In Roller-Coaster Ride, Sensex Jumps 694 Points; Investors Eye US Elections

by Hemanta Pande

NEWS HIGHLIGHTS

Sensex finally closed the day at 79,476.63 points, up 694.39 points or 0.88 per cent, 24,213.30 points, up 217.95 points or 0.91 per cent.

New Delhi, Nov 5: In a roller-coaster ride, stock indices in India swung between red and green on Tuesday's session.

Sensex finally closed the day at 79,476.63 points, up 694.39 points or 0.88 per cent, 24,213.30 points, up 217.95 points or 0.91 per cent. Benchmark Sensex is however some distance behind its all-time high of 85,978 points.

Nifty Bank, Financial Services, Metal, PSU Bank, and Private Bank were the top movers, NSE data showed.

In a highly volatile trade yesterday, Indian stock indices hovered substantially lower, largely due to sustained selling by foreign portfolio investors. At one point during the session, Sensex was about 1,500 points lower, but it was able to pare some of the losses later. Foreign fund outflows have been a concern over the past month.

Foreign portfolio investors (FPIs) sold stocks worth Rs 94,017 crore in India through October, suppressing the stock market's overall performance. In the process, they became net sellers in India, after having remained buyers for four months. Important to mention is that the total stocks they sold in India in October were the highest-ever in a month, National Securities Depository Limited data showed.

"It is important to understand that India's underperformance is striking: while S&P 500 is up 20.45 per cent YTD Nifty is up by only 10.36 per cent YTD. Clearly, domestic issues are weighing on markets. With two thirds of Nifty 50 companies missing their earnings estimates in Q2, Nifty 50 earnings for FY25 has been drastically revised down to less than 10 per cent from the consensus 15 per cent earlier," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"With this kind of earnings downgrade it would be difficult to sustain the current valuation. This is the rationale of the relentless FII selling which might continue for some more time," said Vijayakumar.

Going ahead, investors, both in India and across the world, will be looking at the US election of November 5, being closely contested between the presidential candidates, Kamala Harris and Donald Trump, and the US Fed monetary policy meeting Thursday. Also, earnings of India Inc. will be on the radar. (ANI)

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ACA plans Afro-Asia Cup return and launch of Africa Premier League

by Shambhu Datta Mishra

Harare, Nov 5: The Afro-Asia Cup, last held nearly two decades ago, is on the verge of revival as the Africa Cricket Association (ACA) considers an alliance with the Asian Cricket Council (ACC) to resurrect the series.

The ACA, which convened its Annual General Meeting (AGM) on Monday, has set an ambitious agenda, including restructuring the association and expanding competitive opportunities across the continent.

At the top of its list is rekindling the Afro-Asia Cup and launching a new T20 league — the Africa Premier League — modelled on the Indian Premier League (IPL).

The Afro-Asia Cup is a unique cricket series that features teams from Asia and Africa, bringing together players from cricketing powerhouses and developing nations alike. The tournament has only been held twice, in 2005 and 2007, and has not seen a third edition since, despite strong initial fan support.

In the 2005 series held in South Africa, Asia and Africa split the series after the third match was rained out, while in 2007, the Asia XI swept the series 3-0 in India. The series featured cricket icons like Inzamam-ul-Haq, Rahul Dravid, M.S. Dhoni, and Sachin Tendulkar on the Asia XI and top African players such as Shaun Pollock and Makhaya Ntini.

In addition to offering financial rewards, the tournament provides a rare chance for cricketing ties between India and Pakistan, whose bilateral relations have been limited to ICC events due to geopolitical tensions since 2008. An Afro-Asia Cup would allow players from both nations to join forces, generating excitement among fans and helping to bridge divides through the game.

According to ACA’s interim chair, Tavengwa Mukuhlani, discussions with the ACC and African stakeholders are underway. “We have had conversations with our counterparts within the Asia Cricket Council (ACA), and both regions are keen to see the Afro-Asia Cup return,” Mukuhlani was quoted by ESPNcricinfo as saying.

Although ACC representatives have yet to respond to the proposal, the ACA is optimistic about formalizing a partnership soon.

The ACA is also planning the Africa Premier League, a franchise-based T20 competition inspired by the IPL model. ACA CEO Cassim Suliman announced that preliminary steps, including securing sponsorships, are in progress.

“It’s the mini version of the IPL,” Suliman explained. “We are working on sponsorships to ensure everyone benefits. The board will decide the host countries and facilities, and we’re focused on making a strong first impression to set the ball rolling.”

The Africa Premier League will be the second major franchise league in Africa, following South Africa’s SA20. Mukuhlani, who also chairs Zimbabwe Cricket, expressed enthusiasm for South Africa and Zimbabwe’s involvement. “The participation of South Africa and Zimbabwe gives context to the competition, and upcoming teams will gain valuable experience playing alongside these teams,” he said.

