Heavy rains lash Karnataka as monsoon revives

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Bengaluru, July 11 | With the southwest monsoon reviving after a week-long break, moderate to heavy rains lashed Karnataka, disrupting normal life, an official said on Sunday.

“Widespread, moderate to heavy rains occurred over coastal, central (Malnad) and northern regions of the state, as the revived monsoon intensified,” an India Meteorological Department (IMD) official said in a bulletin.

Rainfall was, however, scattered in the state’s south interior areas, while it was moderate in Bengaluru rural and urban districts, Kolar and Ramanagara.

“Northern districts in the state like Bidar, Kalaburagi, Raichur and Yadgir received heavy to very heavy rains due to dark clouds and favourable factors like strong surface winds,” said the official.

The IMD issued an orange alert in coastal and central districts, including Dakshina Kannada, Udupi, Uttara Kannada, Chikkamagaluru, Hassan, Kodagu and Shivamogga, warning of heavy and widespread rains in the next 24 hours.

“Yellow alert has been sounded in the state’s northwest region, including Dharwad, Haveri, Vijayapura, Bagalkot and Belagavi, warning of isolated rains till Monday,” said the bulletin.

Data showed 13cm rainfall at Agumbe in Shivamogga district, followed by 12cm at Manki in Uttara Kannada district and 10cm each in Kota, Kundapur, and Bhatkal.

Meanwhile, the state natural disaster monitoring centre warned fishermen from venturing into the Arabian Sea across the west coast, as strong winds with 40-50kmph speed were likely to pass over the area, causing high waves and gusty conditions.

Source: IANS

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Share Market Closing Bell: Market ends marginally lower amid volatility

Share Market Closing Bell: Market ends marginally lower amid volatility

Dalal Street witnessed tug of war between bulls and bears as Sensex settled at 54208.53 losing 109 points or 0.20 percent and Nifty ended at 16240.30 with loss of 19 points. Bank nifty closed the session at 34163.70 levels with loss of 138 point after erasing early session gain.

BSE Midcap and BSE Small cap indices turned flat after rising around half a percent each. On the sectorial front, Nifty Pharma and FMCG have contributed a percent each on a closing basis. On the flip side Nifty Realty, Nifty PSE ended with losses of 1.75 percent and 1.73 respectively. In Nifty stocks, TATACONSUM, CIPLA and ADANI PORT were the top gainers while POWERGRID, BPCL and TECHM were the prime laggards.

In the daily chart Nifty has ended with a bearish candle. However 16200 levels are protected throughout the day. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders. According to volume profile 16100 and 16000 may act as immediate support.

Indicators such as MACD and RSI are still struggling to overcome from oversold zone in the daily time frame. From the time cycle prospect Index would remain highly volatile till 27th May of this month. Bollinger band indicates 16650 would remain strong resistance in coming days. On the other hand, Bank nifty has support at 33400 levels while resistance at 35000 levels.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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