Waterlogging, power supply cut, threat of more rains in Chennai

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Chennai, Nov 8 | Power cut or supply at a very low voltage, threat of more rains resulting in waterlogged roads and homes getting inundated, that is Chennai, the capital city of Tamil Nadu on Monday morning.

“Since morning there is no power supply in our locality. I tried calling the call centre numbers to complain several times and every time I heard the recorded voice saying that you are the caller number 101, 96, 85 and later the line got disconnected,” residents of Mylapore told IANS.

“However, one should praise the Aavin and the milk delivery woman for bringing the milk packet as usual,” she added.

Power supply was cut in West Mambalam and Mandaveli areas for the past two days, a resident of the two areas told IANS.

According to V. Senthilbalaji, Minister for Electricity, out of about 44.50 lakh power connections in Chennai power supply has been stopped for 12,297 connections for safety reasons.

With the weather department predicting more rains for the next couple of days, the one prayer or thought in the minds of citizens is “let there be no another 2015 floods.”

It is said water is a great leveller. And that was proved on Sunday here in Tamil Nadu’s capital city Chennai, one of the cities under the smart city project.

On Sunday early morning, Saravanan belonging to middle class residing in a rented accomodation near Luz, an upmarket locality in the smart city Chennai was woken up rudely with rain water entering his small dwelling.

Later he and his family sought refuge at his sister’s place.

His neighbour, a businessman and his family too lost sleep as they saw water from the road entering their ground floor.

Both of them as well as other residents in that locality are hoping that the situation would improve with the government pumping out the sewerage water.

“Story of a mega city called Chennai: Jan-Oct water scarcity. Nov & Dec water scares the city!” a meme sums it all up.

Meanwhile, officials of Greater Chennai Corporation, fire service, police and others are in the process of pumping out the stagnant water to provide respite for the people.

Many suburban areas are under water and public transport has been affected in some areas.

The Greater Chennai Corporation has supplied about 3.36 lakh food packets to those affected by the rains. The food is being cooked at 15 kitchens. Medical camps and vaccination camps were also being organised in all the 200 divisions in Chennai.

For the second day in succession, Chief Minister M.K. Stalin and his cabinet colleagues visited several rain hit localities and supervised the rain relief operations.

Source: IANS

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Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.

India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.

Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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