolled as a postdoctoral fellow in the US has been detained by immigration authorities, said a media report, less than a week after a Columbia student from India self-deported following allegations of activities supporting Hamas.

Badar Khan Suri's lawyer claimed that he is being punished “because of the Palestinian heritage of his wife — who is a US citizen — and because the government suspects that he and his wife oppose US foreign policy toward Israel.”

He is a former student of Jamia Millia Islamia, New Delhi.

Suri is currently a postdoctoral fellow at the Alwaleed Bin Talal Center for Muslim-Christian Understanding at the Edmund A Walsh School of Foreign Service, Georgetown University, Washington DC.

A report in Politico said that Suri, who was studying and teaching on a student visa, has been “detained by federal immigration authorities amid the Trump administration’s crackdown on student activists whom the government accuses of opposing American foreign policy.”

The report said that “masked agents” arrested Suri from outside his home in Virginia Monday night.

A petition filed by his lawyer Hassan Ahmad said that he was taken to a facility in Virginia and is “expected to be transferred soon to a detention centre in Texas.”

The Politico report said that Suri’s lawyer has filed a lawsuit for his immediate release.

“The agents identified themselves as being with the Department of Homeland Security and told him the government had revoked his visa,” the lawsuit says, according to the Politico report.

The report added that according to Suri’s petition, he was put in “deportation proceedings under the same rarely used provision of immigration law” that the government has invoked to try to deport Mahmoud Khalil, the Columbia University graduate and legal permanent resident arrested for his role in leading campus protests at Columbia against Israel. 

The petition says the couple has “long been doxxed and smeared” on anonymously run, far-right websites due to their support for Palestinian rights. The petition adds that Suri’s wife Mapheze Saleh has been alleged to have “ties with Hamas” and once worked for Al Jazeera.

The petition further notes that Suri has no criminal record and has not been charged with a crime. Ahmad said he had not been able to contact Suri as of Wednesday evening.

“We’re trying to speak with him. That hasn’t happened yet,” Ahmad said.

“This is just another example of our government abducting people the same way they abducted Khalil.”

According to his profile on the website of Georgetown University, Suri completed his PhD in Peace & Conflict Studies from Nelson Mandela Center for Peace and Conflict Resolution, Jamia Millia Islamia, New Delhi in 2020. 

He wrote his thesis on Transitional Democracy, Divided Societies and Prospects for Peace: A Study of State Building in Afghanistan and Iraq in which he underlined the complexities involved in introducing democracy in ethnically diverse societies; as well as challenges to project state building.

He has travelled extensively in the conflict zones of India, Pakistan, Balochistan in Iran, Iran, Turkey, Kurdish Areas in Turkey, Syria, Lebanon and its southern region, Egypt and Palestine.  

The Politico report quoted a statement from a Georgetown spokesperson as saying that Suri is an "Indian national who was duly granted a visa to enter the United States to continue his doctoral research on peacebuilding in Iraq and Afghanistan.

"We are not aware of him engaging in any illegal activity, and we have not received a reason for his detention. We support our community members’ rights to free and open inquiry, deliberation and debate, even if the underlying ideas may be difficult, controversial or objectionable. We expect the legal system to adjudicate this case fairly," the spokesperson said.

Suri's detention comes less than a week after Ranjani Srinivasan, an Indian student at Columbia University, self-deported after her visa was revoked for allegedly “advocating for violence and terrorism” and involvement in activities supporting Hamas.

Srinivasan had entered the United States on an F-1 student visa as a doctoral student in Urban Planning at Columbia University, the Department of Homeland Security had said.

It added that Srinivasan was “involved in activities supporting” Hamas, a terrorist organisation.

The Department of State had revoked her visa on March 5. The Department of Homeland Security said it has obtained video footage of Srinivasan using the Customs and Border Protection (CBP) Home App to self-deport on March 11. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.