The mercury inched up today in most parts of northern India
as the region remained largely dry under the blazing summer sun. The
maximum temperature was in the high-30s in Delhi with the MeT office
predicting a further rise in the mercury in the national capital. The
day temperature was recorded two notches below normal at 38.8 degrees
Celsius while the minimum was three points below normal at 24 degrees.
Humidity in air fluctuated between 33 and 88 per cent. The maximum
yesterday in Delhi was recorded at 36.4 degrees with the minimum having
settled at 21.4 degrees. But the weatherman has predicted a rise in
temperatures tomorrow with the skies expected to remain clear and the
maximum and minimum are tipped to be at 45 and 25 degrees, respectively.
The heat continued to trouble people across the states of Punjab and
Haryana as the mercury hovered close to the 40- degree mark. Bhiwani in
Haryana sizzled at 40.7 degrees, two notches above normal, while
Narnaul, too, had a hot day at 40 degrees. The Union Territory of
Chandigarh experienced a sultry day at 38.2 degrees, one point above
normal. In Punjab, Amritsar recorded a high of 40.4 degrees while
Ludhiana and Patiala registered maximums of 39.7 and 39.2 degrees,
respectively. The conditions were mainly dry in Uttar Pradesh although
rain and thundershowers did occur at isolated places in the eastern
parts of the state. Rainfall measuring 90-mm was recored at Ballia
while Orai was the hottest place in the state with a high of 43 degrees.
But day temperatures fell largely in the Gorakhpur and Varanasi
divisions and were appreciably below normal in other places.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...
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