Exchanges' poor communication and not RBI's circular causing losses in currency-derivatives, say sources

 Exchanges' poor communication and not RBI's circular causing losses in currency-derivatives, say sources : 

Leading exchange issued circulars in this regard to brokerages only on April 1, which was just few days before the earlier deadline.

Traders and brokers told Moneycontrol that they were told to expect a rollback from the regulators.

Retail traders have been hastily exiting their currency-derivative positions, incurring significant losses, after brokers alerted them to an impending RBI circular just days before its implementation deadline. However, experts said that the requirement outlined in the circular is not new and has been in place since at least 2020.

The recent circular merely underscored this requirement and mandated exchanges to inform traders accordingly, they said.

The Reserve Bank of India (RBI) had sent out a circular on January 5, asking stock exchanges to inform users that they must be able to establish (if required) that they have an underlying exposure to a currency—for example as an importer or exporter—before they can trade in the currency's derivative. The circular's directive was to come into effect from April 5.

In a circular issued on April 4, the central bank said that they have extended the deadline to May 3.

The January circular was followed by an uproar from various quarters claiming that the central bank has effectively killed the currency derivatives market. But legal experts and market insiders told Moneycontrol that the central bank's position on this derivative segment has not changed significantly for years, atleast when it comes to retail traders.

In the April 4 circular, the RBI stated, "it is emphasised that the regulatory framework for ETCDs has remained consistent over the years and that there is no change in the RBI’s policy approach."

The experts and insiders explained that the only additional directive in the January circular, which could impact retail traders, was that exchanges were asked to inform traders of an existing regulatory requirement.

This is where a large lapse seems to have occurred, which led to traders having to exit their positions at whatever price. Leading exchange issued circulars in this regard to brokerages only on April 1, which was just few days before the earlier deadline of April 5.

'No clarity given'

Market insiders, including traders and dealers, told Moneycontrol that there was no clear communication from the exchanges or the brokerages on this matter till few days before the deadline.

A currency dealer, who spoke on condition of anonymity to Moneycontrol, said, "We have been asking for clarity on RBI's circular since January 15 but no one from the exchanges or the brokerages told us anything definitively. They kept telling us that the regulatory requirement could be reversed or the deadline (April 5) might be extended."

The dealer said that they have been squaring off positions of their clients for the past two days.

The option premiums have been shooting up, with some option premiums even going up by 100x in a few minutes, but the dealer said that the traders have no choice but to exit at whatever price they can find.

Another trader said that some of the brokerages hinted that this directive may come into force but then assured that there will be a roll back done by RBI or by the market regulator. A broker, on condition of anonymity, seconded this. The roll back was never made. The central bank only gave an extension of the deadline, which is now May 3.

Not a new regulatory requirement

The regulatory requirement, that users have to establish contracted or anticipated currency-risk exposure, is not new. It was there even from 2020, said legal experts.

The dealer said that they have been squaring off positions of their clients for the past two days.

The option premiums have been shooting up, with some option premiums even going up by 100x in a few minutes, but the dealer said that the traders have no choice but to exit at whatever price they can find.

Another trader said that some of the brokerages hinted that this directive may come into force but then assured that there will be a roll back done by RBI or by the market regulator. A broker, on condition of anonymity, seconded this. The roll back was never made. The central bank only gave an extension of the deadline, which is now May 3.

Not a new regulatory requirement

The regulatory requirement, that users have to establish contracted or anticipated currency-risk exposure, is not new. It was there even from 2020, said legal experts.

Trump leads Biden in six swing states amid stiff presidential battle, poll finds

 Trump leads Biden in six swing states amid stiff presidential battle, poll finds

In the poll, the negative views for Biden outweighed the positive ones by at least 16 percentage points and more than 20 points in four of the states.

According to a recent poll by the Wall Street Journal, Donald Trump has a lead over Joe Biden in six of the seven swing states. The survey, released Wednesday, found that the presumptive GOP nominee had a lead of between 2 and 8 percentage points among voters in Pennsylvania, Michigan, Arizona, Georgia, Nevada and North Carolina.

