Tuesday, November 23, 2010

Battle for Bihar: JD(U)-BJP combine takes lead in early trends

PATNA: Bihar chief minister Nitish Kumar's ruling alliance seemed headed for victory in assembly elections, with its candidates far ahead in 65 of the 89 seats where early trends were available.

Exit polls have predicted a clear win for Nitish Kumar's Janata Dal-United (JD-U) and its ally the Bharatiya Janata Party (BJP), which took office in 2005.

The main opposition combine of Lalu Prasad's Rashtriya Janata Dal (RJD) and Ram Vilas Paswan's Lok Janshakti Party (LJP) were a poor second across the state.

Election officials said the RJD and LJP appeared to be performing poorly even in some of their known strongholds.

The BJP said in New Delhi that the ruling alliance was poised for an emphatic win.

"The JD-U and BJP are headed for a historic victory," BJP spokesman Prakash Javadekar said in New Delhi. "People are voting for an alliance that brought development as well as law and order to Bihar."

He said the people had clearly voted against the RJD's "15 years of jungle raj" - referring to the long rule of Lalu Prasad and his wife Rabri Devi.

Candidates of the Congress, a party which in recent decades has become an also-ran in Bihar, were ahead in three seats, the officials said.

Former chief minister Rabri Devi was trailing in one of the two constituencies from where she contested.

More than half of over 55 million electorate in Bihar voted from Oct 21 and Nov 20 to elect a new 243-member assembly.

Counting of votes for all 243 assembly constituencies in Bihar began on Wednesday morning amidst tight security.

Counting for the Banka parliamentary constituency, where a byelection was held, began simultaneously at 8am, additional chief electoral officer Kumar Anshumali said here.

Counting has been taken up in 42 centres, mostly in the district headquarters towns, where central para-military forces have been deployed, he said.

For each of the 243 constituencies, there are 14 tables each manned by two counting staff and a special counting micro observer.

In the outgoing House, the ruling parties JD(U) and BJP have 88 and 55 seats respectively. RJD and Ram Vilas Paswan's LJP have 54 and 10 respectively. Congress has nine seats.

122 is the magic mark required for any coalition or party to form a government.

The electoral fate of former chief minister and RJD candidate Rabri Devi, who contested from Raghopur and Sonepur, besides 25 ministers belonging to the BJP and JD(U) will be decided. The outgoing cabinet has a total of 34 ministers. One of them has died. The others are MLCs and did not contest.

Outgoing chief minister Nitish Kumar is a MLC and has not contested the elections. He has another year to go as MLC.

His deputy Sushil Modi has also not contested the elections. He is a MLC.

RJD chief Lalu Prasad and LJP chief Ramvilas Paswan have also not contested. They are Lok Sabha members from the Saran and Hajipur seats respectively.

The Congress is the only party which fielded candidates in all 243 constituencies followed by the BSP which contested 239 seats. The JD(U) contested 141 seats and its ally BJP 102.

RJD contested 168 seats and ally LJP in 75. The six phase polls ended on Saturday with an average voter turnout of 52 per cent.

Read more: Battle for Bihar: JD(U)-BJP combine takes lead in early trends - The Times of India http://timesofindia.indiatimes.com/india/Battle-for-Bihar-JDU-BJP-combine-takes-lead-in-early-trends/articleshow/6979480.cms#ixzz16AbPBtTf

Monday, November 22, 2010

Sensex opens 205 points down on profit-booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Tuesday fell by over 205 points in the opening trade, largely on profit-booking.

The 30-share barometer, which had gained 372.15 points in the previous trading, was quoting at 19,785.34 points in the opening trade, down by 205.20 points from Monday's close.

Similarly, the wide-based National stock Exchange index Nifty also fell by 70.10 points to 5,939.90.

Brokers said fresh bout of selling by funds and retailers on prevailing levels amid weak trend in global markets weighed down the trading sentiments.

Besides, political uncertainty following 2G spectrum allotment, also triggered selling.

All the sectoral indices, led by realty, banking and metal stocks were trading in negative zone with losses up to 2.03 per cent.

In other Asian markets, the Hong Kong's Hang Seng index was quoting down by 1.23 per cent in the morning trade. Japanese markets are closed today. In the US, Dow Jones Industrial Average shed 0.22 per cent in Monday's trade.

Read more: Sensex opens 205 points down on profit-booking - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-opens-205-points-down-on-profit-booking-/articleshow/6973845.cms#ixzz164pOpruw

Sensex rise most in 2 weeks on investor buying, global cues

MUMBAI: The Bombay Stock Exchange benchmark Sensex today surged by over 372 points, steepest advance in more than two weeks, on brisk buying as investors judged the recent fall an overdone amid a firming Asian trend.

The Sensex, which had plunged to two-month low in the previous week, bounced back and gained by 372.15 to 19,957.59, its biggest surge since November 4, backed by Reliance Industries, Infosys Technologies and leading financial stocks.

The broad-based National Stock Exchange index Nifty also rose by 119.70 points to 6,010 as investors viewed the recent correction in the markets as a good entry point for picking fundamentally strong shares.

European equities rallied in opening deals as investors welcomed the news that crisis-hit Ireland formally applied for a bailout from the debt crisis.

The heaviest-weighed on the Sensex, Reliance Industries advanced 1.53 per cent to Rs 1,012.10, its biggest gain since November 4, on reports that the company restarted one of its crude distillation units and a coker at its Jamnagar refinery.

The second-heaviest Infosys spurted by 2.55% to Rs 3,042.10. The two stocks carry nearly 23% weightage on the benchmark.

In the 30-BSE index components, 27 stocks closed higher while three ended in negative zone.

The banking sector index gained the most by 2.64% to 14,066.42 as stocks of private lenders - HDFC Bank, ICICI Bank and HDFC Ltd recorded handsome gains.

The consumer durable index was second best performer by adding 2.59 per cent to 6,623.42 followed by information technology sector index by 2.50% to 6,036.95. Tech index rose by 2.22% to 3,697.87.

The IT and tech sector shares were in demand following a weak rupee against the dollar on expectations of a higher revenue. The Indian software export get over 50 per cent revenue from the U.S. and European markets.

The realty sector index rose by 2.01% to 3,237.24 as Lanco Infratech gained 2.11% to Rs 65.40, its highest close since October 27 on reports the government selected seven companies including Lanco, to build 470 megawatt of solar power capacity.

As the buying activity spilled over a wide-front, smallcap sector index rose by 1.46% to 10,387.24 and midcap index by 1.28% to 8,180.48.

Read more: Sensex rise most in 2 weeks on investor buying, global cues - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-rise-most-in-2-weeks-on-investor-buying-global-cues-/articleshow/6969952.cms#ixzz160fzSXsS

Sunday, November 21, 2010

Rupee gains 6 paise against dollar in early trade

MUMBAI: The Indian Rupee regained strength to trade 6 paise higher at Rs 45.23 against the US dollar at the Interbank Foreign Exchange market in the morning trade today, tracking gains in other Asian currencies.

Dealer said firm opening of the stock exchanges and dollar's losses against other Asian currencies kept the rupee sentiment firm.

The rupee had lost 7 paise to close at Rs 45.29/30 against the US currency in the previous session on strong dollar demand from importers amid sharp fall in stock markets.

Meanwhile, the Bombay Stock Exchange index Sensex recovered by 170.53 points or 0.87 per cent to 19,755.97 level in the opening trade today.

Read more: Rupee gains 6 paise against dollar in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-6-paise-against-dollar-in-early-trade/articleshow/6967819.cms#ixzz15z1HVpbg