Market update: Sensex\, Nifty start on cautious note amid tepid global cues

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Market update: Sensex, Nifty start on cautious note amid tepid global cues

PTI Mumbai | Updated on September 16, 2020 Published on September 16, 2020

Trading in the stock market had been disrupted for three days this week, with pay-in and pay-out getting delayed for the first time in 25 years on the NSE   -  Paul Noronha

Domestic equity benchmarks Sensex and Nifty opened on a cautious note on Wednesday tracking mixed cues from global markets ahead of the US Federal Reserve’s policy outcome.

The 30-share BSE index was trading 53.41 points or 0.14 per cent higher at 39,097.76; while the NSE Nifty rose 14.40 points or 0.12 per cent to 11,536.20.

M&M was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Auto, Maruti, L&T, Tata Steel, UltraTech Cement and Nestle India. On the other hand, HCL Tech, Axis Bank, ICICI Bank, Bajaj Finance and SBI were among the laggards.

In the previous session, Sensex ended 287.72 points or 0.74 per cent higher at 39,044.35, while Nifty rose 81.75 points or 0.71 per cent to 11,521.80. Meanwhile, exchange data showed that foreign institutional investors bought equities worth Rs 1,170.89 crore on a net basis on Tuesday.

Domestic equities opened on a cautious note tracking mixed cues from global markets ahead of the US Federal Reserve’s policy outcome, traders said.

The American central bank began its latest meeting on interest-rate policy on Tuesday, and it will announce its decision later in the day.

Bourses in Shanghai and Hong Kong were in the red, while Seoul and Tokyo were trading with gains in mid-day deals.

Stock exchanges on Wall Street ended higher in overnight trade.

Meanwhile, global oil benchmark Brent crude was trading 1.51 per cent higher at USD 41.14 per barrel.

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Published on September 16, 2020
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Market update: Sensex\, Nifty start on cautious note amid tepid global cues

300,000 Pounds Suspect Cash Seized From Indian-Origin Couple's UK Home

300,000 Pounds Suspect Cash Seized From Indian-Origin Couple's UK Home

Searches of a house belonging to husband-wife Sailesh and Harkit Singara in Edgware, north west London, revealed a total of more than 200,000 pounds, with around half of the money neatly stacked on a bed

300,000 Pounds Suspect Cash Seized From Indian-Origin Couple's UK Home

Crime prevention officials in UK recovered over 300,000 pounds in cash from an Indian-origin couple.

London:

Crime prevention officials and police in the UK have recovered over 300,000 pounds in cash suspected of being the proceeds of crime from an Indian-origin couple.

Searches of a house belonging to husband-wife Sailesh and Harkit Singara in Edgware, north west London, revealed a total of more than 200,000 pounds, with around half of the money neatly stacked on a bed. Another 100,000 pounds was discovered in a suitcase on the floor, the National Crime Agency (NCA) said.

"Some Money Service Businesses (MSBs) continue to pose a risk to the UK by facilitating the movement of illicit cash. The NECC and its partners have developed an increased understanding of this threat, which is enabling more effective action against suspicious MSBs while supporting legitimate businesses," said Rachael Herbert, Head of Threat Response at the NCA.

Nearby, officers found a further 100,000 pounds in a bag which was in the possession of Sailesh Mandalia, a business associate of Singara.

Believing the money to be the proceeds of crime, Metropolitan Police Organised Crime Partnership (OCP) investigators applied for a forfeiture order - a civil process in the UK intended to recover illicit cash where there has been no proven criminal offence.

In October 2019, the order was granted at Westminster Magistrates' Court in London, along with instructions that the three respondents pay costs of a combined 1,895 pounds.

However, Mandalia and the Singaras had appealed against the forfeiture.

All the accused, who collectively own two money service businesses, asserted that the cash was intended for legitimate business accounts, and that poor accounting over several years was responsible for any confusion.

But on September 10, a judge at Southwark Crown Court dismissed their appeal, ensuring the full sum can be recovered by the NCA.

Detective Chief Inspector Tony O'Sullivan, Head of the Met Police OCP, said: "While the three individuals are not accused, and have not been convicted, of any crime in relation to these events, the 300,000 pounds recovered will now go into the public purse where it can positively impact on communities.

"Money is at the heart of organised crime, and it is vital that those in possession of huge sums of cash can account for it legitimately. We at the OCP continue to tackle the criminality that generates illicit cash in London and beyond," he said.

