Stocks
Nifty, Sensex look weak again - Monday closing report
As long as Nifty closes below 7,980, the trend is down
 
We had mentioned that we suspect that the market will struggle to rally and may suffer a further dip later in the coming week. On Monday, the market witnessed a downtrend and suffered marginal losses. Despite hopes of healthy economic expansion data, the slide in Asian bourses and a weaker rupee dented the Indian equity markets during the mid-afternoon trade session on Monday.
 
As a consequence of a slide in the Asian markets, the rupee ended weaker by 35 paisa at Rs66.50 from its previous close of Rs66.15 on Friday.
 
Bearish sentiments due to negative Asian cues dampened trade leading to a fall by 109.29 points or 0.41% on the S&P BSE Sensex. The S&P BSE Sensex, which opened at 26,469.42 points, closed at 26,283.09 points, down 109.29 points or 0.41% from the previous day's close at 26,392.38 points. The S&P BSE Sensex touched a high of 26,504.73 points and a low of 26,215.16 points in the intra-day trade.
 
Weak sentiments were also witnessed at the wider 50-scrip Nifty of the National Stock Exchange (NSE). The CNX Nifty of the NSE declined by 30.65 points or 0.38% to 7,971.30 points.
 
Analysts pointed out that the negative cues emanating out of Asian markets, especially due to the slide in the Chinese markets, made investors reluctant to chase higher prices.
 
Sector-wise, capital goods, automobile, banks, consumer durables and fast moving consumer goods (FMCG) came under heavy selling pressure.
 
The S&P BSE capital goods index plunged by 176.07 points, the automobile index receded by 138.23 points, the banks contracted by 66.27 points, the consumer durables index declined by 53.94 points and FMCG index tumbled by 31.29 points.
 
On the other hand, healthcare index augmented by 316.06 points, metal index gained by 44.35 points and oil and gas sector was higher by 24.31 points.
 
Major Sensex gainers during Monday's trade were: Lupin, up 3.55% at Rs.1,928.85; Cipla, up 3.30% at Rs681.50; Dr.Reddy's Lab, up 3.15% at Rs4,310.15; Coal India, up 2.50% at Rs366.35; and Vedanta, up 2.34% at Rs.98.60.
 
The major Sensex losers were: BHEL, down 3.45% at Rs226.50; Bharti Airtel, down 2.14% at Rs354.50; Hindalco Industries, down 2.08% at Rs80.05; ICICI Bank, down 1.92% at Rs278.10; and Reliance Industries, down 1.65% at Rs856.80.
 
Among the Asian markets, Japan's Nikkei tumbled by 1.28%. Hong Kong's Hang Seng gained by 0.27%. China's Shanghai Composite Index dropped by 0.78%.
 
In Europe, French CAC 40 tumbled by 0.50% and Germany's DAX Index slipped by 0.43% at close of trading here.
 
The top gainers and top losers of major indices are given in the table below:
 
 
The closing values of major Asian indices are given below:
 

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Maharashtra approved only one degree college in past two years
Maharashtra government, which aims to set up 25 to 30 private universities across the state, has granted permission to just one degree college over the past two years, reveals reply received under RTI
 
While Maharashtra aims to set up 25 to 30 private universities across the state, according to information procured under the Right to Information (RTI) Act, over the past two years, the state government has given approval to just one degree college. 
 
RTI activist, Anil Galgali, who had filed the application, says, since 2014, the Maharashtra government received 298 applications for degree colleges. "During 2014-15, the Higher and Technical Education Department received 130 applications for new colleges. Out of this, only one application from Jalgaon-based North Maharashtra University was approved. Out of the 129 applications, 46 were issued letters of intent (LoIs)," the information provided by the Public Information Officer (PIO) under RTI reveals.
 
"In the year 2015-16, applications for 168 new colleges were submitted to the government, but the government has taken a decision to not give permission to any new college hence all the applications have been reverted back to the respective Universities," the PIO says.
 
The Education Department received 16 applications for new colleges from Aurangabad, 11 from Buldhana, nine each from Pune and Yavatmal, eight from Nashik, seven each from Chandrapur and Akola, six from Mumbai, five each from Hingoli, Solapur and Amravati, four each from Parbhani and Gadchiroli, three each from Nagpur, Latur, Jalgaon, Nandurbar, Osmanabad, two each from Satara, Ahmed Nagar, Nanded, Dhule, Kolhapur, Thane, Beed and one each from Raigad, Vasai, Ratnagiri, Baramati and Sangli districts, the reply received by Galgali shows.
 
Interestingly, majority of the proposals fail to satisfy conditions set by the government's decision. Non-availability of non-agriculture (NA) certificate and documents related with building is one of the most common reasons for not granting permissions, the RTI reveals.
 
According to Galgali, the government's decision to not grant permission to any new college is not correct. "Education as business in Maharashtra has become a fiefdom of few privileged people and the decision of the Government on not granting permission to new colleges is in tune with continued control of the education field for the privileged few," he said.
 
Just last month, Maharashtra Education Minister Vinod Tawde told media that the government was working on a proposal to make the state an education hub. He had said, "Our aim is to set up 25 to 30 private universities in different parts of Maharashtra. I would also like to have a private sports university and a full-fledged university of arts and culture."
 
“We plan to encourage formation of self-financed private universities which will help the state to achieve excellence in higher, technical, professional and management education without creating financial burden on state exchequer,” the minister had said.
 

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Work on 42-km road to start - after 40 years
Work on a 42-km bypass linking the Kerala capital with Tamil Nadu is set to start -- after a wait of 40 long years, Congress MP Shashi Tharoor announced on Monday.
 
A central minister will lay the foundation stone for the project on Tuesday. One part of the stretch will be ready in two years, and the whole road will take four years to be operational.
 
The road would ease the traffic flow into Thiruvananthapuram.
 
"I had to pursue this with two central governments (UPA II and the present NDA government). It took me six years to see this project," the Thiruvananthapuram MP told the media here.
 
"The land for this project was identified and was marked for acquisition more than 35 years back. 
 
"It was from 2009 that I started to pursue the project... The first phase would be over in two years and the second phase in four years," he said. 

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COMMENTS

Dahyabhai S Patel

1 year ago

This is the way for all jobs, small and big, to get them accomplished from governments is like to get exited to work unless bitten severely to have perverted sex!!!!!! When an MP of Tharoor's stature takes this much efforts what to talk about an aam aadmi (common man). And why there should be any foundation stone to be laid, it must simply be started!!!

Meenal Mamdani

1 year ago

It would be hilarious if it was not so tragic.
Inordinate delays also hike up the cost of the projects.
The people who are to benefit from this road could keep an eye on the progress of the road work if they are given the information about the contractor, date of expected completion, a website that they can send their complaints to, etc.
Tharoor is IT savvy. He should put up such a website and get a million unpaid "inspectors" keeping an eagle eye on the work in progress.

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