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.

1774 crores for development in corporations :Bhagat

  • HT Correspondent, Jalandhar
  • |
  • Updated: Nov 23, 2012 21:50 IST

State government has set aside Rs 1,774 crore for the development of eight municipal corporations of the states. Local bodies minister Chunni Lal Bhagat revealed this while talking to media persons here on Friday.


"More than 50% of this amount had already been released to municipal corporations and the balance amount would be released soon," he said revealing that, "937 crores for Amritsar, 396.89 crores for Jalandhar, 418.5 crores for Ludhiana, 235 crores from Bathinda, 118 crores for Patiala, 138 crores for Phagwara, 68 crores for Moga and 62.5 crores for Pathankot corporations had been allocated to ensure development at rapid pace."

"Besides this for Ajitgarh Corporation, the development would be carried out by Greater Mohali Area Development Authority," he added.

The minister, on this occasion, also revealed that keeping environmental issues in mind, the city buses in these cities being plied by corporation would be converted into CNG base.

"For this, department of local bodies had signed a Memorandum of understanding with GAIL (India) Limited, who had setup Compressed Natural Gas (CNG) depot in Jalandhar and Ludhiana,"  he said adding that, "after successful operations in these two cities, this project would be extended to other cities also."

The state government had also been working to install Solid waste management plants in all the major cities of state, the minister replied on a media query.

"The experts are looking into the technical faults emerging at Bathinda plant and hopefully, the snags would be removed in the under-construction solid waste management plant of Jalandhar," he said.

The department has also sought the suggestions from all the municipal councils and corporations for installing meters for domestic water connections.

"All the compiled suggestions would be put before cabinet and then the decision in this regard would be taken," he said.

Regarding implementation of property tax, the minister revealed that the same had been implemented with effect from November 15 in whole state.

Chief parliamentary secretary Som Nath, principal secretary Local Bodies Suresh Kumar, commissioner Jalandhar corporation Vinay Bublani and Jalandhar mayor Sunil Jyoti were among the prominent persons, present on the occasion.

 

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