Though still in its early stages, the Africa Premier League is expected to drive viewership and fan engagement for African cricket, much like the IPL has done in India.

(IANS)

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Winter Session of Parliament To Commence From Nov 25, To Continue Till Dec 20

by Shambhu Datta Mishra

New Delhi, Nov 5: The Winter Session of the Parliament will commence from November 25 and will continue till December 20, Union Minister of Parliamentary Affairs, Kiren Rijiju said Tuesday.

In a post on X, Rijiju said, "President, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Winter Session, 2024 from 25th November to 20th December, 2024 (subject to exigencies of parliamentary business)."

He also mentioned that November 26 (Constitution Day), 75th Anniversary of the adoption of Constitution, the event would be celebrated in the Central Hall of Samvidhan Sadan.

During the winter session the Govt will make an effort to pass the Waqf Ammendment Bill which is currently with the JPC of the house.

During the session, the government could also look to introduce One Nation One Election bill.

Recently, Prime Minister Narendra Modi highlighted that his government was working towards achieving One Nation One Poll which will ensure simultaneous polls for Lok Sabha and state assemblies.

"We are now working towards One Nation One Election, which will strengthen India's democracy, give optimum outcome of India's resources and the country will gain new momentum in achieving the dream of a developed India. Today, India is moving towards One Nation One Civil Code that is a Secular Civil Code," he said.

However, Congress has rejected the idea of implementing One Nation One Election, saying that the PM has to take everyone in Parliament into confidence for this issue.

Following PM's speech, Congress President Mallikarjun Kharge dismissed the One Nation and One election concept as 'impossible.'

Speaking to reporters, Congress President Kharge said, "What PM Modi has said, he will not do it, because when it comes in the parliament, he has to take everybody into confidence, then only this will happen. This is impossible, 'One Nation One Election' is impossible."

The Joine Parliamentary Committee on Waqf Amendment Bills 2024 is holding its meetings regularly in different states with different stakeholders, to solve their queries and find a commong consensus on the contentious bill.

The results of Assembly elections in Jharkhand and Maharashtra that will be announced on November 23 are also likely to be discussed in both the houses.

(ANI)

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Centre To Celebrate Utkal Keshari Harekrushna Mahtab’s 125th Birth Anniversary; Odisha CM Thanks PM

by Hemanta Pande

Bhubaneswar, Nov 5: Odisha Chief Minister Mohan Charan Majhi on Tuesday said the Narendra Modi government at the Centre will organise various programmes across the country to mark the 125th birth anniversary of the State's first Chief Minister in independent India, Utkal Keshari Harekrushna Mahtab.

In a post on X, CM Majhi expressed his gratitude to Prime Minister Narendra Modi, Union Home Minister Amit Shah, and Union Culture Minister Gajendra Singh Shekhawat in this regard.

"The Government of India has decided to organize the 125th birth anniversary of Utkal Keshari Dr. Harekrushna Mahatab as a national celebration. This is a great tribute to the legendary nationalist leader of Odisha and a testament to #OdiaAsmita." he said.

The Government of India has decided to organize the 125th birth anniversary of Utkal Keshari Dr. Harekrushna Mahatab as a national celebration. This is a great tribute to the legendary nationalist leader of Odisha and a testament to #OdiaAsmita. My sincere gratitude to Prime… — Mohan Charan Majhi (@MohanMOdisha) November 5, 2024

On Sunday, CM Majhi held a meeting with officials to plan the celebrations. Union Education Minister Dharmendra Pradhan was also present at the meeting held at the State Guest House in Bhubaneswar.

Deputy CM KV Singh Deo, Cuttack MP Bhartruhari Mahtab, several other Ministers and senior officials were present at the meeting.

Describing Mahtab as a nationalist, the chief minister said various programs will be held across Odisha to commemorate his 125th birth anniversary.

Harekrushna Mahatab was born on November 21, 1899 and passed away on January 2, 1987. He popularly known as "Utkal Keshari" was a freedom fighter and is regarded as the architect of the modern state of Odisha, being instrumental in the integration of the Odia-speaking princely states.

Mahatab became the Chief Minister of Odisha from 1946 till 1950, and then having another stint as CM from 1956-60.

At Prime Minister Jawaharlal Nehru’s invitation, Mahatab joined the central government as Minister for industry and supply in May 1950.

He also served as the Governor of Bombay in 1955-56.

As a prolific writer, Mahatab wrote multiple works during his various prison stints like the novel ‘Nutan Dharma’, drama ‘Swarajya Sadhana’ and historical account ‘History of Orissa’. He also set-up the Oriya daily ‘Prajatantra’, which remains in circulation even today.

In Roller-Coaster Ride, Sensex Jumps 694 Points; Investors Eye US Elections

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