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Republican Donald Trump’s Surprise Victory demonetizes Equity Positions, says a Market Review

The Indian rupee depreciated by 56 paise to 67.26 against a US dollar from last week's close of 66.70, as the dollar index gained worldwide

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Representational image. Flickr

Mumbai, November 12, 2016: The surprise victory of Republican Donald Trump in the US Presidential election, along with a sudden demonetization of Rs 500 and Rs 1,000 notes, spooked investors into a selling spree and plunged the key Indian equity markets by more than 1.50 percent during the just concluded week.

Besides, a weak rupee and lower crude oil prices, combined with the political and economic backlash of the demonetization move and outflow of foreign funds, dragged the equity markets lower.

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The 30-scrip sensitive index (Sensex) of the BSE closed the week’s trade with a loss of 455.33 points or 1.67 per cent to 26,818.82 points.

Similarly, the 51-scrip Nifty of the National Stock Exchange (NSE) receded by 137.45 points or 1.63 per cent to 8,296.30 points.

“Global stock markets have had a torrid Wednesday given the jitteriness over the outcome of the US election,” D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, told IANS.

“The victory of Donald Trump took market participants around the world by surprise and sent markets into a tailspin. However, the markets recovered after Trump sounded more presidential in his (post-victory) address to Americans.”

Aggarwal added that the domestic markets tumbled on the Modi government’s move to curb black money.

Another major theme last week was the heightened expectations of a possible rate-hike in the US.

A hike can potentially lead foreign portfolio investors (FPI) and funds away from emerging markets such as India. It is also expected to dent the business margins of corporates as access to capital from the US will become more expensive.

“Global markets’ sentiment is negative due to the strong possibility of a rate-hike by the Federal Reserve in December,” stock brokerage firm Angel Broking said in a commentary to IANS.

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In addition, profit booking ahead of a long weekend, rupee depreciation and foreign funds outflow extended the falls.

The Indian rupee depreciated by 56 paise to 67.26 against a US dollar from last week’s close of 66.70, as the dollar index gained worldwide.

In terms of investments, provisional figures from the stock exchanges showed an outflow of Rs 3,923.92 crore in foreign funds.

Figures from the National Securities Depository (NSDL) disclosed that foreign portfolio investors (FPIs) were net sellers of equities worth Rs 1,670.71 crore, or $250.47 million from November 7-11.

However, value buying at lower levels helped the key indices recover.

“On the domestic front, sentiments remained optimistic on the report that retail inflation is expected to soften to 4.1 per cent in October and further ease to a sub-4 per cent level by November-December, largely helped by favorable base effect,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

“Sentiments remained upbeat with Union Finance Minister Arun Jaitley’s statement that tax collections will go up considerably in the medium-to-long term as more people will come under the tax net due to the demonetisation of Rs 500 and Rs 1,000 notes.”

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The top weekly Sensex gainers were led by State Bank of India (SBI), up 12.37 per cent at Rs 272.90, followed by Dr. Reddy’s Lab (up 5.96 per cent at Rs 3,260.65), Tata Steel (up 5.90 per cent at Rs 426.85), Power Grid (up 5.59 per cent at Rs 183.15) and Sun Pharmaceuticals (up 5.55 per cent at Rs 688.95).

The losers were Maruti Suzuki (down 10.12 per cent at Rs 5,136.15), Tata Consultancy Services (TCS) (down 9.66 per cent at Rs 2,105.05), Mahindra and Mahindra (Miamp;M) (down 9.52 per cent at Rs 1,241.85), Hero MotoCorp (down 9.17 per cent at Rs 2,981.75) and HDFC (down 8.25 per cent at Rs 1,271.50). (IANS)

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Arun Jaitley to launch Google payment app ‘Tez’ on Monday 18Sep’17

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Food
Food processing will be a main industry in future: Jaitley

New Delhi, Sep 16 (IANS) Union Finance Minister Arun Jaitley will launch Google’s Unified Payments Interface (UPI)-based digital payment service called “Tez” on Monday, making India’s digital payment ecosystem war even more competitive.

