Sensex falls 100 pts ahead of UP election results

The Sensex fell more than 100 points in early trade following weak global cues and ahead of UP Assembly election outcome today. Banks, capital goods and metals stocks were under pressure.

Weaker growth expectations in China and less than expected economic data in eurozone dented sentiment globally, though US economic data was positive. Asian markets like Shanghai, Hang Seng, Kospi and Taiwan Weighted fell 1-1.4%; Nikkei was down 0.44% and Straits Times declined 0.9%.

The BSE benchmark fell 138 points to 17,225.24 and the NSE benchmark was down 44.5 points at 5,235.90.

Jaypee group were biggest losers as UP Assembly election results may not be favouring Bahujan Samaj Party. JP Associates tanked 5% and Jaiprakash Power was down 4%. However, Reliance Power, Reliance Communications and Reliance Infrastructure gained 1-2% as Samajwadi Party is in a leading position as suggested by vote counting.

Among frontliners, DLF, Axis Bank, Hindalco, L&T, BHEL, Bharti, IDFC, Bajaj Auto, Ambuja Cements and Hero Motocorp were down 1-2%.

The CNX Midcap was down 54 points to 7,474. Even the market breadth was negative; about two shares declined for every share rising on the NSE.

In the second line shares, Bajaj Hindusthan and Triveni Engineering gained 1.5%.

IGL was up 2% post the company increased CNG prices by Rs 1.90/kg in Ghaziabad, Greater Noida

Kingfisher Airlines gained 0.65% after Business Standard reports that TPG, Blackstone and Cerberus are eyeing stake in the company.

Strong earthquake in north India, tremors in Delhi

Strong tremors were felt in Delhi a little after 1 pm today. At Archana, where the NDTV studio is located, the building could be felt shaking.  Viewers in Gurgaon also said that they could feel the tremors. The earthquake's magnitude and epicentre have yet to be reported.

Key features of Budget 2011-2012

Swift and broad based growth in 2010-11 has put the economy back to its  pre-crisis growth trajectory. Fiscal consolidation has been impressive. 

Significant progress in critical institutional reforms that would set the pace for  double-digit growth in the near future. 

Dynamism in the rural economy due to scaled up flow of resources to the  rural areas.

Challenges

Structural concerns on inflation management to be addressed by improving supply  response of agriculture to the expanding domestic demand and through stronger  fiscal consolidation. 

Implementation gaps, leakages from public programmes and the quality of  outcomes pose a serious challenge. 

Impression of drift in governance and gap in public accountability is misplaced.  Corruption as a problem to be fought collectively. Government to improve the  regulatory standards and administrative practices. 

Inputs from colleagues on both sides of House are important in the wider national  interest. 

Budget 2011-12 to serve as a transition towards a more transparent and result  oriented economic management system in India.  

 For Further details: Budget details

Ticket to LONDON: India qualify for men's hockey in London

NEW DELHI (Reuters) - Eight-time champions India secured their place in the men's hockey event at this year's London Olympics after routing France 8-1 in the final of a qualifying tournament on Sunday.

Drag-flicker Sandeep Singh continued his goal-scoring spree, slotting five more in the final as India, who won the last of their eight gold medals in 1980, returned to the Olympics after missing Beijing in 2008.

South Africa qualified for the women's event, having beaten hosts India 3-1 in Saturday's final at the same Dhyan Chand National Stadium.

The Indian women's team returned to join the country's sports minister and a host of former Olympians to cheer for their male compatriots, who did not let them down.

India went to the final with an unbeaten record, having scored 36 goals in the first five games, and they went on to better their 6-2 victory against the Frenchmen in Tuesday's pool match.

India opened their account with Birender Lakra's 17th minute strike but France did well to restrict them to 3-1 at half time.

Singh, having scored from two penalty corners in the first half, returned to convert three more to enhance his reputation as a leading drag-flick expert and finish with 16 goals from six matches.

Simon Martin-Brisac scored the lone goal for the French side while S.V. Sunil and V.R.Raghunath were India's other goal-getters.

"The Artist" wins Oscar for best picture

LOS ANGELES (Reuters) - French silent movie "The Artist" won the Oscar for best picture on Sunday.

"The Artist," filmed in black and white, is the tale of a silent movie star whose career plummets when he refuses to embrace the advent of talkies in the late 1920s.

The film is directed by Michel Hazanavicius and stars Frenchman Jean Dujardin.