Sensex closes 178 points higher, Nifty above 7,000 after Economic Survey
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Mumbai: India’s stock markets posted their first daily gain in four sessions on Friday after a government report on the economy released days before the unveiling of the Union budget for fiscal year 2017 contained a few surprises.
The economic survey from the finance ministry called for fiscal prudence and stable inflation, while acknowledging the risks to growth, although it also called for a review of India’s medium-term fiscal strategy.
The broader NSE Nifty rose 0.85%, or 59.15 points, to close at 7,029.75 points after earlier gaining as much as 1.2%. The benchmark BSE Sensex gained 0.78%, or 178.30 points, to close at 23,154.30.
But the Nifty fell 2.5% this week as caution largely prevailed ahead of the Union budget to be presented on Monday.
Recently battered financial firms were among the leading gainers, with State Bank of India (SBI) ending up 2.7%.
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The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
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The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
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Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
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India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
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The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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