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Fading ‘Omicron’ concerns lift equity indices; auto stocks rise

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The Indian equity indices — S&P BSE Sensex and NSE Nifty50 — rose marginally higher on Thursday as investors’ concerns over the new Covid-19 variant faded.

However, the day’s trade was marred by volatility as the key indices opened lower due to profit booking. Nevertheless, they rose later on.

Sector-wise, auto, FMCG, metal, media stocks among others rose. During the session, ITC, L&T, Asian Paints, UPL, and Britannia stocks were some of the top gainers. Shares of these listed companies closed higher by 4.9 per cent, 3.01 per cent, 2.2 per cent, 1.9 per cent, and 1.5 per cent on Thursday, respectively.

Consequently, the S&P BSE Sensex closed at 58,807.13 points, up 0.27 per cent from its previous close.

The broader 50-scrip Nifty at the National Stock Exchange (NSE) ended the day’s trade at 17,516 points, up 0.27 per cent.

“Domestic indices surrendered to profit booking in the early session but later gained ground owing to positive global sentiments. Investors are keenly awaiting the US inflation data in order to gauge the Fed’s decision on rolling back economic stimulus,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Easing fears over the Omicron variant continue to temper optimism in the markets. “

According to Mohit Nigam, Head – PMS at Hem Securities: “The RBI monetary policy on Wednesday continues to push for growth while keeping an eye on price stability and with this important announcement, Indian markets may look to global markets in the near term for the next movement.”

“Global markets seem to be on an upswing, as Covid fears dissipate.”

National

Big relief for Kunal Kamra as Bombay HC grants protection from arrest

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Mumbai, April 25: In a major relief for stand-up comedian Kunal Kamra, the Bombay High Court on Friday granted him protection from arrest in connection with an FIR lodged over his satirical video and his controversial “gaddar” (traitor) remark aimed at Maharashtra Deputy Chief Minister Eknath Shinde.

The court directed the Mumbai Police not to take any coercive action against Kamra, who is currently residing in Chennai.

The FIR had been filed following the circulation of a video in which Kamra allegedly mocked Shinde and referred to him as a “gaddar,” sparking outrage among the Shiv Sena (Shinde faction) supporters.

While restraining the police from arresting the comedian, the court, however, allowed investigators to proceed with their inquiry.

It permitted the Mumbai Police to travel to Chennai to question Kamra, with the assistance of the local police.

The court said if the police file a charge sheet, the trial court should not proceed till the High Court decides the quashing petition filed by Kamra.

Kamra had filed a plea before the High Court seeking to quash the FIR filed against him.

Earlier on April 16, the High Court had granted him interim bail, which has now been made regular.

The FIR was filed at Khar police station following a complaint by Shiv Sena legislator Muraji Patel after Kamra, during a performance of his stand-up show Naya Bharat, allegedly referred to Shinde as a ‘gaddar’.

Kamra was initially granted interim anticipatory bail by the Madras High Court before he moved the Bombay High Court to seek quashing of the FIR and grant of regular bail.

The remark was purported as a reference to Shinde’s political defection from the Uddhav Thackeray-led Shiv Sena to join hands with the BJP, which led to a dramatic split in the party and the rise of a new ruling coalition MahaYuti.

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Crime

‘Rise against your govt, army for encouraging terrorism,’ Sunni cleric’s appeal to Pakistanis

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Lucknow, April 24: In a strong condemnation of the Pahalgam terror attack, senior Sunni cleric and Imam of Aishbagh Eidgah, Maulana Khalid Rashid Firangi Mahali, on Thursday called on the people of Pakistan to rise against their government and military for facilitating acts of terror on Indian soil.

The remarks come after 26 people, most of them tourists, were gunned down in a brutal targeted terror attack in Jammu and Kashmir’s Baisaran Valley near Pahalgam on Tuesday.

The Resistance Front, a Pakistan-based terror outfit and offshoot of the proscribed Lashkar-e-Taiba, is suspected to be behind the massacre.

Speaking to Media, Firangi Mahali said, “The people of Pakistan should understand that no one will support such activities. They should raise their voices against their own government and army, which are encouraging these acts of terrorism.”

The Cabinet Committee on Security (CCS), led by Prime Minister Narendra Modi, announced a series of stringent measures in response to the attack.

These include the suspension of the Indus Waters Treaty, closure of the Attari-Wagah border, cancellation of the SAARC Visa Exemption Scheme (SVES) for Pakistani nationals, expulsion of Pakistan’s military attaches from New Delhi and a reduction in diplomatic staff at both High Commissions.

Calling these actions “necessary and timely,” Firangi Mahali stated, “The horrific incident of terrorism in Pahalgam has been condemned in the harshest terms. This tragic event has shaken the entire country. The steps taken by the Government of India — whether on the water agreement, diplomatic expulsions, or visa cancellations — are absolutely appropriate.”

Appealing for national unity, he urged political parties to come together on a single platform in support of the government’s decisions.

“This is not the time for political division. All parties must stand united so that a positive image of national solidarity is conveyed internationally,” he said.

The cleric also warned against communalising the tragedy. “My appeal to fellow Indians is not to view this terror incident through a religious lens. No religion condones violence or terrorism,” he said.

“Some of the posts circulating on social media are sending out a very negative message. In this hour of crisis, every Indian — regardless of religion or political affiliation — must stand together,” he added.

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Crime

Why Bengal govt is taking time to implement SC’s order on cancellation of school jobs: Calcutta HC

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Kolkata, April 21: The Calcutta High Court, on Monday, observed why the West Bengal government and West Bengal School Service Commission (WBSSC) are taking time to implement the order by the Supreme Court (SC), cancelling 25,753 teaching and non-teaching jobs in state-run schools.

Acting on a contempt-of-court petition filed against the state government and WBSSC for not implementing the apex court order, Calcutta High Court’s division bench of Justice Debangsu Basak and Justice Shabbar Rashidi also directed the state government and the commission to explain to the court within a day.

The next hearing on the matter will be on April 23, and the state government and the commission will have to submit their explanations on the same day.

Last year, the same division bench of Justice Basak and Justice Rashidi cancelled 25,753 teaching and non-teaching jobs, which is the entire panel of WBSSC for 2016. The state government approached the SC challenging the order.

Earlier this month, the SC division bench of Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar upheld the order of the Calcutta High Court and also accepted the observation that the entire panel had to be cancelled because of the failure on the part of the state government and the commission to segregate the “genuine” candidates from the “tainted” ones.

Thereafter, the contempt of court petition was filed at the same division bench of the Calcutta High Court, accusing the state government and the commission of not even initiating the termination of jobs of those who have already been identified as “tainted” by the commission itself.

During the hearing in the matter on Monday, the division bench observed that there will be problems if even the “tainted” candidates continue receiving their salaries.

On Monday, the division bench also raised the question of why the Central Bureau of Investigation (CBI) officials are not interrogating those candidates who have already been identified as “tainted.”

The division bench also observed that the CBI should find out how those who were paid money by the “tainted” candidates against jobs.

On Wednesday, the CBI counsel will also have to give an explanation to the court in the matter.

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