New poll finds Trump has edge over Biden in 6 of 7 swing states

Donald Trump has an edge over Joe Biden in six of the seven swing states, new poll by WSJ finds(AFP)

The journal added that the results were similar in a “one-on-one matchup” with the US president on the ballot that included third-party and independent candidates. Meanwhile, in the seventh state, Wisconsin, where Biden was already ahead by 3 points on a multiple-candidate ballot, the two rivals were tied in a “head-to-head contest,” per Reuters.

“The Biden re-election campaign is grappling with voter concerns about the US economy despite job growth, healthy spending and better-than-expected GDP increases, an issue that has vexed economists and Democratic political strategists,” according to the outlet.

In the poll, the negative views for Biden outweighed the positive ones by at least 16 percentage points and more than 20 points in four of the states. The outlet further added, “Trump got an unfavourable job rating for his time in the White House in only one of the seven states - Arizona.”

Additionally, the poll results also saw that most of the viewers saw Trump as a better fit for the presidential role in lieu of having better mental and physical health. In contrast to the 28 percent favourable votes for Biden, Trump acquired 48 percent.

The outlet further added that “the survey of 4,200 votes - 600 in each of the seven states - was conducted March 17th-24th and had a margin of error of plus or minus 1.5 percentage points for the full sample and 4 points for results in individual states.”

 

RBI defers implementing FX derivatives rules to May 3

RBI had tightened rules on currency derivatives with the aim of curbing speculative trading. This would offer some short-term relief as market participants feared that the implementation of the new rules could dent trading volumes significantly in the segment.

MUMBAI - The Reserve Bank of India (RBI) has deferred the implementation of currency derivative regulations by a month to May 3. This is in view of the feedback received from the market and the recent developments, the central bank said in a release.

RBI had tightened rules on currency derivatives to curb speculative trading.

This would offer some short-term relief as market participants feared that the implementation of the new rules could dent trading volumes significantly in the segment.

In January, RBI issued a circular stating that forex derivative contracts involving the rupee can be used only for hedging contracted exposure.

The central bank had directed stock exchanges to inform users that trading in currency derivatives up to $100 million equivalent across all currency pairs can be done only if they have exposure to a valid underlying contracted exposure.

While the implementation has been deferred, RBI reiterated that its policy approach on forex derivatives remains unchanged.

“It is emphasised that the regulatory framework for ETCDs (exchange traded currency derivatives) has remained consistent over the years and that there is no change in the RBI’s policy approach,” the central bank said.

The revised rules still align with the RBI’s broader foreign exchange management policy as the central bank is taking measures to ensure no major swings in the rupee in the run-up to the inclusion of India’s bond in global indexes from June.

The rupee has been one of the least volatile currencies among emerging market currencies globally.

Taking Stock: Sensex, Nifty close at new highs, all eyes on RBI policy

 Taking Stock: Sensex, Nifty close at new highs, all eyes on RBI policy

 The Sensex and Nifty also hit fresh all-time highs of 74,501.73 and 22,619 early in the day but pared some of the gains as the session progressed.

The Indian benchmark indices climbed to record highs, squandered some of the gains but still managed to close in the green in a volatile session of trade on April 4, a day ahead of Reserve Bank of India (RBI) policy announcement.

The Sensex ended 350.81 points, or 0.47 percent, higher at 74,227.63 and the Nifty 80 points, or 0.36 percent, at 22,514.70, their best close ever

Market started the session gap-up at record highs with the Sensex hitting 74,501.73 and the Nifty 22,619 but they erased the gains in the initial hours to gyrate between gains and losses throughout the session.

Top Nifty gainers were HDFC Bank, Eicher Motors, Asian Paints, Tech Mahindra and Titan Company, while losers were ONGC, Shriram Finance, Adani Ports, BPCL and Bharti Airtel.

Among sectors, bank, power, information technology were up 0.5-1 percent, while the PSU bank and oil & gas index were down 0.7-1.6 percent.

The BSE midcap index ended flat, while the smallcap index added 0.5 percent.

Among individual stocks, a volume spike of more than 300 percent was seen in Dabur India, Ipca Lab, Exide Industries.

A long build-up was seen in Ipca Lab, Vedanta and Bandhan Bank, while a short build-up was seen in Dabur India, Colgate Palmolive and HPCL.

