Yediyurappa to resign after govt’s 2nd anniversary, say sources

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Bengaluru, July 17 | Karnataka chief minister B.S. Yediyurappa has been asked to step down after July 26, the day, the ruling BJP government will complete its second year in office in the state, sources said here on Saturday.

Yediyurappa’s demand for two months time to contemplate stepping down, has been categorically rejected by the BJP high command, they added.

While the Party has offered the post of deputy chief minister to his son B.Y. Vijayendra, Yediyurappa has apparently been insisting on the post of the state party president for him.

The calculation is to go to the assembly elections under his son’s leadership, thus making Vijayendra the natural choice for the CM post.

However, the BJP high command is insisting that things should happen as per the party’s decisions, not by the conditions laid down by CM Yediyurappa.

The high command is keen on giving an honourable exit to Yediyurappa but at the same time, the party wants to take its own decisions in connection with its prospects in the state.

It is to be recalled that, Yediyurappa had defied the party top brass openly and split away to form his own party, KJP in 2012, ensuring the defeat of the BJP in the state polls of 2014. The BJP had to give a red carpet welcome to him later before assuming power in the state.

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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