Feature
Profit booking pulls Indian equities lower
Mumbai: Profit booking, coupled with negative global cues and a weak rupee, pulled the Indian equities markets lower during the mid-afternoon trade session on Tuesday.Besides, investors were cautious ahead of the monetary policy review of the Reserve Bank of India (RBI).The RBI is expected to conduct its sixth and final bi-monthly monetary policy review of the current fiscal on February 7-8, 2017.The key indices traded in the red, as heavy selling pressure was witnessed in automobile, metal and IT stocks.The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down 24.30 points or 0.28 per cent to 8,776.75 points.The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,443.23 points, traded at 28,351.27 points (at 1.30 p.m.) — down 88.01 points or 0.31 per cent, from the previous close at 28,439.28 points.
The Sensex has touched a high of 28,483.41 points and a low of 28,341.05 points during intra-day trade so far.In contrast, the BSE market breadth was slightly tilted in favour of the bulls — with 1,366 advances and 1,320 declines.”The Sensex and the Nifty traded in the flat zone with a negative bias ahead of the monetary policy review of the RBI,” Astha Jain, Senior Research Analyst at Hem Securities, told us.”Morever, profit booking, flat crude oil prices and a weak rupee also added to the downward trend of the markets.”According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with bearish sentiments due to profit booking at higher levels.
“Firm USD/INR futures prices pressurised the price movement of the Indian equities markets,” Desai pointed out. “IT stocks traded down due to selling pressure, while oil-gas, textile, aviation, media-entertainment, cement and power sector stocks traded with bearish sentiments due to profit booking at higher levels.”On Monday, the benchmark indices surged on the back of positive global cues, rupee appreciation and higher crude oil prices to hit a five-month closing high.The NSE Nifty had inched up 60.10 points or 0.69 per cent to close at 8,801.05 points, while the BSE Sensex was up 198.76 points or 0.70 per cent at 28,439.28 points.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