More than 200 stocks touched thier 52-week high including Aditya Birla Capital, Adani Power, Ajmera Realty, Anup Enginerring, Avenue Supermarts, Canara Bank, GE Power India, Genesys International, Glenmark Pharma, Grasim Industries, Indian Hotels, Ipca Labs, JSW Energy, Jubilant Pharmova, KEC International, L&T Technology, Laurus Labs, M&M, Muthoot Finance, NTPC, Quess Corp, Reliance Power, Shriram Finance, UNO Minda, Vardhman Textile, Vedanta, Voltas, among others.

Markets traded volatile for yet another session and gained nearly half a percent. After the initial uptick, Nifty slipped sharply lower in the early hours however strength in heavyweights, especially from banking and IT majors, helped the index to recoup losses and inch higher. Eventually, Nifty settled at 22,514.65 level; up by 0.4%. Meanwhile, a mixed trend continued on the sectoral front wherein FMCG and energy closed in the red. The buoyancy continued on the broader front wherein smallcap gained nearly half a percent.

We expect the prevailing tone to continue however the pace of advance would largely depend upon the performance of banking and IT majors. Participants should continue with the “buy on dips” approach and focus more on stock selection.

Netanyahu says aid workers’ killing tragic, ‘happens in wartime’: 10 points

 Netanyahu says aid workers’ killing tragic, ‘happens in wartime’: 10 points

The seven workers killed in the strike were citizens from Australia, Britain, Poland, a Palestinians and a dual citizen of the United States and Canada.

People inspect the site where World Central Kitchen workers were killed in Deir al-Balah, Gaza Strip,

In Short

🔸Seven killed in Israeli strike at food charity in Gaza

🔸Israeli PM laments killings, but says it 'happens in war'

🔸Countries, including Poland, Spain, the UK, react strongly

Seven people working for the World Central Kitchen aid group in Gaza were killed in an Israeli airstrike on Tuesday. Three of them were British nationals, one Australian, one from Poland, one Palestinian and one dual citizen of the United States and Canada.

Israeli Prime Minister Benjamin Netanyahu lamented the killing of the NGO workers calling the incident "tragic and unintended". However, he also said this "happens in wartime".

 

Two 100-foot asteroids set to pass Earth today; NASA reveals how close these scary space rocks will come

NASA tracks as many as 4 approaching asteroids, including two 100-foot space rocks. These two asteroids will approach Earth today.

The US space agency, the National Aeronautics and Space Administration, better known through its abbreviation NASA, has revealed that as many as four asteroids are silently making their way towards Earth. Each one varies in size. While asteroids are definitely something to be scared of as they have impacted Earth on many occasions in its long history leading to global scale destruction, none of these have any chance of impacting our planet. The reason behind it is that NASA’s scientists are constantly tracking their movements and this has revealed they will get very close to Earth, but they pose no danger. Their close encounter with Earth is imminent though and as many as two asteroids are 100-foot monsters and they will approach today.

NASA keeps watch as four asteroids, including two 100-foot space rocks, approach Earth today. (Representative image)(Getty Images/iStockphoto)

The first is Asteroid 2024 FR3. It is approximately the size of an airplane. This is a 78-foot asteroid and despite its large size, it is set to maintain a safe distance of 824,000 miles from Earth.

The second is the plane-sized Asteroid 2024 FG3. This is a 100-foot asteroid and it will pass Earth at a safe distance of 1,940,000 miles.

The third is Asteroid 2024 FN3 and it too will pass Earth today. This is also a 100-foot asteroid that is well on its way to Earth in its long journey. This asteroid will get as close as 4,220,000 miles to Earth.

The fourth is Asteroid 2024 FL3. It too is a 100-foot monster in size, but it will make its closest approach on April 3, 2024. Traveling at a distance of 2,030,000 miles from Earth, it marks the end of this series of encounters.

The important thing to note here is that the Universe is huge and many of these space rocks, which tumble out of the asteroid belt due to some reason or the other, get extremely close to Earth. NASA and other global space agencies track these asteroids to ensure that none of them are heading for a potential calamitous crash against the Earth.

While none of these asteroids posed an immediate threat, their close brushes are a scary reminder of the dangers ever-present in space that have to be closely monitored because of the potential dangers.

Byju's layoffs: Company starts job cuts via calls, lets go staff without notice period

 Byju's layoffs: Company starts job cuts via calls, lets go staff without notice period

Byju's layoffs: The company is also not asking employees to serve a notice period, the report claimed.

