The benchmark BSE Sensex plummeted by 562.88 points on Friday to hit nearly 14-month low of 25,201.90 amid heavy selling in global equities ahead of the US jobs report.

    Friday's closing was the lowest level since July 14, 2014 when the index had closed at 25,006.98.

    Experts say a strong non-farm payrolls data is expected to allow Federal Reserve to consider a September rate hike.

    "The global risk is getting highlighted with the focus mounting on the prospects of a US rate hike soon," said Vinod Nair,  head - fundamental research at Geojit BNP Paribas Financial.

    Fresh weakness in the rupee against dollar also weighed.

    On a weekly basis, the Sensex lost 1,190.48 points or 4.51% and Nifty fell 346.90 points or 4.33%. This is the fourth straight weekly plunge for both the indices.

    On the day, the NSE Nifty also cracked the 7,700-level.

    Gaurav Jain, director of Hem Securities, blamed continued selling pressure by the foreign investors, weakness in rupee and global jitters for the sell-off.

    The 30-share index stayed in the negative zone for most part of the day and touched a low of 25,119.06 before ending at 25,201.90, a steep fall of 562.88 points or 2.18%.

    The gauge had gained 311.22 points in Thursday's trade.

    The broader NSE Nifty also succumbed to all-round selling and slipped below the crucial 7,700-mark to settle the session 167.95 points or 2.15% down at 7,655.05.

    In broader markets, small-cap and mid-cap indices closed lower by 2.47% and 1.90%, respectively.

    Vedanta was the top Sensex loser, tumbling 4.84%, followed by GAIL 4.73%.

    Out of 30-share Sensex pack, 28 fell, while only Bharti Airtel and Coal India managed to buck the trend.

    Sectorally, BSE realty index suffered the most by plunging 3.32%, followed by infra 3.24%, power 3.03%, bankex 2.65%, healthcare 2.42% and IT 2.34%.

    Among other Asian markets, Japan's Nikkei fell 2.15% and Hong Kong's Hang Seng shed 0.45%, while Chinese financial markets remained closed on Friday.

    European markets were also in deep red on anticipations of a strong US jobs data.

Himachal postpones food security scheme launch

  • Naresh K Thakur, Hindustan Times, Dharamsala
  • |
  • Updated: Aug 18, 2013 00:40 IST

The 36 lakh people of the hill state will have to wait for another few days to get their share of foodgrains at affordable prices as launching of the National Food Security Ordinance (NFSO) in Himachal is likely to be delayed due to the ongoing debate on the bill in Parliament.

The state government had decided to launch the scheme on August 20 - the birth anniversary of former Prime Minister Rajiv Gandhi. However, the launch may get postponed to last week even if the discussion on the bill gets over before the scheduled date of launching the scheme as the monsoon session of the state assembly is starting on August 21.

“The launching of NFSO in the state may be delayed for a few days as discussion on the issue is still going on in Parliament,” said food and civil supply minister GS Bali, adding that it won't be appropriate to launch the scheme in a hurry.

Bali said the state government will wait for few more days for the formal launch of the scheme.

“We will be waiting until picture on the issue gets clear in Parliament,” he said. Bali said the debate on the ordinance is likely to be prolonged and after that voting is also to be held on it.

“In between, the monsoon session of Himachal Pradesh legislative assembly is also starting so the launching may get delayed by a few more days,” Bali said.

He claimed that the state food and civil supply department was fully prepared for the launch and guidelines regarding the implementation were already formulated and sent to the government of India.

Bali said 36 lakh population of the state would be covered under the ordinance. “The remaining 32 lakh people belonging to above poverty line (APL) will be covered under the state-sponsored targeted public distribution system.

“We will continue the already existing scheme for APL families and later efforts will be made to bring the entire population of the state under NFSO,” said Bali.

Speaking on the disrupted supply of levy sugar in the state, Bali said the delivery of the sugar had already been started. The company that had been awarded the work and distribution of the same would start shortly.

“High quality sugar is being provided to the people of the state and the pending quota of three months will be distributed simultaneously,” he added.

Bali, who also holds the portfolio of technical education and transport minister, further said there were some practical difficulties in the site earlier selected for setting up Himachal Pradesh Technical University in Hamirpur so the district administration has been directed to identify some alternative land for the purpose.

Coming to the transport department, Bali said he had issued directions to the officials to properly check driving licences of earth movers.


also read

Govt's decision on OROP expected any time soon

blog comments powered by Disqus