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A bulletin issued at 1.30 p.m. today by the India Meteorological Department revealed that the low-pressure area over Southeast Jharkhand & neighbourhood with the associated cyclonic circulation extending up to 7.6 km above mean sea level is tilting southwestwards with height persists. The monsoon trough at mean sea level passed through Jaisalmer, Kota, Tikamgarh, Sidhi, the center of the low-pressure Area over Southeast Jharkhand, Digha and thence southeastwards to the East-central Bay of Bengal.  

With this, the southwest monsoon is active in Odisha, said the IMD. 

The weatherman issued an orange warning of heavy to very heavy rainfall to occur at one or two places over the districts of Sundargarh and Jharsuguda till tomorrow morning. Besides, it also issued a yellow warning of heavy rainfall (7 to 11 cm) to very likely to occur at one or two places over the districts of Nawarangpur, Nuapada, Kalahandi, Bolangir, Bargarh, Sambalpur, Deogarh, Keonjhar and Mayurbhanj.

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Similarly, the IMD issued a yellow warning of heavy rainfall (7 to 11cm) very likely to occur at one or two places over the districts of Mayurbhanj, Keonjhar, Sundargarh and Jharsuguda till September 23 morning.

Similarly, light to moderate rainfall has been predicted to occur in north, south and coastal parts of Odisha in the following three days till September 26 morning, predicted the IMD. 

The Commerce and Industry Ministry today announced that the country won the bid to hold this event on a presentation from the National Council for Cement and Building Materials along with IIT Delhi.

The decision was announced on 20th September 2023 at Bangkok, Thailand during the 16th ICCC.

India defeated Switzerland and the United Arab Emirates to win the bid. The ICCC is regarded as the largest and the most prestigious event in the area of Cement and Concrete.

India is the fifth largest economy today and is likely to become third largest by the next five years and its cement industry is second largest in the world with installed cement capacity of 600 million tonnes, sources said. 

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Nifty continued its downward journey to close with a loss of 159 points (-0.8 per cent) at 19,742 levels, while Sensex plunged 570.60 points (-0.85 per cent) to settle at 66,230, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Selling was seen across the sector including broader markets. Banking, auto, financial services, and realty were the major losers on Thursday.

The market fell by 2.2 per cent in the last three days amid profit booking at higher levels, Khemka said.

Uncertain global cues and persistent selling by FIIs are likely to keep markets under pressure in the near term. It would be better to prefer defensive sectors for some time until the market stabilises. Investors should also take cues from the Bank of England’s interest rate decision that is due later on Thursday, he added.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said that Bank Nifty experienced a significant correction during the day, with the banking benchmark index dropping below the 45,000-mark for the first time in several days.

The Relative Strength Index (RSI) is signalling bearishness with a bearish crossover on the daily timeframe. In the short term, it could potentially move towards 44,000 on the lower end, while encountering resistance at 45,000 on the higher end, Shah said. (IANS)

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