Byju's layoffs: Edtech company Byju's initiated layoffs on phone calls and is letting go employees without putting them on a performance improvement plan (PIP), Moneycontrol reported citing people in the know. The company is also not asking employees to serve a notice period, the report claimed.

Byju's layoffs: How many employees could be affected?

Byju's layoffs: The company is also not asking employees to serve a notice period, the report claimed.

Byju's new round of layoffs may impact anywhere between 100 to 500 employees, the report claimed. The sector most affected could be the sales function of the company.

In the past two years, Byju's has sacked at least over 10,000 employees as the company grapples with dwindling funds and legal showdowns with investors and stakeholders. Currently, nearly 14,000 employees are on the payroll of Byju's India entity.

Byju's spokesperson told Moneycontrol, “We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and better cash flow management. We are going through an extraordinary situation in the company because of the ongoing litigation, where every employee and the ecosystem itself is going through tremendous stress given the present circumstances.”

In the current wave of layoffs, Byju's is following phone calls with emails that read, “This is to confirm that your last working day with Think and Learn Pvt Ltd will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the Company that are in your possession to enable processing your full and final settlement. In case of any queries on exit formalities, please contact separations@byjus.com.

 

Arvind Kejriwal News Live: ‘Not celebrating, my 3 brothers are in jail,’ says AAP MP Sanjay Singh's wife

Arvind Kejriwal News Live: AAP MLAs met CM Kejriwal's wife Sunita Kejriwal at her residence in Delhi today.

Arvind Kejriwal News Live: Arvind Kejriwal, the chief minister of Delhi was on Monday remanded to judicial custody until April 15. Later that evening, he was placed in Tihar Jail in the national capital. During the hearing, the Enforcement Directorate informed the Rouse Avenue Court that Kejriwal had implicated his party colleagues Atishi and Saurabh in the excise policy scam case.

Arvind Kejriwal leaves in a car after attending a hearing at a court, in New Delhi.

Kejriwal claimed that one of the accused in the case, Vijay Nair, who was also the former communication-in-charge of AAP, used to report to Atishi.

In a turn of events on Tuesday, Delhi minister Atishi addressed a press conference in which she said that she was asked to ‘join the BJP or face ED action.’ She further claimed that this warning was extended to three other AAP leaders: Delhi Minister Saurabh Bharadwaj, MLA Durgesh Pathak, and Rajya Sabha MP Raghav Chadha, who were also allegedly at risk of arrest.

Aam Aadmi Party leader Saurabh Bharadwaj also made similar comments.

Meanwhile, hitting back at the AAP's allegations against it, BJP spokesperson Shehzad Poonawalla said, "If they have all the evidence in their command why don't the courts give them relief? This is the same party which said a few months ago that ₹800 crore had been kept by the BJP, they are breaking our party we have an audio tape we are going to disclose it but where is that audio tape?... This party has the track record of making the most number of lies and the most number of untruthful statements..."

AAP MLAs also met CM Kejriwal's wife Sunita Kejriwal at her residence in Delhi today

Tue, 02 Apr 2024 05:42 PM

Arvind Kejriwal News Live: Shiv Sena (UBT) MP Priyanka Chaturvedi on Sanjay Singh's bail in liquor scam case

Arvind Kejriwal News Live: Shiv Sena (UBT) MP Priyanka Chaturvedi, speaking to news agency ANI about the Supreme Court granting bail to Aam Aadmi Party MP Sanjay Singh, says, “I welcome the decision of the Supreme Court... This shows that the BJP is misusing the central agencies to suppress and politically arrest opposition leaders. Sanjay Singh has got bail and he can get involved in his party affairs also... Enforcement Directorate has knelt down before BJP... ED has been reduced to the Extortion Department and an Extended Department of the BJP.”

‘Pick your battles’: CJI Chandrachud tells probe agencies; lauds new criminal laws

 ‘Pick your battles’: CJI Chandrachud tells probe agencies; lauds new criminal laws

CJI DY Chandrachud also stressed on need to strike a balance between exercising search and seizure powers and the individual’s privacy rights.

NEW DELHI: Chief Justice of India (CJI) Dhananjaya Y Chandrachud on Monday said the premier probe agencies such as the Central Bureau of Investigation (CBI) must concentrate on those cases of importance that threaten the security, public order and economic health of the country rather than taking up petty cases while praising the three new criminal laws brought by the Centre.

