Maha asks SC to recall direction on re-notifying OBC seats in local polls

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New Delhi, Jan 17 | The Maharashtra government has moved the Supreme Court seeking recall of its order directing the State Election Commission (SEC) to renotify 27 per cent seats reserved for OBCs in the local body polls, as general category seats.

A bench, headed by Justice A.M. Khanwilkar, agreed to examine the plea on Wednesday this week. Senior advocate Shekhar Naphade, representing the state government, asked the bench to hear the state government’s application for recall of the court’s order.

On December 15, the Supreme Court ordered the SEC and the state government to convert 27 per cent seats in zila parishads and panchayat samitis reserved for OBC into general category, and issue fresh notification. On December 6, the Supreme Court stayed the Maharashtra government decision to grant 27 per cent reservation for the OBC, which was brought by an ordinance, in the local body elections until further orders.

A batch of pleas had been filed in the top court challenging the state government’s ordinance to provide 27 per cent reservation for OBCs.

A bench headed by Justice Khanwilkar had directed the SEC to renotify the OBC seats as general category, so that polls for those seats can take place as per law along with elections for remaining 73 per cent and the results for both polls can be declared simultaneously.

On December 6, the top court had observed that 27 per cent OBC reservation could not be implemented without setting up a commission and also without collating data for inadequacy of representation in local government.

“Without setting up the Commission and collating contemporaneous empirical data to ascertain the extent of reservation required to be provided local body-wise, it is not open for the State Election Commission to provide reservation for OBC category despite the statutory provision in that regard,” it said in its order.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

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.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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