Trade Setup for October 9: Nifty 50 looks to escape from the bear grip as earnings season begins

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Its status quo on the Nifty 50 as the new trading week begins on Monday. The four-day truncated week saw the index fall towards 19,300 in the first half before recovering all those losses in the last two sessions of the week.

With the RBI policy out of the way, the focus is now back on the corporate earnings as companies start delivering their September quarter results starting Monday. Among the Nifty 50 stocks, TCS will begin the earnings season on Wednesday.

Despite the recovery over the last two sessions, the Nifty 50 is still down over 600 points from its September 15 high of 20,222. The country is also counting down to its general elections which are slated to take place next year. You can read more here on how the Nifty behaves six months prior to an election and the seven large stocks that Goldman Sachs is betting on.

What Are The Experts Saying?

Pankaj Chhaochharia of Antique said that they as a house continue to prefer industrials, real estate, cement and PSU Banks. He highlights global yields and crude oil prices as near-term risks. Chhaochharia expects positive earnings surprises from stocks like SBI, ITC, Lupin, NCC among others but negative surprises from stocks like Tech Mahindra, Asian Paints, Dr Reddy’s, and Indian Hotels.

“Earning season should be a reasonable one. I think the issue this time around is the timing – one the festive demand will largely come in Q3 because of Diwali being slightly late compared to say some of it in Q2 in the base year. So some of the consumer durables, or auto companies might not have optically numbers look as strong but I think if you look at expectation from the festive season there seem to be overall reasonable,” Varun Lohchab of HDFC Securities said.

What Are The Nifty 50 Charts Indicating?

The Nifty 50 has formed a hammer formation near its 50-Day Moving Average, which is largely positive, said Amol Athawale of Kotak Securities. He said that 19,800 and 19,850 are key for the index, while fresh selling pressure may emerge only once the index slips below 19,575 for a drop towards 19,450 – 19,350.

Nagaraj Shetti of HDFC Securities said that the short-term trend of the Nifty 50 has turned positive. The overall chart patterns indicate the next upside resistance at 19,800 in the upcoming week. He further said that a dip towards 19,550 or 19,500 could be used as a buying opportunity.

Sentiment on the Nifty 50 will remain positive as long as it remains above the key support level of 19,500, said Rupak De of LKP Securities as put writers may offer support at these levels. On the upside, resistance is seen at 19,750 – 19,800. He advises a buy-on-dips strategy till the index sustains above 19,500.

Bearish Trend Continues In Nifty Bank

The Nifty 50 may have managed to recover all of its weekly losses over Thursday and Friday, but the same cannot be said for the Nifty Bank. The index managed to end higher but could not reclaim the 44,500 mark. It also reported a weekly loss, ending 140 points below the day’s high, which also incidentally happened to be exactly 44,500. With IT set to dominate the next week, the Nifty Bank may just take a backseat till banks start to report results.

The Nifty Bank struggled to regain ground above the ascending trendline on the daily chart, indicating a bearish trend in the banking sector, said LKP’s Rupak De. Only a significant breakthrough above 44,500 and above could take the index towards 45,000 and beyond. Immediate support is at 44,200.

Kotak’s Athawale believes that 44,000 will be a key support zone for the Nifty Bank and as long as it remains above that level, it can move towards 44,800 or even 45,000. The uptrend becomes vulnerable below 44,000.

TCS, IT Majors To Be In Focus

TCS will be the stock in focus on Monday after the company announed that it will be considering a buyback of shares along with its quarterly earnings on October 11. All of the company’s previous four buybacks have been via the tender offer route. The stock also ended at a 52-week high on Friday.

Brokerage firm Citi believes that Indian IT companies like Tata Consultancy Services (TCS Ltd.), Infosys Ltd., and their peers, will find it tough to meet consensus estimates for the financial year 2024. It said that in a note earlier in the day.

What Are The F&O Cues Indicating?

Nifty 50’s October futures shed 4.4 percent or 4.9 lakh shares in Open Interest. They are currently trading at a premium of 25 points compared to 22.25 points earlier. On the other hand, Nifty Bank’s futures shed 1.4 percent or 34,950 shares in Open Interest. Nifty 50’s Put-Call Ratio is now at 1.12 from 1.13 earlier.