Chief Justice of India Dhananjaya Y Chandrachud frowned at incidents of unwarranted confiscation of personal devices

CJI Chandrachud also emphasised the need to “uphold due process” in the functioning of law enforcement agencies and striking a delicate balance between “search and seizure powers” and “individual privacy rights” to create a fair and just society, alluding to the unwarranted seizure of personal devices during raids.

“It is important for us, both in the context of not just streamlining the courts but also promoting the efficiency of CBI and the investigative agencies to pick our battles. I think we have perhaps been spreading our investigative agencies too thin over the years, despite a rapid change in the environment. Our premier investigative agencies must concentrate their attention and efforts on that class of crime which truly threatens the security of the nation, public order or economic health of the nation,” the CJI said while delivering the 20th DP Kohli Memorial Lecture, organised by CBI in the memory of its founding director. “Allowing our investigative agencies to spread themselves too thin would really pose a serious challenge to the personnel who man the agencies because the number of personnel is obviously limited,” CJI Chandrachud said as he cited the example of CBI, which consists largely of officers who come on deputation.

The CJI was referring to instances of CBI investigating cases involving bribes as low as ₹300.

Lauding the three new criminal laws – Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS) and Bharatiya Sakshya Adhiniyam (BSA), which will replace the colonial era Indian Penal Code (IPC), Criminal Procedure Code (CrPC) and Indian Evidence Act from July 1 -- the CJI noted that “the new criminal laws enacted by Parliament encompass substantive crime, procedure and evidence”.

“These laws aim at digitising various aspects of criminal procedure. This is a significant step towards modernising the justice system. From the initial registration of a first information report to the final delivery of judgment, every stage of a criminal investigation is slated to be recorded digitally under the purview of the proposed legislation. This comprehensive approach ensures a seamless flow of information and is intended to facilitate better coordination and collaboration among stakeholders involved in the investigative and adjudicatory processes,” he said.

“Summons can now be issued electronically, and testimonies from witnesses, experts, accused individuals, and other parties may also be presented virtually,” the CJI said, Underscoring how the new laws will integrate technology with the criminal justice system.

“This innovation eliminates the need for physical documentation and enables swift communication between law enforcement agencies, courts, and individuals involved in legal proceedings. It will obviate the delay in bail orders reaching the jail authorities and in recording witness depositions. Similarly, the authorisation for presenting testimonies virtually opens up new avenues for participation in legal proceedings, allowing contributions to the process from remote locations”, he added.

CJI Chandrachud also advocated for striking a balance between investigative imperatives and individual privacy rights in his address.

“In the realm of criminal justice, the delicate balance between search and seizure powers and individual privacy rights stands at the cornerstone of a fair and just society. At the heart of this balance lies the need to uphold due process while ensuring the effective functioning of law enforcement agencies,” he said.

The CJI noted that Section 94 of the newly enacted BNSS and Section 185 of BSA grant courts and law enforcement the authority to summon documents and materials, including digital evidence deemed necessary for investigation.

“Instances of raids conducted and incidents of unwarranted confiscation of personal devices highlight the pressing need to strike a balance between investigative imperatives and individual privacy rights,” he said.

The CJI further highlighted there was a need to rethink our investigative framework to deal with the innovations in criminal activities and called for having “multidisciplinary teams” consisting of officers and domain experts.

“The practice of allocating a case to an investigative officer (IO) and his local team for investigation must be re-looked to meet the challenges of sophisticated criminal networks. We can do this by completely re-engineering the national response to crime and our approach to criminal investigation by forming multidisciplinary teams consisting of law enforcement officers and domain experts including data analysts. These teams would draw from the expertise of their members and refine their investigative work. Multidisciplinary investigative teams can deploy unique approaches and pattern recognition in a seamless manner over a fluid investigative landscape,” he said.

While recommending the use of technology such as AI by agencies to bolster the criminal justice system, CJI asked to prioritise “ethical considerations” in utilising such technologies and have clear guidelines and safeguards to prevent misuse.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

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Mars exploration: NASA's Curiosity searches for new clues about ancient water

 Mars exploration: NASA's Curiosity searches for new clues about ancient water

A recent study by an international team has suggested that Mars might have retained more water for a longer period than previously thought.

