Provide yarn and yarn subsidy: Palaniswami to CM

Provide yarn and yarn subsidy: Palaniswami to CM
Provide yarn and yarn subsidy: Palaniswami to CM

Chennai, Nov 24 | Tamil Nadu’s Leader of the Opposition K. Palaniswami on Wednesday urged the DMK-led state government to provide yarn and yarn subsidy to the weavers to weave free sarees and dhotis for Pongal and take steps to reduce the import duty on cotton.

The former Chief Minister and AIADMK Joint Coordinator Palaniswami also asked the DMK government to flush out the hoarding of cotton and yarns in the state.

Citing the increase in yarn prices during the last ten months affecting the textile industry, Palaniswami said the units were not able to accept new orders and also execute their old orders with increased input prices.

Sibal attacks govt over rise in prices of fuel, vegetables

He said hoarding and duty hike on cotton imports are the main reasons for the price hike that has affected the handloom and power loom units.

Palaniswami said the Tiruppur Exporters Association is planning to go on a strike on November 26 and hold a hunger strike protesting against the price hike.

According to him, power loom owners are selling their machines so as to sustain themselves.

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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