Delta Corp, Manappuram Finance, Indiabulls Housing Finance and PNB continue to remain in the F&O ban list.

Nifty 50 on the Call side for October 12 expiry:

For this Thursday’s weekly options expiry, the Nifty 50 call strikes between 19,900 and 20,100 have seen Open Interest addition, with the 20,000 strike seeing the maximum addition in Open Interest.

Nifty 50 on the Put side for October 12 expiry:

For the put side, the Nifty 50 strikes between 19,500 and 19,650 have seen Open Interest addition for this Thursday’s expiry. Even the 19,000 Put strike has seen significant Open Interest addition.

Lets take a look at the stocks which added fresh long positions on Friday, which means an increase in price and Open Interest:

Lets take a look at the stocks which added fresh short positions on Friday, meaning a decrease in price but increase in Open Interest:

Here are the stocks to watch out for ahead of Monday’s trading session:

• TCS: To consider share buyback at its board meeting for September quarter results on October 11.
• Reliance Industries: Abu Dhabi Investment Authority (ADIA) to invest Rs 4,966.8 crore in Reliance Retail at an equity valuation of Rs 8.38 lakh crore.
• Titan: September quarter revenue growth of 20 percent year-on-year, while jewellery business grows 19 percent. Watches & Wearables grew by 32 percent year-on-year. CaratLane grows by 45 percent from last year. The company also added 81 stores in the September quarter, taking its total retail presence to 2,859 stores.
• MCX: Gets approval from SEBI tech panel to shift to the new platform, confirming a CNBC-TV18 newsbreak.
• Tata Steel: India crude steel production up 4 percent year-on-year in the September quarter. Deliveries at 4.82 million tones stable Quarter-on-Quarter despite monsoon weakness. Exports halved to 0.45 million tonnes.
• Metropolis Healthcare: Core business revenue up 13 percent year-on-year driven by volume growth, demonstrating strong customer acquisition. Operating margins grew sequentially due to higher revenue leading to operating leverage. B2C revenue grew by 15 percet year-on-year on the back of volume and new patient growth. Gross debt as on September 30, 2023 stood at Rs 44 crore.
• Solar Industries: Gets biggest ever orders worth Rs 1,853 crore from Coal India for supply of bulk explosives to be delivered over a period of two years.
• Bank of Baroda: Total deposits up 4.15 percent from the June quarter to Rs 12 lakh crore. Domestic advances up 2.87 percent sequentially to Rs 8.13 lakh crore.
• Biocon: Signs agreement with Juno Pharma in Canada to commercialise diabetes and obesity drug device Liraglutide.
• TVS Motor: Begins production of the first electric bike of the platform with BMW Motorrad at the Hosur plant.
• Alcohol and Sugar Stocks: GST council recommends to keep Extra Neutral Alcohol used for manufacture of alcoholic liquor for human consumption outside GST. The council has also recommended reducing GST on molasses from 28 percent to 5 percent in relief to cane farmers for faster clearance of dues and to reduce cost of manufacturing cattle feed.
• Adani Green Energy: Arm commissions 150 MW solar power project at Bikaner, Rajasthan.
• Vakrangee: Ties up with JK Cement for the sale of grey cement through Vakrangee Kendra networks.

What Are Global Cues Indicating?

Japanese and South Korean markets are closed on Monday on account of a holiday.

However, Chinese markets resume trading after a week-long holiday as investors will watch out for inflation and trade data from the country, as well as from India.

US markets rallied on Friday after a stronger-than-expected jobs data and a pop in Treasury yields. The Dow Jones gained 0.9%, while the S&P 500 rose 1.2%. The Nasdaq outperformed its peers, rising 1.6% on Friday.

However, traders will now react to the Hamas attack on Israel over the weekend. The Dow futures are currently down 200 points.

Foreign investors continued to remain net sellers in the cash market on Friday, while domestic institutions were net buyers.

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NZ vs NED World Cup 2023 preview: Spotlight on all-rounders Rachin Ravindra and Bas de Leede as New Zealand take on Netherlands

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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New Zealand will look build on its winnings start when it takes on the Netherlands in match 6 of the ICC Cricket World Cup 2023 at the Rajiv Gandhi International Stadium in Hyderabad on Monday.

