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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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Sanitization to Fight Coronavius Begins in UP

Massive sanitization drive begins in UP

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A massive sanitization drive began in major cities in Uttar Pradesh on Friday. (Representation Image). Pixabay

A massive sanitization drive began in major cities in Uttar Pradesh on Friday. This is the latest news in India.

Rajkumar Vishwakarma, DG, fire services, told reporters that sanitization was being done with sodium hypochlorite and fire personnel had been instructed to take care and not to spray the disinfectant on human beings and animals.

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The sanitization will be done using sodium hypochlorite. (Representational Image). Pixabay

Spraying will also not be done inside any building due to electrical connections.

Fire personnel have been asked to take photographs and post it on WhatsApp media groups. They have been asked to avoid calling the media personnel to the sanitisation sites to avoid risks.

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Earlier this week, about 50 migrant workers who were at a bus station in Bareilly, were sprayed with sodium hypochlorite by the sanitisation staff. Those who were sprayed, including children, complained of itching in the eyes and rashes on the body.

Also Read- UNHRC Chief Michele Bachelet: India’s Lockdown Has Implementation Challenges

Chief minister Yogi Adityanath had expressed his concern over the incident and assured action against the guilty.

District magistrate Bareilly, Nitish Kumar said that the incident happened due to ‘over-zealous’ workers. (IANS)

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People Have Faith in Modi Government to Handle COVID-19 Crisis

Over 83% trust Modi govt will handle COVID-19 crisis well

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The Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic. Wikimedia Commons

As the Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic, 83.5 per cent people from various states “trust in government” in handling the crisis.

The findings came out in the IANS-CVoter exclusive tracker on COVID-19 Wave 2 survey conducted during last seven days among 18 plus adults nationwide. The findings and projections are based on Computer-Assisted Telephone Interviewing (CATI).

Replying to a question “I think Indian government is handling the coronavirus well”, 83.5 per cent people agreed that they trust in government’s steps being taken in fight against the deadly disease, and 9.4 per cent expressed their disagreement. The survey was conducted on March 26 and 27. Of the 83.5 per cent who showed their trust in government, 66.4 per cent strongly agree with the opinion and 17.1 agree with the view.

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A similar survey on the same question done on March 17 and 18 showed that 83.6 per cent people expressed their trust in government in fight against the pandemic which so far has claimed 29 lives and over 1,000 conformed cases. A total of 13.7 per cent people expressed their disagreement.

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83.5 per cent people from various states trust the Modi government in handling the COVID-19 crisis. Wikimedia Commons

As per the tracker, the data is weighted to the known demographic profile of the states. Sometimes the table figures do not sum to 100 due to the effects of rounding, it says. “Our final data file has socio-economic profile within plus 1 per cent of the demographic profile of the state. We believe this will give the closest possible trends.”

The Tracking Pol fieldwork covers random probability samples during the last seven days from the release date and that the sample spread is across all assembly segments across all states. This survey covers all states in India and was conducted in 10 languages as part of our routine OmniBus, it says.

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“This is a thorough random probability sample; and we are ensuring a proper representative analysis by statistical weighing of the data to make it representative of the local population as per the latest census and or other available demographic benchmarks.”

Also Read- Castro Gang Murders: How Cuba Eliminated An Opposition

The data clarified that it strictly follows the WAPOR code of conduct (World Association of Public Opinion Research) for our ethical and transparent scientific practices and have incorporated the PCI (Press Council of India ) guidelines as our SOP (Standard Operating Procedures). (IANS)

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Aadhaar Helpline Mystery: French Security Expert Tweets of doing a Full Disclosure Tomorrow about Code of the Google SetUP Wizard App

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Google comes up with a new feature

Google’s admission that it had in 2014 inadvertently coded the 112 distress number and the UIDAI helpline number into its setup wizard for Android devices triggered another controversy on Saturday as India’s telecom regulator had only recommended the use of 112 as an emergency number in April 2015.

After a large section of smartphone users in India saw a toll-free helpline number of UIDAI saved in their phone-books by default, Google issued a statement, saying its “internal review revealed that in 2014, the then UIDAI helpline number and the 112 distress helpline number were inadvertently coded into the SetUp wizard of the Android release given to OEMs for use in India and has remained there since”.

Aadhaar Helpline Number Mystery: French security expert tweets of doing a full disclosure tomorrow about Code of the Google SetUP Wizard App, Image: Wikimedia Commons.

However, the Telecom Regulatory Authority of India (TRAI) recommended only in April 2015 that the number 112 be adopted as the single emergency number for the country.

According to Google, “since the numbers get listed on a user’s contact list, these get  transferred accordingly to the contacts on any new device”.

Google was yet to comment on the new development.

Meanwhile, French security expert that goes by the name of Elliot Alderson and has been at the core of the entire Aadhaar controversy, tweeted on Saturday: “I just found something interesting. I will probably do full disclosure tomorrow”.

“I’m digging into the code of the @Google SetupWizard app and I found that”.

“As far as I can see this object is not used in the current code, so there is no implications. This is just a poor coding practice in term of security,” he further tweeted.

On Friday, both the Unique Identification Authority of India (UIDAI) as well as the telecom operators washed their hand of the issue.

While the telecom industry denied any role in the strange incident, the UIDAI said that he strange incident, the UIDAI said that some vested interests were trying to create “unwarranted confusion” in the public and clarified that it had not asked any manufacturer or telecom service provider to provide any such facility.

Twitter was abuzz with the new development after a huge uproar due to Telecom Regulatory Authority of India (TRAI) Chairman R.S. Sharma’s open Aadhaar challenge to critics and hackers.

Ethical hackers exposed at least 14 personal details of the TRAI Chairman, including mobile numbers, home address, date of birth, PAN number and voter ID among others. (IANS)

Also Read: Why India Is Still Nowhere Near Securing Its Citizens’ Data?