Sensex falls 4.22 pc loss on interest worries continue

STAFF WRITER 12:46 HRS IST

Mumbai, Jan 15 (PTI) Expectation of hike in interest rates, persistent heavy selling pressure from Foreign funds amid disappointing Quarter three results from IT bellwether Infosys Technologies pulled down the BSE benchmark Sensex by another 831 points or 4.22 per cent.

All indices ended in red due to heavy selling pressure from investors. Capital Goods, Realty, Banking, Oil&Gas, PSU, Power sectors were the major contributors to the sensex fall.

"The inflation rate for December has turned out to be much higher than what was originally expected... Given the present situation, perhaps some tightening on the part of the Reserve Bank may be required," Prime Minister's Economic Advisory Council Chairman C Rangarajan told PTI.

The overall inflation for December, measured on the basis of wholesale prices, increased to 8.43 per cent in December, from 7.48 per cent in November.

Foreign Institutional Investors (FIIs) continued their selling spree during the week.

Snowfall in Shimla raises tourists' ecstacy

SHIMLA/MANALI: A thick blanket of mist enveloped the queen of hills on Saturday and rainfall with thunderstorm and intermittent sleet showers lashed the city in the morning. By afternoon snowfall had started in Shimla. While heavy snowfall in Manali and surroundings kept the tourists and locals indoors, tourists at Dharamsala too were elated as the town received snowfall after a gap of several years.

Strong icy winds sweeping the state has plummeted the mercury. While the Kufri near Shimla is covered under snow, Manali so far has received around a foot snow while it is still continuing. Mall road and other tourist spots are boring deserted look in Manali as tourists are not coming out of their hotel rooms.

People in Dharamsala and Palampur area were left pleasantly surprised to find snowfall in the morning hours. Snowfall was received upto Kotwali bazar.

In Lahaul valley of Lahaul-Spiti district, heavy snowfall has crippled the normal life and there is threat of avalanches for which administration has already issued warnings to people to stay indoors.

In Shimla, chilly weather has kept residents of the city indoors and an erratic supply of electricity in some areas of Shimla added to the woes of people. Adjoining areas of Shimla including Kandhaghat, Solan, and Shogi also reported showers throughout the day. The lower areas in Shimla received rainfall while some areas of the upper Shimla district including Kufri, Narkanda, Jubbal, Chopal, Kothkhai and Kharapathar reported snowfall since Saturday morning.

The local met officials in Shimla said that all the lower areas of Himachal have received rainfall with the higher reaches experiencing snowfall. According to the latest information received, higher reaches of Kinnaur including Kalpa reported a snowfall of 21cm, Sangla12cm and Keylong 45 cm. According to the forecast by the met department, lower areas will continue to receive rainfall and higher reaches in the state will continue to experience snowfall.

Read more: Snowfall in Shimla raises tourists' ecstacy - The Times of India http://timesofindia.indiatimes.com/india/Snowfall-in-Shimla-raises-tourists-ecstacy/articleshow/7291462.cms#ixzz1B69yjJSM