New Zealand sprang a surprise when they defeated defending champions England by 9 wickets in the opening match of the tournament at the Narendra Modi Stadium on Thursday.

With Kane Williamson not fully fit to take the field, it was Tom Latham who led the team in their World Cup opener. Latham won the toss and asked England to bat first. New Zealand were further handicapped with the absence of fast bowlers Tim Southee and Lockie Ferguson.  With Southee and Ferguson not making into Blackcaps’ playing XI, it was Matt Henry’s turn to step up. Henry bowled with a lot of guile as he picked 3 wickets in the England innings. Henry was ably supported by spinners Mitchell Santner and Glenn Phillips both of whom picked 2 wickets each. As a result of the disciplined bowling England were restricted to 282/9 in 50 overs with Joe Root’s 77 being the team’s top score.

Follow CNBCTV18.com coverage of the ICC Men’s ODI World Cup 2023 here

New Zealand were jolted early in the chase as opener Will Young was dismissed for a first-ball duck by Sam Curran. Young’s wicket was the only success that England tasted in the second part of the match as Devon Conway and Rachin Ravindra then blew apart the English bowlers.  The two southpaws blasted breathtaking hundreds as New Zealand reached the target in of 283 in only 36.2 overs with 9 wickets to spare. Conway was not out on 152 in 121 balls while Ravindra remained unbeaten on 123 in 96 balls when the match came to an end.

A day later, the Netherlands went down fighting against Pakistan at the Rajiv Gandhi International Stadium in Hyderabad.

After winning the toss, the Netherlands captain Scott Edwards asked Pakistan to bat first. The Netherlands started on the right note as they left Pakistan struggling at 38/3. The Dutch failed to capitalize on the bright start as Mohammad Rizwan and Saud Shakeel then struck a 120-run partnership to bail Pakistan out of troubled waters. Both Rizwan and Shakeel  were eventually dismissed on the personal scores of 68. With Mohammad Nawaz  and Shadab Khan chipping in with valuable 30s, Pakistan were finally bowled out on 286 in 49 overs. All-rounder Bas de Leede  was the standout bowler for the Netherlands as he bowled a memorable spell of 4/62 from in only 9 overs.

In chase, Dutch opener Vikramjit Singh struck a fifty (52 in 67) and de Leede also hit a half-century (67 in 68). But no other Dutch batter came good against Pakistan bowling as the Netherlands were bowled out on 205 handing Pakistan a win by 81 runs.

The Netherlands will be looking to turn their fortunes against New Zealand. But the kind of aggressive cricket that the Kiwis have shown in the first match of the World Cup, it not only makes them a favourite for this match but also a strong contender for to win the World Cup.

New Zealand Team News

Kane Williamson is expected to return for this match while the team will have to wait for some more days before they can have Tim Southee back again. With Williamson back in the reckoning,  Will Young is expected to warm the bench and Ravindra promoted up to open the batting with Conway.

The Netherlands Team News

The Dutch are not expected to make any changes in their playing XI.

Pitch and weather

Expect a batting friendly pitch for this match. Hyderabad is expected to be slightly cloudy but rains are likely to stay away.

Players to watch out for

Rachin Ravindra (New Zealand)

Rachin Ravindra has not put a foot wrong since landing in India. Before strking a century on his World Cup debut, the all-rounder smashed an equally impressive 96 in New Zealand’s warm-up game against Pakistan. Ravindra is also a handy left-arm orthodox spinner. Expect more fireworks from this 23-year-old youngster in this World Cup.

Bas de Leede

de Leede’s have a rich tradition of shining at Cricket World Cups. Bas de Leede’s father Tim de Leede was the part of the The Netherlands 2003 Cricket World Cup squad and in a World Cup match against India he picked 4 wickets to walk away with the Player of the Match award. Twenty years later, Bas de Leede also picked a four wicket haul in a World Cup game and showed his talent with the bat to score a gritty fifty.  The Netherlands will again rely of de Leede’s all-round skills to help them compete against a strong New Zealand outfit.

Match Time

The match between the New Zealand and the Netherlands will start at 2.00 PM IST

Where to Watch

The ICC Men’s ODI World Cup 2023 is being broadcast live and exclusive on the Star Sports network. Online viewers can catch the action on the Disney+Hotstar app.