The presence of water on Mars—Earth’s neighbour —is not an alien concept. Astronomers over decades have talked about the presence of water on the Red Planet without evidence. However, a recent study by an international team has suggested that the fourth planet of the solar system from the Sun might have retained more water for a longer period than previously thought.

As the Curiosity rover of the National Aeronautics and Space Administration (NASA) has begun exploring a new region of Mars i.e Gediz Vallis channel—appears to have been carved by an ancient river—it could reveal more about when liquid water disappeared once and for all from the Red Planet’s surface.

The rover team is focusing on the Gediz Vallis channel and searching on for evidence that would confirm how the channel was carved into the underlying bedrock. The formation’s sides are steep enough that the team doesn’t think the channel was made by wind.

The rover’s journey through this region aims to find out the process of the Gediz Vallis channel formation—whether the debris flows (rapid, wet landslides) or a river carrying rocks and sediment could have formed the bedrock. Scientists are also eager to find out whether the debris was transported by water or dry avalanches.

Since 2014, Curiosity has been ascending the foothills of Mount Sharp above the floor of Gale Crater to explore the evaluation of the Mars climate change. The study of layers in the lower part of Mount Sharp formed over millions of years may provide scientists a clue as to how the presence of both water and the chemical ingredients required for life changed over time. These layers present a chronological record of Mars’ environmental changes, crucial for understanding its potential for past life.

Also Read | Vistara Airlines confirms flight cancellations, delays

“If the channel or the debris pile were formed by liquid water, that’s really interesting. It would mean that fairly late in the story of Mount Sharp – after a long dry period – water came back, and in a big way," said Curiosity’s project scientist, Ashwin Vasavada of NASA’s Jet Propulsion Laboratory in Southern California.

Last year, Curiosity made a challenging ascent to study the ridge, which drapes across the slopes of Mount Sharp and seems to grow out of the end of the channel, suggesting both are part of one geologic system.

This Curiosity exploration contributes to a growing body of evidence suggesting Mars experienced water in phases, with periods of aridity interspersed with significant watery intervals. Discoveries like mud cracks, remnants of shallow lakes, and evidence of the complexity of Mars's hydrological past, Massive debris flows underscore the complexity of Mars’ hydrological past.

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Pluto declared ‘official state planet’ of this US state

2 min read

01 Apr 2024, 03:16 PM IST

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Written By Deepak Upadhyay

Arizona—a southwestern US state—has recently declared Pluto as its ‘official state planet’ despite the ‘dwarf planet’ being stripped of its official status as a planet in 2006 by the International Astronomical Union

This Pluto image was taken in July 2015, when NASA's New Horizons spacecraft was 476,000 miles (768,000 kilometers) from the surface

Arizona--a southwestern US state—has recently declared Pluto as its ‘official state planet’ despite the ‘dwarf planet’ being stripped of its official status as a planet in 2006 by the International Astronomical Union

Last Friday (i.e. March 29), Arizona governor Katie Hobbs signed a legislation declaring the ‘dwarf planet’ as the ‘official state planet’ of the US state, reported The Arizona Daily Star. When quizzed on whether the Pluto is a full-fledged planet? The Arizona governor dodged the question saying “I am proud of Arizona’s pioneering work in space discovery."

It is important to note that Pluto was discovered by American astronomer Clyde Tombaugh at the Lowell Observatory in Flagstaff of Arizona in 1930. Pluto happens to be the only planet to be discovered in the US.

“The whole story of Clyde is just amazing, just sitting there under the telescope’’ looking for planets by taking photos over a period of time," said Arizona state Republican Justin Wilmeth (R-Phoenix), who praised the Pluto legislation.

Senator Sally Ann Gonzales (D-Tucson)--one among the five senators who voted against the legislation--said, “Scientifically, they took it out of being a planet." Gonzales added that lawmakers must take scientific information into account, “something that we as a Legislature, as a body, sometimes omit.’’

What is the status of Pluto?

In 2006, the International Astronomical Union (IAU) voted to remove Pluto from the group of planets, claiming that the icy object at the edge of the solar system failed to meet the full and proper definition of planets. The IAU reclassified Pluto as a “dwarf planet."

According to NASA, “Pluto is a dwarf planet located in a distant region of our solar system beyond Neptune known as the Kuiper Belt. It was long considered our ninth planet, but the International Astronomical Union reclassified Pluto as a dwarf planet in 2006."

