Sensex soars over 400 points

Mumbai: The BSE benchmark Sensex soared by over 410 points to more than two-month high of 17,496.96 in pre-close trade on Friday on foreign fund inflows buoyed by the government’s moves to revive the economy.

Besides, the Finance Ministry’s proposing a monetary limit for invoking the controversial General Anti-Tax Avoidance Rules (GAAR) in its draft guidelines issued on Thursday night lifted the trading sentiment, brokers said.

After a firm start, the Sensex advanced further by 410.20 points to 17,496.96 at 2.45 p.m., a level last seen on May 2, led by a rally in stocks of finance, auto and capital goods sectors.

The broad-based National Stock Exchange index Nifty spurted by 120.35 points to 5,269.50 on buying by foreign as well as domestic funds.

Buying activity gathered momentum after Prime Minister Manmohan Singh, who took additional charge of finance portfolio signalled speedy revival of slowing economic growth.

The finance ministry’s proposal that GAAR provisions would be invoked only in cases where FIIs choose to take the benefit of double tax avoidance treaties, providing some relief to funds, also supported the sentiment.

Meanwhile, the rupee appreciated by 47 paise to 56.33 against the US dollar at the Interbank Foreign Exchange market on hopes that the government steps will check the currency’s slide, aiding market sentiment.

Asian and European markets also surged after late night meeting of European leaders that came up with a plan for a single financial supervisory mechanism for the European region to help stabilise markets.

20 Naxalites killed in encounter with CRPF

RAIPUR: In a major crackdown by CRPF, at least 20 Naxalites, including a woman, were killed in a fierce overnight encounter in the dense jungles of Dantewada in Chhattisgarh that left six jawans wounded.

The encounter, which took place in the forests of Silger, an uncharted Maoist zone between the Naxal hotbed of Jagargunda and Basaguda in Bijapur district of Bastar region, was launched on Thursday night in a joint operation by over 300 CRPF and State police personnel from three directions.

Seventeen bodies of the ultras have been recovered from the spot, Chhattisgarh ADG (Naxal operations) Ram Nivas said, adding the combing operations were underway and the toll may rise.

Two Maoists, who were injured in the encounter, were apprehended and have been airlifted for medical treatment to Raipur, a senior CRPF official said.

CRPF officials said two “prominent” Naxals, operating in the Bijapur-Dantewada axis, were also killed in the encounter.

Six CRPF men, including two CoBRA commandos, sustained bullet injuries and have been airlifted for medical aid to Raipur. Two of them are critical, he said.

Keeping in view the tough terrain and presence of a big Naxal squad in mind, the CRPF had deputed a DIG and two commandant rank officers, supported by an additional SP of State police, to lead the operation.

The CRPF has mobilised three units of commandos and regular troops, aided by two helicopters for the encounter from three directions — Jagargunda, Chintalnar and Basaguda.

This is the same area, close to Chintalnar, where Naxals had carried out an audacious attack on security forces killing 75 CRPF men and one State police personnel in April 2010. — PTI

Euro Cup: Italy beat Germany 2-1

Warsaw: Striker Mario Balotelli struck twice to seal Italy's 2-1 semi-final win over Germany on Thursday to leave the Germans' Euro 2012 ambitions in tatters, while the Azzurri march on to the final.

The 21-year-old Manchester City star broke German hearts with a first-half header and sublime strike as Joachim Loew's inexperienced team — the youngest of the 16 at Euro 2012 — failed to cope with Cesare Prandelli's street-wise Italians.

A late penalty from Mesut Ozil proved no more than a consolation score for the Germans whose 16-year wait for a major title continues.

Italy are now into Sunday's final in Kiev to face defending champions Spain with the Italians bidding to win their first European crown since 1968.

Victory at Warsaw's National Stadium means Italy maintain their impressive record of having never lost to Germany at a World Cup or European Championships on their eighth meeting at a major tournament.

Having dropped three of his forwards for last Friday's 4-2 quarter-final win over Greece, Loew again tinkered with his starting line-up, but this time it backfired as the Germans lacked an effective Plan B when things went wrong.

Arsenal-bound Lukas Podolski was hauled off at half-time, striker Mario Gomez also made way for 34-year-old veteran Miroslav Klose after the break, while Toni Kroos barely troubled the Italian defence from the right wing.

Germany had a couple of golden chances early on, but the Azzurri soon asserted themselves and after Riccardo Montolivo tested Germany goalkeeper Manuel Neuer, Italy took the lead on 20 minutes.

Antonio Cassano ghosted through two German defenders and crossed for Balotelli to beat his marker Holger Badstuber and slam his header past Neuer.

It was the first time since the Euro 2008 final Germany had fallen behind in a European Championship match after their ten wins in qualifying and their four wins so far at Euro 2012. The perplexed looks in the German ranks told their own tale.

Paes to play in London Olympics

London: The selection row that has rocked Indian tennis is nothing more than "nonsense" that precedes every Olympics for veteran Leander Paes, who said despite being left disheartened he is focussed on playing "sport and not politics".
"Unfortunately, I see the games being played within games, and as much as that is very disheartening, I am looking forward to playing my sixth Olympics for my country as I have played for 22 years for the people and the flag,” he said.

The 39-year-old had threatened to withdraw from the Olympics despite being India' number one doubles player after being paired with a much lower-ranked Vishnu Vardhan for the big event.

Paes' partners of choice — Mahesh Bhupathi and Rohan Bopanna — refused to combine with him and insisted on being sent as a team themselves. If that was not enough, his mixed doubles partner for the Games — Sania Mirza — also took a potshot at Paes by claiming that she was used as a "bait" to pacify him.

The veteran said the controversy has been "disheartening" but he is focused on the task at hand.

"I am here to play sport and not politics," Paes said after winning his Wimbledon first-round match in the men's doubles with regular Czech partner Radek Stepanek.