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SC to hear Satyendar Jain’s bail plea in money-laundering case on October 9

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Supreme Court is scheduled to hear on Monday a bail plea of former Delhi minister Satyendar Kumar Jain in a money laundering case lodged against him.

A bench of Justice A S Bopanna and Justice Bela M Trivedi will continue hearing the petition of Satyendar Jain and co-accused Ankush Jain.

On September 25, the top court, while extending the interim bail of Jain till October 9, asked him to not make the pendency of the proceedings before the apex court a ruse to delay the trial in the case.

The Enforcement Directorate has claimed that the AAP leader was seeking repeated adjournments in the trial court on the ground that his bail plea was pending before the apex court. The probe agency has alleged that Jain has taken as many as 16 dates from the trial court.

The Supreme Court had on May 26 granted interim bail to Jain for six weeks for spinal surgery, saying a citizen has a right to receive treatment of his choice in a private hospital at his own expense. On September 12, it extended till September 25 the interim bail of Jain in the case.

The ED had arrested the AAP leader on May 30 last year on the charge of money laundering through four companies allegedly linked to him. It had arrested Jain based on a CBI FIR registered against him in 2017 under the Prevention of Corruption Act.

He was granted regular bail by the trial court on September 6, 2019, in the case registered by the CBI.

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Cricket fans in Pakistan continue to face visa delays ahead of India vs Pak match

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The International Cricket Council (ICC) is pursuing authorities in India ahead of the ICC Men’s Cricket World Cup to ensure visas for Pakistani cricket fans are issued on time. Visa approval for the Pakistani team was granted 48 hours ahead of their departure, marking their first tour since the 2016 T20 World Cup. Cricket seems to have become a casualty over the relationship between the two countries, with matches between the two teams being limited to multi-team events like the World Cup.

While the Babar Azam-led team received a warm reception in Hyderabad, they have expressed disappointment over the absence of support from the stands as their fans remain stranded in Pakistan. An ICC spokesperson stated that the host India is diligently addressing this issue with their full support and every possible effort is being made to ensure there is no delay.

Earlier, the Pakistan Cricket Board expressed frustration over the visa delay, highlighting its impact on Pakistani journalists and fans, as the latter play a crucial role in adding vibrancy to the stadium atmosphere and global cricket coverage. They have consistently reminded the ICC of its obligations and the members’ agreement regarding visa issuance for fans and journalists.

Also read: Travelling to India for Cricket World Cup 2023? Ensure you visit at least 6 of these 10 destinations

Following which, the ICC said that Board of Control for Cricket in India (BCCI) is making concerted efforts to secure visas for Pakistani fans and journalists who are eagerly awaiting their travel to India for the World Cup.

Approximately 60 Pakistani journalists are anticipated to travel across the border. Despite some support for Pakistan during their World Cup opening game against The Netherlands on Friday, none of their media personnel or fans were able to be present due to the visa delays.

Pakistan began their campaign with a convincing victory over the Netherlands and will face former champions Sri Lanka in their next match.

India and Pakistan will clash at the Narendra Modi Stadium in Ahmedabad on October 14.

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IND vs AUS World Cup 2023: Jadeja picks three wickets in quick succession to put Australia on the backfoot 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Australia were going steady at 110/2, when Ravindra Jadeja decided to take matter in his own hands. With his left-arm orthodox spin Jadeja struck three times in quick succession to leave Australia struggling at 119/5. Jadeja accounted for the wickets of Steven Smith, Marnus Labuschagne and Alex Carey in space of three overs to dent Australia’s progress.

Jadeja first beat Smith with a ball that just turned enough to hit the top of the off-stump. Smith walked back after scoring 46 in 71 balls with Australia 110/3 in 27.1 overs.  Two overs later, Jadeja forced Labuschagne to sweep a delivery. But the Aussie batter edged the ball only to get caught by KL Rahul behind the wickets. Labuschagne  departed on 27 with the team’s score 119/4. Two balls later Jadeja sent down a fullish delivery on middle stump to trap Alex Carey in front of the wickets.

Jadeja’s 3 quick wickets turned the course of the match.

ALSO READ: IND vs AUS, World Cup 2023 LIVE: Jadeja removes Alex Carey and Labuschagne in single overs, Aussies five down

Earlier in the contest, India restricted Australia to just 43/1  in the first 10 overs of the match.

