Russian flags were flying high in the
historic naval city of Sevastopol today as people looked forward to
rejoining what many see as their homeland after a crunch referendum on
Crimea's future. Several thousand people -- many waving the white, blue
and red Russian standard or holding flowers -- gathered for a
celebratory concert in the city's Nakhimov Square, named after one of
Russia's most illustrious admirals. Shortly after polling closed, exit
polls confirmed what spectators never doubted and showed that 93 per
cent of voters favoured joining Russia and breaking away from Ukraine.
"We're free of the occupation," shouted Lucia Prokorovna, 60, carrying a
giant Russian flag. "Ukraine was attached to Crimea like a sack of
potatoes. Today I visited the polling station -- I only slept half the
night hoping for the moment we would be with Russia." Russian rock band
Lubeh, known for their patriotic songs, were at the event, drawing a
young crowd who cheered as lead singer Igor Matvienko shouted "Hurrah
Sevastopol!" and "Success for you!" between songs. Samadova Viktorovna,
39, brought along her two children aged 11 and eight to the concert,
which was marked by a conspicuous police and security presence plus
plenty of alcohol. "It's magnificent -- look at how many people are
here," she said. "We have big hopes because there has not been order in
Ukraine for years." The square is a stone's throw from the waters
where Russian warships are stationed as part of the Black Sea Fleet -- a
constant reminder of Moscow's influence over the city, both past and
present. Sevastopol was founded by Catherine the Great of Russia in
1783 and has been home to the fleet -- a strategically crucial naval
unit which provides Moscow with access to the Mediterranean within a
day's sailing -- ever since. It was one of the Crimean War's main
battlegrounds and was rebuilt under Joseph Stalin after being destroyed
during World War II as German forces held the city under siege.
Sevastopol has a large majority of ethnic Russians among its 350,000
residents who yearn for Crimea to switch from being Ukrainian territory
to being part of Russia, as it was until 1954.
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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