“FM Shri @arunjaitley to launch the Google Digital Payment app ‘TEZ’ on Monday, 18th September, 2017 in the national capital,” the Finance Ministry confirmed in a tweet on Saturday.

The report of Google entering India’s fast growing digital payment ecosystem appeared in the media on Thursday, following which Google India sent out an invite for an event in New Delhi on September 18.

“As we continue to make strides in ensuring that our products continue to serve the needs of everyone, we invite you to a press conference to share details on the launch of a new product developed grounds up for India,” the invite read.

“Tez” (meaning fast in Hindi) may work like Android Pay.

UPI is a payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform.

The other big player to join India’s growing digital payment market is Facebook-owned WhatsApp.

WhatsApp has been in the news for working towards a UPI-based interface on its platform.

According to media reports, the leading messaging platform is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.

According to the blog website “WABetaInfo”, WhatsApp is giving shape to its plans towards bank-to-bank transfer using the UPI system.

Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.

The infrastructure of digital payments in India is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines, the Ministry of Electronics and IT (MeitY) has said.

“We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year,” MeitY Secretary Aruna Sundararajan said. (IANS)

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Raja Chari: Indian American Astronaut chosen by NASA

Raja Chari, an American of Indian descent, has been chosen by NASA as one of the 12 astronauts for a new space mission.

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Raja Chari. Twitter.
  • Raja Chari is an American of Indian descent chosen by NASA for the new batch of astronauts
  • Currently, he is a Lieutenant Colonel in the US Air Force
  • Chari will have to go through two years of astronaut training which begins in August

June 06, 2017: NASA has chosen 12 astronauts out of a record-breaking 18,300 applications for upcoming space missions. An American of Indian descent, Raja Chari, has successfully earned his spot in the top 12.

The astronauts were selected on the basis of expertise, education, and physical tests. This batch of 12 astronauts is the largest group selected by NASA since two decades. The group consisting of 7 men and 5 women surpassed the minimum requirements of NASA.

Born in Waterloo, Iowa, Chari graduated from Air Force Academy in 1999 with a bachelor’s degree in Astronautical Engineering and Engineering Science. He went on to complete his master’s in Aeronautics and Astronautics from Massachusetts Institute of Technology. The astronaut is also a graduate of US Naval Test Pilot School.

Currently, Raja Chari is a Lieutenant Colonel in the US Air Force. He is the commander of 461st Flight Test Squadron and director of the F-35 Integrated Test Force at Edwards Air Force Base in California.

After Late Kalpana Chawla, Lt. Col. Raja Chari is the second Indian American astronaut chosen by NASA.

The 12 astronauts will have to go through two years of training. Upon completion, they will be assigned their missions ranging from research at the International Space Station, launching from American soil on spacecraft by private companies, to flying on deep space missions on NASA’s Orion Spacecraft.

The US Vice-President Mike Pence visited the Johnson Space Centre in Houston to announce and congratulate the new batch. Pence also said that President Trump is “fully committed” to NASA’s missions in space.

by Saksham Narula of NewsGram. Twitter: @Saksham2393

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Over 5,000 Plant Varieties in Last 3 Years sent in by Tribal Farmers to protect the species : Minister

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Tribal Farmers
tribal farmers submitted more than 5,000 plant varieties in last three years (representational Image). Wikimedia

New Delhi, June 8, 2017: Union Agriculture Minister Radha Mohan Singh on Wednesday said tribal farmers submitted more than 5,000 plant varieties in last three years through Krishi Vigyan Kendras for registration at the Protection of Plant Variety and Farmers Rights Authority.

It will play an important role in the development of climate resilient and sustainable varieties in future, he said at the National Workshop on Empowerment of Farmers of Tribal Areas here.

“New technological innovations in agriculture must reach to the fields of tribal areas but before taking such steps we must keep in mind the unique conditions of these areas, which are the gift of nature and therefore, we should promote natural farming in those areas,” he said, as per an official release. (IANS)

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