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India’s coal imports decline 12% in August: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s coal imports declined 12.08 percent to 18.26 million tonnes (MT) in August this year over the corresponding month of the previous fiscal. The country’s import of fossil fuel stood at 20.77 MT in August last year.

Overall coal imports during April to August also declined by 10.3 per cent to 103.93 MT, over 115.93 MT in the year-ago period, according to data compiled by mjunction services ltd. mjunction services ltd is a leading B2B e-commerce firm.

Of the total imports in August, non-coking coal import was at 10.52 MT as against 13.85 MT a year ago. Coking coal import was at 4.62 MT, same as the volume reported in August of FY23. “There is a substantial drop in non-coking coal import (till August 2023) to the tune of around 20 MT. This has resulted from the increased domestic availability, which has gone up by around 10 per cent. We expect this trend to continue unless there is a sudden spurt in demand and significant softening in seaborne prices,” mjunction MD & CEO Vinaya Varma said.

During the April-August period of the current fiscal, non-coking coal imports were at 62.87 MT, lower than 80.64 MT imported in the year-ago period. Coking coal imports stood at 25.75 MT during April-August 2023-24, higher than 23.16 MT recorded in April-August 2022-23. Coal India accounts for over 80 per cent of domestic coal output.

The Centre has finalised the total coal production target of 1012 MT for 2023-24.

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Virat Kohli beats Anil Kumble’s record to become the Indian with most catches in ODI World Cup history

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Virat Kohli pipped past Anil Kumble to become the Indian player with the most catches for the country in the history of the ICC Men’s ODI World Cup. Kohli took the catch that dismissed Mitchell Marsh off the delivery by Jasprit Bumrah. Marsh, who came into the tournament on the back of a good run of form, was sent back to the pavilion for a duck in the third over.

Kohli, with 15 catches, has surpassed Kumble, who had 14 of them to his name. Kapil Dev and Sachin Tendulkar are tied with 12 catches each. Bumrah pitched short of back length delivery with the ball nipping away from the batter. It took an edge off Marsh’s bat and headed to Kohli in the slips.

Catch live coverage of the India vs Australia World Cup match by CNBC-TV18

The Indian team spent a significant time doing fielding drills and taking high catches under lights at Chepauk on Saturday, a day before the game.

During the game, David Warner became the fastest player is the history of the ICC Men’s ODI World Cup to complete 1000 runs during the match against India at the MA Chidambaram Stadium in Chennai on Sunday.

Warner completed the feat within 19 innings, averaging 62 with three half-centuries and four tons since first being a part of the tournament back in 2011. He was a part of the Australian World Cup-winning unit in 2015 too.

The southpaw has a strike rate of 98.12 in ODI World Cups, breaking the joint-record held by Sachin Tendulkar and Ab de Villiers in 20 innings. Warner has won the Player of the Match award four times in the ODI World Cup, with the highest score of 178 against Afghanistan at home.

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California governor vetoes anti-caste discrimination bill, terms it ‘unnecessary’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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California Governor Gavin Newsom has vetoed a landmark anti-caste discrimination bill recently passed by the state assembly, terming it “unnecessary” and underlining that laws to ban caste-based discrimination already exist in the US state.

The governor’s move has been welcomed by a large segment of the Indian-American community who were opposing the bill based on the same argument.

“In California, we believe everyone deserves to be treated with dignity and respect, no matter who they are, where they come from, who they love, or where they live,” Newsom said in a statement on Saturday.

“That is why California already prohibits discrimination based on sex, race, colour, religion, ancestry, national origin, disability, gender identity, sexual orientation, and other characteristics, and state law specifies that these civil rights protections shall be liberally construed. Because discrimination based on caste is already prohibited under these existing categories, this bill is unnecessary,” he said.

For this reason, Newsom asserted that he “cannot sign” the bill, known as ‘SB403’, which was recently passed by a large majority by both the House of Representatives and Senate of the California State Assembly.

California would have been the first US state to formally ban discrimination on the basis of caste if the Governor had signed the bill.

The bill was introduced in March by Democratic state Senator Aisha Wahab, the first Muslim and Afghan American elected to the California Legislature.