The court additionally instructed the three respondents to pay costs of a combined 4,350 pounds. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Market update: Sensex\, Nifty start on cautious note amid tepid global cues

Thousands Of Oregon Evacuees Shelter From Wildfires As U.S. Disaster Declared

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Thousands Of Oregon Evacuees Shelter From Wildfires As U.S. Disaster Declared

Thousands Of Oregon Evacuees Shelter From Wildfires As U.S. Disaster Declared

Thousands of evacuees displaced by deadly wildfires in Oregon settled into a second week of life in shelters and car camping on Tuesday as fire crews battled on, and search teams scoured the ruins of incinerated homes for the missing.

  • Last Updated: September 16, 2020, 9:54 AM IST

PORTLAND, Ore.: Thousands of evacuees displaced by deadly wildfires in Oregon settled into a second week of life in shelters and car camping on Tuesday as fire crews battled on, and search teams scoured the ruins of incinerated homes for the missing.

With state resources stretched to their limit, President Donald Trump approved a request from Oregon’s governor for a federal disaster declaration, bolstering U.S. government assistance for emergency response and relief efforts.

Dozens of fires have charred some 4.5 million acres (1.8 million hectares) of tinder-dry brush, grass and woodlands in Oregon, California and Washington state since August, ravaging several small towns, destroying thousands of homes and killing at least 34 people.

Eight deaths have been confirmed during the past week in Oregon, which became the latest and most concentrated hot spot in a larger summer outbreak of fires across the entire western United States. The Pacific Northwest was hardest hit.

The conflagrations, which officials and scientists have described as unprecedented in scope and ferocity, have also filled the region’s skies with smoke and soot, compounding a public health crisis already posed by the coronavirus pandemic.

Satellite images showed high-altitude plumes of smoke from the fires drifting as far east as New York City and Washington, D.C., carried aloft by the jet stream.

The fires roared to life in California in mid-August, and erupted across Oregon and Washington around Labor Day last week, many of them sparked by catastrophic lightning storms and stoked by record-breaking heat waves and bouts of howling winds.

Weather conditions improved early this week, enabling firefighters to begin to make headway in efforts to contain and tamp down the blazes.

The California Department of Forestry and Fire Protection (CalFire) said 16,600 firefighters were still battling 25 major fires on Tuesday, after achieving full containment around the perimeter of other large blazes.

Firefighters in the San Gabriel Mountains just north of Los Angeles waged an all-out campaign to save the famed Mount Wilson Observatory and an adjacent complex of broadcast transmission towers from flames that crept to within 500 feet of the site.

RECORD ACREAGE LOST

At least 25 people have perished in California wildfires over the past four weeks, while more than 4,200 homes and other buildings have gone up in smoke, CalFire reported. Nearly 3 million acres (1.2 million hectares) in California alone have burned – more than in any single year in its history – and five of the 20 largest wildfires on record in the state have occurred during that time-frame.

One wildfire fatality has been confirmed in Washington state, where some 400 structures have been lost. Roughly 1 million acres (400,000 hectares) have been blackened in Oregon, double the state’s annual average over the past decade.

At the height of the crisis there, some 500,000 residents – at least 10% of the state’s population – were under some form of evacuation alert, many forced to flee their homes as swiftly advancing flames closed in on their neighborhoods. More than 1,700 structures, most of them dwellings, have been incinerated

At last count, some 16 people reported missing remained unaccounted for in Oregon, emergency management officials said. Last week, authorities said they were bracing for possible mass casualties as search teams began combing wreckage of homes destroyed during chaotic evacuations.

In the fire-stricken southwestern Oregon town of Phoenix, uprooted families, many with young children, were sleeping in their cars, huddling at a civic center or in churches, City Council member Sarah Westover said.

“It’s much more difficult to follow the COVID restrictions given the environment,” Westover said.

Marcus Welch, a food service director and youth soccer coach in Phoenix, said he was helping a group of high school students whose homes were spared to run a donation center set up to assist evacuees from a mobile-home park reduced to ash.

“Every day, I hear a sad story. Every day, I hear a family displaced. People are crying because high school kids are giving them food, water. … It’s been a total blessing,” Welch said. “Some people, they lost everything, so we encourage them to take everything they can.”

Westover said her community was in grief, while fearing a flareup might force them to flee again. Her house in Phoenix was spared, but others nearby were leveled.

“It’s like it cherry-picked – it burned down a house, then skipped two, then burned down another. I guess that’s the way they kind of work with the embers flying around,” Westover said.

Rhonda and Chuck Johnston, of Gates, Oregon, described celebrating their 32nd wedding anniversary outside their RV playing card games and eating barbecued chicken in the parking lot of a fairgrounds after a hasty evacuation.

“This is something you never think you’re going to go through,” Rhonda Johnston said. “We grabbed a couple days’ worth of clothes, pills, and two cars full of pictures and two dogs and a cat and our daughter.”

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