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Wall collapse kills 7 killed in Andhra Pradesh’s Guntur

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Seven people were killed after a wall of an under-construction mall collapsed in Andhra Pradesh’s Guntur district late on Saturday night.

Police sources said the incident happened when a 30-feet deep cellar was being dug for the multi-storey building at Lakshmipuram in Guntur.

Eight workers were said to be on the spot when there was a sudden landslip, trapping them inside, the police said.

Andhra Pradesh Assembly Speaker Kodela Sivaprasada Rao, legislators Alapati Rajendra Prasad, N Anand Babu, district Collector Kantilal Dande and other officials rushed to the spot.

Chief Minister N Chandrababu Naidu asked his deputy N China Rajappa, who holds the Home portfolio, to rush to Guntur and oversee the rescue efforts, official sources said.

Business

Nifty, Bank Nifty gain for 5th straight week

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The NSE Nifty along with the broader market gained for the fifth week in a row and even the Bank Nifty recorded gains for the fifth straight week — surpassing the 30,000-level.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation. The overall accommodative stance of the RBI to support economic growth boosted sentiments. Nifty Auto and Metal also posted best week since June 7.

The Indian equity market touched another new high, led by gains in banking stocks after RBI`s policy outcome. Nifty rallied 125 points (+1.0 per cent) to close at 13,259 while Sensex surged 447 points higher (+1.0 per cent) at 45,080.

The broader market also ended in green with both Nifty Midcap 100 and Nifty Smallcap 100 up +0.4 per cent each. All the sectors closed in green except energy which ended with marginal loss of -0.1 per cent. Banks were the biggest gainers, up 2.1 per cent, following positive commentaries from the RBI. It was followed by FMCG, financials, metals, pharma, realty and infra which were up in the range 1-1.4 per cent.

“On the domestic side, Nifty along with the broader market gained for the fifth week in a row. Even Bank Nifty recorded gains for the fifth straight week – surpassing the 30,000-level, after the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation,” Khemka said.

Deepak Jasani, Head – Retail Research, HDFC Securities, said that Indian benchmark equity indices rallied and closed at another record high after the RBI kept rates on hold and did not announce steps to withdraw liquidity in the system. It raised the growth forecasts as well as inflation forecasts. At close, the Nifty was up 124.60 points or 0.95 per cent at 13,258.50. The Nifty rose for the fifth consecutive week, rising 2.23 per cent for the week.

Volumes on the NSE were higher than recent average. Among sectors, banks, metals, infra, realty, pharma and FMCG indices rose the most, while energy index ended in the negative.

“Nifty closed the week up for the fifth consecutive week. While the trigger of RBI policy is out of the way, markets globally now look forward to rising chances of an early US economic stimulus package. Post a good weekly close, we may see some more upside in the early part of next week,” Jasani said.

Vinod Nair, Head of Research at Geojit Financial Services, said that during the week, the markets have been testing new highs each day supported by better-than-expected GDP data, advancements in vaccine and RBI`s decision to keep its rates unchanged and maintain an accommodative stance. The banking and finance sector remained the focal point during the week due to major events like moratorium hearing, MPC meet and RBI`s curb on HDFC Bank.

The market has also witnessed a shift in investor preference to broader markets led by rally in mid and smallcap stocks.

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