The bill defines “ancestry” for purposes of the Fair Employment and Housing Act, the Unruh Act, and the Education Code to include “caste” and other dimensions of ancestry.

The opponents of the bill described it as historic and said that such a move by the Governor has prevented the efforts of many to target the South Asian community and the Hindus in the state.

Reacting to the development, Castefiles, an educational platform which challenges false caste and race narratives in media, described the move as a historic decision.

“Governor Newsom has taken a stance to veto SB403 – an attempt to sully the Civil Rights Act by adding discriminatory notes to it with the highly contentious term ‘CASTE’. Newsom has recognised the pain and fight of the South Asian micro minority. Democracy wins today in America – the Vox populi that fought to be heard amidst the deafening roar of fake caste narratives,” it said.

Samir Kalra, managing director of the Hindu American Foundation, said, “With the stroke of his pen, Governor Newsom has averted a civil rights and constitutional disaster that would have put a target on hundreds of thousands of Californians simply because of their ethnicity or their religious identity, as well as create a slippery slope of facially discriminatory laws.” Leading Democrat Ajay Bhutoria, in a statement, expressed his gratitude to Newsom for vetoing the bill and described it as a “momentous development”.

During a recent engagement at a Democratic National Committee (DNC) event in Chicago, Bhutoria from California and Rakesh Kapur from Boston urged the governor to veto the bill.

Vetoing the SB403 Caste Bill was the right course of action, elucidating the detrimental impacts it could have on the community, they told the governor in Chicago last month.

“This legislation was undeniably redundant and unnecessary, and I am pleased that our discussions in Chicago bore fruit. The veto of this bill is a testament to the power of constructive dialogue and collaboration,” Bhutoria said in a statement.

“This is a culmination of the efforts of the entire #HinduAmerican community, and the hundreds of organisations, temples, businesses, and allies that fought against #profiling. We rose above the lies, the insinuations, and the wild accusations – and we prevailed,” Coalition of Hindus of North America said.

“It was an effort that saw hundreds of volunteers turn out in person, dozens of organisations, and thousands of California residents who wrote, called, and texted their lawmakers. Proof that if we unite and take action, nothing is impossible,” CoHNA said.

Khanderao Kand from the Foundation for India and Indian Diaspora (FIIDS) thanked Newsom for “this historic and correct” decision.

“I reject all and any form of discrimination, however as the governor said California law already covers all discriminations, moreover, this bill would have caused facial and ethnic profiling leading to difficulty for industries, particularly the tech industry to operate,” he said.

The recently formed Americans for Hindus said the bill was not facially neutral.

“It relied on misleading narratives, strawman arguments, and a questionable survey that actively encouraged falsification of data,” it said, thanking the governor for vetoing the bill.

In a statement, Deelip Mhaske, president of the Foundation for Human Horizon and prominent Ambedkarite, said while the governor ideologically supported the bill, he was against anything that would further divide the Indian-American community or promote negative sentiments towards India.

“Consequently, he vetoed the bill, not because he opposed the legislation per se, but due to concerns over divisive groups hijacking the movement,” he said.

According to Mhaske, after the bill was passed by the California Assembly, several organisations supporting the bill initiated a hunger strike, prompting an investigation into the participants, especially Equality Lab.

“Concerns were raised that some groups were using the bill as a means to promote financial interests, as well as fostering divisive anti-India and anti-Hindu sentiments within the Indian community in America,” he said, welcoming the decision of the governor to veto the bill.

Vaishali V, president of the Ambedkar-Phule Network of American Dalits and Bahujans, congratulated Newsom for seeing through the flaws in the bill and how it would adversely impact people from South Asia, including the marginalised communities.

“As California’s Governor has rightly pointed out, California’s law on civil rights already covers all instances of discrimination. We believe that this bill was brought with the sole intention of stereotyping Hindus, Sikhs, Jains, Buddhists, Muslims and other communities from South Asia.

“While we welcome the veto, we know that nothing can bring back the life of our leader Milind Makwana who was the voice marginalised and at the forefront of the struggle against SB-403 Nothing can heal the loss and the trauma that this bill has caused to the families of the marginalised communities,” Vaishali said.

