Sensex gains 63 points in opening trade

MUMBAI: The BSE benchmark Sensex rose by over 63 points in opening trade on Friday on bargain buying by funds and retail investors, triggered by a firming trend on other Asian bourses.

The Sensex, which has lost nearly 575 points during the past three sessions, rose by 63.60 points, or 0.36 per cent, to 17,526.64 points today. Auto, FMCG, capital goods and oil and gas sector stocks led the recovery.

Similarly, the broad-based National Stock Exchange Nifty index moved up by 22.30 points to 5,248.10 points.

Marketmen said bargain buying at selective counters by funds and retail investors at attractive levels and gains in other Asian markets helped the domestic equity market to stage a moderate comeback.

However, fears of disappointing industrial output data for the month of December, to be released later today, kept participants cautious.

In the Asian region, Hong Kong's Hang Seng was up by 0.43 per cent in early trade on Friday, while Japan's Nikkei was closed for a public holiday.

The US Dow Jones Industrial average ended 0.09 per cent lower in Thursday's trade.

TOI

Sensex dips for the 3rd day; falls another 130 points

MUMBAI: The BSE benchmark sensex fell for the third straight day today, losing 130 points to 17,463.04, despite a dip in food inflation as investors remained unsure of strong corporate earnings in the face of high interest rates.

Besides, high oil prices and a widening probe in the spectrum scam kept the investor sentiment damp.

The Bombay Stock Exchange benchmark sensex, which had lost nearly 445 points in last two trading session, rolled down further by 129.73 points, or 0.74%, to 17,463.04, a level last seen on July 7, last year.

The barometer touched the day's low of 17,362.59 before recovering a bit following an upsurge in the hard hit Anil Ambani group companies -- Reliance Infra, Reliance Com, Reliance Broadcast, Reliance Capital and Reliance Mediaworks.

The gauge has fallen 7.5% since the Reserve Bank of India raised key interest rates on January 25 for the seventh time since March and indicated more hikes in futures to curb overall inflation.

The food inflation, however, dipped to 7-week low of 13.07% for the week ended January 29, but failed to influence the trading sentiment as reports of the third quarter earnings by the Indian Oil failed to meet market expectations.

The broad-based National Stock Exchange index Nifty lost 27.75 points, or 0.53% to 5,225.80. It touched the day's low of 5,196.80.

The tech sector index suffered the most by falling 1.54% to 3,596.07, followed by IT index -- 1.53% to 6,147.54. The realty sector fell 1.03% to 2,063.16 and oil and gas index by 0.81% to 9,138.95.

The oil major and most index heaviest Reliance Industries fell by Rs 12.10 to Rs 899.75 and second-heaviest software major Infosys by Rs 70.95 to Rs 3,056.05. The two carry nearly 23% weightage on the Sensex.

The banking index fell by 0.31% to 11,442.33 as the heavy-weight State Bank of India dropped Rs 94.25 to Rs 2,496.65, the most in a month.

Food inflation at 7-week low of 13.07%

NEW DELHI: Food inflation fell to a seven week low 13.07% for the week ended January 29 as pulses turned cheaper, even as vegetables remain costly.

Snapping the two week rising trend, food inflation fell nearly 4 percentage points in the week from 17.05% in the week ended January 22.

On an annual basis, prices of potatoes declined 8.87%, while pulses fell 8.63% and wheat by 3.58%, data released by the government showed.

Prices on onion, which had more than doubled in the week ended January 22, eased in the subsequent week. However, onions continued to remain dearer by 78.64% for the week ended January 29.

Vegetables as a whole have turned costlier by 44.34% on an annual basis.

Fruits and milk became costlier by 10.46% and 11.66% on a year on year basis respectively.

TOI

India, Pakistan agree to resume dialogue

ISLAMABAD: Pakistan confirmed on Thursday an agreement with India to resume dialogue "on all issues", more than two years after peace talks collapsed, and said its foreign minister would visit India by July.

Pakistan's foreign ministry made the announcement in a statement that followed a meeting on Sunday between the two countries' top foreign ministry civil servants in Bhutan, where the two prime ministers also met in April 2010.

"They have agreed to resume dialogue on all issues following the spirit of the Thimphu meeting between the two prime ministers," said the statement.

"The foreign minister of Pakistan will visit India by July 2011 to review progress in the dialogue process with his counterpart. This will be preceded by a meeting of the two foreign secretaries," it added.

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Set up special court for 2G scam: SC to govt

NEW DELHI: The Supreme Court on Thursday asked the government to constitute a special court exclusively for dealing with 2G spectrum case.

The CBI will file the first chargesheet in 2G spectrum scam against former telecom minister A Raja and others under Prevention of Corruption Act (PCA) for cheating and forgery by March 31, the Supreme Court was told.

The apex court said it favours a CBI probe that also covers culpability of beneficiaries of the scam as they are part of larger conspiracy. The court added that the agency must have a free hand to question anyone.

"It appears that their freedom is curtailed as it is seeking short remand of the accused," the court said.

"We have large number of persons who think themselves to be the law. Law must catch them. Merely their being in the list of Forbes or millionaires does not make difference," the Supreme Court added.

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Chhattisgarh HC rejects Binayak Sen's bail plea

NEW DELHI: The Chhattisgarh High Court on Thursday dismissed the bail application of civil rights activist Dr Binayak Sen, which the state government had opposed on the grounds of his links with the Maoists.

Sen is at present lodged in a jail in state capital Raipur following his sentencing to life term by a trial court on Dec 24 for sedition and over his links with Maoist ideologue Narayan Sanyal.

Additional Advocate General Kishore Bhaduri, representing the Chhattisgarh government, on Wednesday told the division bench of Justice T.P. Sharma and Justice R.L. Jhanwar, that Sen had strong links with the Maoists.

He said the seized documents and other evidence were sufficient for "not suspending the sentence awarded to him by the trial court".

"Sen is a doctor by profession. But during the search at his residence, we could not find the stethoscope, any medical paper or other materials that are usually found with doctors," the prosecution counsel argued.

"It's not just a simple case of a doctor engaged in social service," he told the court.

"The trial court has already convicted Sen on charges of sedition. The documents seized and the circumstances in totality qualify for the requirement for conviction on the charges of sedition," he said.

The prosecution counsel told the court that "Rupantar" - a social organisation with which Sen and his wife were closely associated - have a few members who have Maoist connections.

He sought to quote a statement by Maoist leader Gopanna in a case in Andhra Pradesh to point out that a few NGOs and social organisations have connection with the Maoists. "We have evidence to show that they are pampering them," he added.

The defence argued hat the statement of another convict Piyush Guha - from whom police seized some incriminating letters - could not be relied upon as credible evidence as he had made the statement while in police custody.

The prosecution said: "Guha was brought to the police station as he was found in possession of certain letters. During preliminary interrogation, he told the police that it was Sen who handed over Sanyal's letters to him."

"Guha's statement led the police to Sen. At the time when Guha made the statement, no first information report (FIR) was registered, hence it can't be said that he made the statement while in police custody," the prosecution argued.

The court reserved its order after Bhaduri concluded his arguments.

Noted lawyer Ram Jethmalani Jan 24 argued for Sen's bail, highlighting loopholes in the trial court verdict.

He termed Sen's conviction as "a case of no evidence" and "political prosecution".

TOI