Heavy rains wreak havoc in Islamabad, 2 dead


Islamabad, July 29 | Heavy rains wreaked havoc in Pakistan’s capital city of Islamabad, killing at least two people while injuring several others, officials said.

Several buildings, shops and vehicles were damaged due to the heavy downpour in the affected areas, Xinhua news agency reported citing the official as saying on Wednesday.

The torrential rain in Islamabad and its twin city Rawalpindi inundated many low-lying areas and main roads, creating immense difficulties for the residents.

The heavy rain accompanied by strong winds also uprooted trees and destroyed makeshift shelters.

Electricity supply in several areas of the twin cities remained suspended.

Rescue and relief operations are being carried out by rescuers.

Commenting on the situation in the federal capital, the country’s Interior Minister Sheikh Rasheed Ahmad said that the Pakistani Army and other local authorities are present in various areas to deal with any emergency condition.

Speaking with Xinhua, Sayed Munawar Shah, a senior official of the Capital Development Authority (CDA), said that heavy machinery and trained staff have been deployed to clear major roads and restore traffic.

He said that excessive water and debris are being removed in several localities.

“Most of the locations and avenues have been cleared and efforts are underway to clear the remaining areas.”

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,150, Sensex falls 236 pts

Share Market Closing Bell: Nifty ends below 16,150, Sensex falls 236 pts

The NIFTY 50 had a positive opening and made an intraday high at 16262.80 level but showed selling pressure from the top and made an intraday low at 16078.60 level and closed the session at 16125.15 level with a loss of 89.55 points However, Bank nifty closed the session at 34290 level with a gain of 42 points. VIX closed at 25.70 up by 9.83%.

33 stocks out of NIFTY 50 closed in Red which suggest broad based selling. Nifty Healthcare, FMCG, IT, capital goods indices down 1 percent each while Nifty Auto & Bank ended in Green. Nifty Stocks like DRREDDY, GNFC, POWERGRID, KOTAKBANK were the top gainers, While DIVISLAB, TECHM, GRASIM & HINDUNILVR were top losers. The Nifty has confirmed the shooting star kind of pattern on a daily time frame which indicates downside movement momentum for an upcoming session.

Moreover, from the last 14 days Nifty has been trading in a range of 15750-16410 levels, either side breakout can direct further direction. In addition, Nifty has given a closing below 21-Day Moving Average which indicates weakness in the Nifty.

However, the momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone on a daily chart which suggest a northward journey in the Nifty. The Nifty may find Strong support around 16000 levels, while on the upside 16300 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33600 levels while resistance at 34800 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India


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