Expressing profound relief and gratitude following the governor’s decision to veto bill SB403, Hindu Parents said this significant decision stands as a beacon against prejudice, discrimination, and misinformation about Hinduism and its followers in California.

“With this development, our children can look forward to a future where they are not subject to undue stereotyping and profiling based on perceptions. This ensures they can practise their faith peacefully, with pride, and without the looming shadows of colonial-era stereotypes and prejudice,” Hindu Parents said.

“While we celebrate this victory, we recognise there’s more work ahead. The portrayal of Hinduism and Hindu-Americans, especially in educational materials, remains a concern. It is our hope that the state of California will address these systemic biases and stereotypes in our textbooks. True reconciliation can be achieved when education reflects the rich diversity and historical contributions of Hinduism,” said the organisation representing Hindu Parents.

“Standing against all forms of hatred, bullying, and discrimination is our collective responsibility,” it said.

Eminent Indian American Yogi Chug said Governor Newsom’s veto of SB403 demonstrates the outcome of a protracted and long effort by the Indian-American community to advocate for the limitations of the original bill as authored.

“One must applaud the relentless effort of so many community members who diligently made the case for ensuring that no one is singled out or profiled as it iterated through various versions in the California legislature,” he said.

“The key is to ensure that the Indian-American community continues to remain engaged and recognise that they have the potential to be a responsible and meaningful voice in the American political process. Equally important is to focus on this ongoing political journey with the utmost humility and purpose,” Chug said.

Equality Lab, which had relentlessly worked for the bill and its passage, said though Governor Newsom has rejected the legislation for now, the caste equity movement still views this as a win. SB403 is the first anti-caste discrimination bill to have made it all the way through the California legislature, it said.

“We are very proud of the power and resilience that caste-oppressed people across the state have shown in their advocacy for SB403. While it is heartbreaking to receive the Governor’s veto, it is not a reflection of the incredible democratic power that our communities showed. We did the impossible,” said Thenmozhi Soundararajan, Executive Director of Equality Labs.

Kiran Kaur Gill, Executive Director of SALDEF, said they are deeply disappointed by Governor Newsom’s veto of SB 403, which would have banned caste discrimination in California.

“This veto is a missed opportunity to protect millions of Californians from a form of discrimination that is deeply rooted in our society. But we won’t stop fighting for a more just and equal society and will continue fighting for California to be the first state to ban discrimination based on caste,” Gill said.

Rasheed Ahmed, Executive Director of Indian American Muslim Council, said the Indian-American Muslims are shocked, disheartened and deeply disappointed to see that Governor Newsom backed down from the chance to uphold the civil rights of all Californians and make history for caste-oppressed people throughout the state by vetoing SB-403.

The Sikh Coalition is deeply disappointed to learn that Governor Newsom has chosen to veto SB403, said Harman Singh, Policy and Education Director, Sikh Coalition.

“Millions of American Hindus, and people from the Indian subcontinent can take a sigh of relief, that they won’t be targeted for hate and prejudice under the garb of “caste”,” said Hindu Action in a statement.

“Kudos to the California governor for vetoing the racist bill on caste. It turned an existing law against discrimination and used it to target Hindus specifically. What hypocrisy by those claiming to fight prejudice? Our pushback has finally produced results,” said author Rajiv Malhotra.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IND vs AUS World Cup 2023: India restrict Australia to 43/1 in the Powerplay

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India restricted Australia to just 43/1 in the first 10 overs of the match during its World Cup opener against the five-time champions at the MA Chidambaram Stadium in Chennai on Sunday.

Australian captain Pat Cummins won the toss and opted to bat first. Australia were pushed on the back foot early in the match, as Jasprit Bumrah dismissed Mitchell Marsh for a duck in just the third over of the match. Marsh got a thick outside edge of his bat on a away going delivery by Bumrah and Virat Kohli threw himself to his left to take a stunning catch at first slip.

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With the loss of an early wicket, David Warner and Steven Smith decided to spend some time in the middle instead of attacking the Indian bowlers.

As Warner and Smith dropped anchors they failed to capitalize in the Powerplay. As a result Australia could only manage to score 43 runs at loss of just one wicket in the first 10 overs. It was Australia’s lowest Powerplay score in the its last 15 ODIs. The team’s average Powerplay score in this period has been 76.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow