SP ahead, but BJP threatens majority

The early trends from the most populous state, Uttar Pradesh, brought in a big surprise in the form of the Bharatiya Janata Party (BJP), which poses a tough challenge for the Samajwadi Party (SP).

According to the trends, the SP appears unlikely to get a majority to form the government on its own. At around 9.15 am, trends for 168 seats were available with the SP leading in 75, followed by the BJP on 42 seats.

While the Bahujan Samaj Party (BSP) was leading on 26 seats, the Congress stood fourth with lead in 20 seats.

The polling in the state was held in seven phases from February 8 to March 3.

Mayawati's Bahujan Samaj Party (BSP), which had managed to get 206 seats in the previous assembly polls, is unlikely to repeat the good performance this year, thanks to the anti-incumbency factor in the state.

The Uttar Pradesh Assembly elections, seen as the semi-final of the 2014 Lok Sabha polls, witnessed a rigorous campaign in all the phases with top leaders from all the parties addressing rallies and gatherings across the state.

While Rahul Gandhi led the campaign for the Congress, Akhilesh Yadav made it sure that the Samajwadi Party left no stone unturned in ensuring a win. The Bharatiya Janata Party (BJP) on the other hand roped in former Madhya Pradesh chief minister Uma Bharti to not just campaign, but even contest the elections.

However, Mayawati preferred to take on the parties single handedly as she addressed huge rallies at several places across Uttar Pradesh.

In the four-cornered battle for UP, trends suggest a clear majority for the Samajwadi Party, and a sharp decline in the vote share of the BSP. The rigorous campaign by Rahul Gandhi is likely to yield any benefit for the Congress, which is likely to stand fourth. 

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.