PBs twisty take on the top five headlines of the day.
1. Sensex dips 800 pts, Nifty falls below 7k for the 1st time since May 2014 – Is Modi euphoria over?
State Bank of India fell 2.6% and Nifty was down 3.4%, lowest since the PM was elected. Top losers from the Sensex pack are Cipla, BHEL, Maruti Suzuki, Tata Steel and Asian Paints. A global meltdown / sell off plus not so gory picture as depicted by growth numbers underpins this crash. Modi got credit for rise in Sensex from 19k to 27k so he has to take blame for the decline as well.
2. AAP to repeat Delhi in Punjab : Arvind Kejriwal – Claims not hollow!
With party workers starting door to door campaigning, Kejriwal pretty confident of victory in Punjab polls. Even in case of hung assembly may join hands with Congress. Days of Badals are numbered. Will BJP severe ties with Akalis like with Shiv Sena in Maharashtra for polls. It remains to be seen. AAP + Congress combined were leading in 70 assembly segments in 2014 LS polls enough for a simple majority.
3. TDP suffers double jolt in Telangana, floor leaders, MLA join TRS – TDP on a downslide?
TDP’s Telangana woes are far from over. In recent municipal polls it won less seats that BJP. Now with leaders leaving it’s strength further reduced. Clearly speaks of the great animosity between people of Telangana and Andhra which is being played up by these politicians and is not good for harmony and sovereignty.
4. SBI net profit down 61% in Q3, gross NPA crosses 5% – Another scam in the making?
Many banks may join such results, since the loan given are not productive due to fraud as well as tough market conditions. Many companies have shown negative results in Q2 and Q3 which has led to a crash in stock market. SBI was party to the Bhushan Steel scam and top PSU banks suffer from massive corruption. Privatization is the only way out to bring discipline.
5. 90% of Congress workers want alliance with Left in Bengal – Ekla Chalo Re won’t work for Left as well as Congress
For Sonia and Rahul Gandhi, the battle involves a much larger question of redeeming the lost pride and what happens in Kerala where the Congress and Left are the main contenders. Can Congress lose Kerala permanently to Left if it allies with it in Bengal? Will this amount to pushing Mamata towards NDA? Will this position BJP as principal opposition party ahead of Congress? These are some tough questions.