“It was named by 11-year-old Venetia Burney of Oxford, England," the US space agency added.

Pluto is classified as a dwarf planet because, “while it is large enough to have become spherical, it is not big enough to exert its orbital dominance and clear the neighbourhood surrounding its orbit," ass per Encyclopedia Britannica.

The website noted that Pluto’s “demolition" felt like a “break from tradition" to many across the globe. It added that the step was, however, “a positive step forward into a new light, new knowledge, and changing perspectives of the universe."

NASA further said, “When Pluto was reclassified in 2006 from a planet to a dwarf planet, there was widespread outrage on behalf of the demoted planet. As the textbooks were updated, the internet spawned memes with Pluto going through a range of emotions, from anger to loneliness. But since the release of New Horizons images showing a very prominent heart-shaped feature on the surface, the sad Pluto meme has given way to a very content, loving Pluto that would like to once again be visited by a spacecraft."

“The Disney cartoon character Pluto, Mickey's faithful dog, made his debut in 1930, the same year Clyde Tombaugh, an astronomer at the Lowell Observatory in Flagstaff, Arizona, discovered the dwarf planet. There is speculation that Walt Disney named the animated dog after the recently discovered planet to capitalize on its popularity, but other accounts are less certain of a direct link," the US space agency added.

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Earthquake of magnitude 6.1 strikes Japan; no tsunami warning issued

 Earthquake of magnitude 6.1 strikes Japan; no tsunami warning issued

An earthquake with a preliminary magnitude of 6.1 hit Iwate and Aomori prefectures in northern Japan on Tuesday.

An earthquake with a preliminary magnitude of 6.1 hit Iwate and Aomori prefectures in northern Japan on Tuesday, the Japan Meteorological Agency said.

The epicenter was northern coastal part of Iwate Prefecture(Rep image)

The epicenter was northern coastal part of Iwate Prefecture, the agency said, adding that a tsunami warning had not been issued.

There were no reports of immediate damage.

Nifty 50, Sensex hit fresh all-time high; why is Indian stock market gaining today?- Explained

 Nifty 50, Sensex hit fresh all-time high; why is Indian stock market gaining today?- Explained

Stock market today: Indian stock market benchmarks the Sensex and the Nifty 50 hit their fresh all-time highs in intraday trade on Tuesday.

Stock market today: Sensex, Nifty hit their fresh all-time highs on Tuesday.

Stock market today: Indian stock market benchmarks the Sensex and the Nifty 50 hit their fresh all-time highs in intraday trade on Monday, April 1, amid across-the-board buying despite mixed global cues.

The Sensex opened at 73,968.62 against the previous close of 73,651.35 and rose about 0.82 per cent to hit its fresh all-time high of 74,254.62 within the first two hours of trade.

The Nifty 50 opened at 22,455 against the previous close of 22,326.90 and jumped 0.90 per cent to hit its new record high of 22,529.95 in the morning session.

Mid and smallcap segments saw even stronger gains. The BSE Midcap index rose over 1 per cent while the Smallcap index jumped over 2 per cent in the morning session of trade.

The overall market capitalisation of the firms listed on the BSE rose to over ₹392 lakh crore from nearly ₹387 lakh crore in the previous session.

Why is the Indian stock market gaining today?

Experts point out that the undercurrent of the market is positive due to the strong prospects of the Indian economy. Moreover, expectations of rate cuts starting in the coming months are also underpinning market sentiment. Investors are buying Indian stocks after the recent correction as they remain positive about the Indian stock market for the medium to long term.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services underscored that the undertone of the market is bullish and there is momentum in the market.

"The market has been showing signs of consolidation but the spurt in Nifty by 322 points on the last 2two trading days indicates that the upward momentum can be sustained," said Vijayakumar.

Vijayakumar highlighted that some mutual funds are reported to have started restricting redemptions from the smallcap schemes due to concerns over frothy valuation in this segment which could result in higher flows of funds into the largecaps. This would lift the large caps.

According to brokerage firm ICICI Direct, the Nifty 50 may continue to trade with a positive bias and immediate support for the index can be near 22,000.

The brokerage firm expects the index to endure its northbound journey and gradually head towards 22,700 in the coming weeks.

