Constitution has given us the right to protest: Anna

Anti-corruption crusader Anna Hazare has warned the Congress that he will go on fast again if the Government doesn't pass the Jan Lokpal Bill in the Winter Session of Parliament, saying that the Constitution has given us the right to protest.

Hazare also said that he will campaign against the Congress in the polls if the Jan Lokpal Bill is not passed in the Winter Session of Parliament. Hazare plans to tour the five poll-bound states and said that he will start his campaign from Uttar Pradesh.

"If the Congress doesn't approve the Jan Lokpal Bill, I will go to all poll-bound states and ask people not to vote for the Congress," Hazare said.

After the Congress on Tuesday called Anna Hazare's warning to campaign against the party a 'political' move, the anti-corruption crusader hit back and said that he was not being political. "If the Congress thinks that I have entered politics, let them say that. The people of the country know the truth," Hazare said.

Attacking the Congress, Hazare said that the Congress does not have the will to pass the Jan Lokpal Bill. "In the last 42 years, the Congress was in power, why wasn't the bill passed in the last 42 years? The Congress doesn't have the will to pass this bill," Hazare said.

Hazare appealed to Hissar voters in Haryana, which has by-polls this month saying they shouldn't vote for the Congress.

He also said that he has been forced to take up the campaign against political parties as there was no other way to get the Jan Lokpal Bill passed.

But Hazare said, though he will campaign against parties who do not support Jan Lokpal Bill, he will not enter politics.

"If I become the leader of a political party, then I will not be able to do what am doing today, it's better to remain outside," Hazare said.

There were some lessons for the Prime Minister as well as Hazare asked the Prime Minister to face an 'agnipareeksha' to cleanse his name in the 2G scam.

"The Prime Minister should be ready for an 'agnipareeksha'. His name has come up in the 2G scandal," Hazare said.

From initially abusing the entire political class to now identifying one party as a clear enemy, Hazare seems to have moved on. But he did clarify that his opposition to the Congress shouldn't be interpreted as support for the BJP. To re-emphasise his point he even criticised Gujarat Chief Minister Narendra Modi for arresting suspended IPS officer Sanjeev Bhatt.

"Those who think that I am with the BJP are mentally unfit," Hazare said.

Sensex opens 300 pts lower

Indian equity benchmarks opened sharply lower following a sell-off across globe. All significant sectors were hit in the morning trade including metal, realty, financial, technology and oil & gas. The Nifty dropped below the 4900 level.

At 9:19 hours IST, the 30-share BSE Sensex plunged 305 points to 16,158 and the 50-share NSE Nifty lost 93 points to 4,850.

The Indian rupee depreciated by 0.57 to 49.54 per dollar.

Commodities related stocks like Hindalco, Tata Steel, Sesa Goa, JSPL and Reliance Industries were under selling pressure as commodities sliped last week.

Rate sensitives like DLF, Kotak Mahindra Bank, ICICI Bank, Axis Bank, PNB and SBI too were down.

BHEL fell 2.5% to Rs 320 post ex-split (from Rs 10 to Rs 2).

Technology stocks like Wipro, HCL Tech, Infosys and TCS dropped more than 1%.

 Among others, L&T, Tata Power and Jaiprakash Associates were on sellers' radar.

However, Reliance Communications, Reliance Capital, Reliance Infrastructure and Reliance Power were up 1.5-2% as CBI gave clean chit to Anil Ambani.

Maruti Suzuki gained 1% post September sales numbers.

The CNX Midcap fell 84 points to 7,009.  About six shares declined for every share rising.

Sintex Industries plunged 6.5%. 

South Indian Bank, Unitech, Kingfisher Airlines, Voltas, Jaypee Infra, JSW Steel, Sun TV, Orchid Chemical, Pantaloon Retail and Yes Bank were down 2-4%.

Recently listed PG Electroplast continued its downtrend - lost 15% to Rs 257.

TVS Motor rose 1.5% post September sales numbers.

Global cues

Asian markets fell 2-4%, following weak US cues. Only Shanghai was flat.

Sensex drops 1% on weak Asian cues

India equity benchmarks gave some of its yesterday’s gains, opening 1% lower on weak Asian cues. The market ignored positive economic news from the United States and Europe — which finally had consensus on a stronger euro-zone bailout fund — supporting most stock indexes and the euro.

Commenting on the lukewarm market response, Mark Mobius, executive chairman of Templeton Emerging Markets said, "Passing the ruling in German Parliament is only one step. Implementation is the next step and of course that will take time," he believed.

But he acknowledged that the German nod for European Financial Stability Facility (EFSF) expansion is the right step towards solving EU crisis.  

The 30-share BSE Sensex lost 194 points to 16,503 and the 50-share NSE Nifty lost 60 points to 4,955. 

2G scam row: All Anil Dhirubhai Ambani Group's stocks were extremely under selling pressure. Reliance Capital, Reliance Communications, Reliance Power and Reliance Infrastructure plunged 5-7%.

CBI said Anil Ambani continued to be under investigation. It also said they were investigating Swan stake sale to Delphi by Reliance ADA. Reliance ADA sold Swan stake to Delphi at undervalued prices.

Among other largecaps, DLF, SAIL, Tata Steel, SBI, ICICI Bank, TCS, ONGC, HUL, Jaiprakash Associates and Axis Bank were witnessing selling pressure.

However, Sesa Goa, Ranbaxy Labs, HCL Tech and Wipro gained.

EU welcomes India allowing WTO waiver for Pakistan

The European Union today welcomed India's decision to withdraw its objections to the World Trade Organisation waiver sought by the EU for granting duty-free access to certain goods from Pakistan.

The EU described New Delhi's decision, announced yesterday following bilateral trade talks between India and Pakistan, as "very positive". The head of the European Union delegation to Pakistan, Ambassador Lars-Gunnar Wigemark, said the decision was "relevant in light of the renewed floods in the province of Sindh".

The WTO waiver granting unilateral trade concessions to Pakistan was originally sought by the EU to provide relief after devastating floods in India's neighbouring country last year.

The 75 products on which duties are proposed to be waived accounted for about 27 per cent of Pakistan's exports to the EU last year, with their value amounting to almost 900 million euros out of the EU's total imports of goods worth 3.3 billion euros from Pakistan.

Liberalising these 75 tariff lines -- of which one product (ethanol) would be granted a waiver subject to an annual quota of 80,000 tonnes, based on past imports -- would result in an increase in the EU's imports from Pakistan by an estimated 100 million euros a year, in comparison to 2009.

The EU will receive nearly 80 million euros less in tariff revenues as a result of these trade concessions, a statement said.  The EU will now re-launch the process in the WTO for formalisation of the waiver. Simultaneously, the EU will press ahead with internal legislative processes in the European Parliament and Council for ratification of the proposed regulations granting these
trade preferences to Pakistan by member states. 

The next meeting of the WTO Council for Trade in Goods is scheduled on November 7 and a formal decision should be possible at the next WTO General Council meeting in the beginning of December. "If all goes well, the preferences would be in place by early 2012," the statement said.

The EU is Pakistan's largest trading partner, with their annual trade valued at 7.6 billion euros. The trade balance is already in favour of Pakistan, whose
main export items to the EU are textiles and clothing products, accounting for over 60% of all exports.

German parliament clears bailout fund expansion plan

The German Parliament has approved crucial reforms to the European Financial Stability Facility (EFSF) that would allow the fund to participate in the primary market and to recapitalize European banks.

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