Bengaluru, Dec 9 | CDS Rawat wanted India to be Aatmanirbhar in defence production: Bommai. Chief of Defence Staff General Bipin Rawat was a strong votary for ‘Aatmanirbhar Bharat’ in defence production and was instrumental in starting indigenous production of arms and equipment within the country, Karnataka Chief Minister Basavaraj Bommai said on Thursday.
Speaking to mediapersons at Vidhana Soudha, he said, “General Rawat had a big role in inspiring DRDO and other organisations to excel in their achievements in defence production.”
Apart from innovation and development of modern weapon systems and equipment, he pushed for transfer of technology to encourage participation of private sector in the defence production, he added.
The nation is shocked at the tragic incident that snatched the life of General Rawat who was the head of all the three wings of the Armed Forces.
The Indian Air Force is conducting an inquiry into the mishap. General Rawat always led from the front, Bommai said.
“General Rawat had shown an unprecedented stand on many issues related to India’s security. His strong posture against China during the recent border stand-off had compelled Chinese troops to retreat. The nation needed his leadership for the years ahead too,” Bommai said.
Recognising General Rawat’s service and dedication, Prime Minister Narendra Modi had appointed him the CDS. “It is not just the defence forces, the entire country has lost a great leader. His life story is inspirational. Our children should be taught about his patriotism and sacrifices,” the chief minister said.
“Chief of Defence Staff General Rawat had a close association with Karnataka, especially Kodagu. He was all praise for General Cariappa and General Thimmaiah in his address whenever he spoke,” Bommai said.
The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.
While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.
Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.
Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.
On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.