"Empirically, in General Election year, the index has a tendency to bottom out in the first quarter of the calendar year, followed by a rally (minimum 14 per cent rally from lows) towards the General Election outcome in each of seven instances over past three decades," said ICICI Direct.

"In the current scenario, we expect the index to maintain the same rhythm as the index has already undergone a corrective phase in the first quarter and formed a higher base. Thereby, setting the stage for the next leg of a bull rally towards 23,400 by the election outcome. In the process, 21,900 would act as immediate support which we expect to hold," said the brokerage firm.

The Sensex and the Nifty 50 witnessed impressive gains of 29 per cent and 25 per cent, respectively, in the last financial year (FY24). Experts are optimistic that these indices could continue to record robust growth in the new financial year, despite ongoing challenges.

Also Read: FY25 Outlook: Can Nifty 50 repeat the feat of FY24? 5 crucial challenges that loom

“Considering the consistent earnings growth and an easing interest rate environment, the Nifty 50 may deliver a healthy double-digit return in the low to mid-teens," Naveen Kulkarni, Chief Investment Officer at Axis Securities PMS, told Mint.

Also Read: Expert view: Nifty 50 may give a double-digit return in FY25: Naveen Kulkarni of Axis Securities PMS

Niraj Kumar, Chief Investment Officer at Future Generali India Life Insurance Company expects FY25 to be driven by sustained corporate earnings growth, policy continuity and a favourable geopolitical landscape and any disappointment on these fronts may have negative ramifications on the market.

Also Read: Expert view: Corporate earnings growth, geopolitical stability key triggers for FY25, says Niraj Kumar

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Turkey local elections: Opposition claims big city wins in blow to Erdogan

 Turkey local elections: Opposition claims big city wins in blow to Erdogan

Istanbul Mayor Ekrem Imamoglu hails victory in blow to Turkish president’s standing after two decades in power.

Turkey's Republican People’s Party claimed victory in 36 of Turkey's 81 provinces in local elections, according to state-run Anadolu Agency

Turkey’s main opposition party has claimed victory in Istanbul and Ankara in local elections, inflicting the biggest defeat on President Recep Tayyip Erdogan and his Justice and Development Party (AK Party) in more than two decades.

With more than 95 percent of ballot boxes opened in Istanbul on Sunday, Mayor Ekrem Imamoglu of the Republican People’s Party (CHP) said he had defeated the governing AK Party candidate by more than one million votes.

“Those who do not understand the nation’s message will eventually lose,” Imamoglu, a former businessman, told thousands of supporters late on Sunday.

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🔸Tonight, 16 million Istanbul citizens sent a message to both our rivals and the president.

In the capital, Ankara, CHP’s Mayor Mansur Yavas claimed victory over his rival, hailing the result as a “clear message to those who rule this country”.

The CHP was also ahead in Izmir, Turkey’s third city.

In total, CHP prevailed in 36 of Turkey’s 81 provinces, state-run Anadolu Agency reported, making inroads into many AK Party strongholds.

Opposition supporters gathered in Istanbul to celebrate the results, with tens of thousands of people lighting torches and waving Turkish flags.

In a speech delivered from the balcony of the presidential palace, Erdogan, who has governed Turkey since 2002, acknowledged that his party had “lost altitude” across the country and said he would self-reflect and rectify any mistakes.

“We will correct our mistakes and redress our shortcomings,” he said.

In previous local elections in 2019, Imamoglu won Istanbul’s mayoral race, dealing Erdogan and the AK Party their biggest electoral blow until that point. That defeat also struck a personal note for Erdogan, who was born and raised in the city and served as its mayor in the 1990s.

Sunday’s local elections represent a new blow to the president who had set his sights on retaking control of those urban areas.

Some 61 million people were eligible to vote for mayors across Turkey’s 81 provinces as well as provincial council members and other local officials on Sunday.

The nationwide local elections were seen by analysts and civilians as a gauge of both Erdogan’s support and the opposition’s durability amid skyrocketing inflation and the crumbling of the Turkish currency against the dollar.

Sinan Ulgen, director of the Istanbul-based Edam think tank, told The Associated Press news agency that “the surprising outcome” was the result of voters wanting to punish the governing party over the state of the economy and described the elections as a “watershed for Imamoglu”.

“He will emerge as the natural candidate of the opposition for the next round of presidential elections,” Ulgen said.