NABARD sanctions Rs 116.22 crore to Gujarat

National Bank for Agriculture and Rural Development (NABARD) have sanctioned Rs 116.22 crore to the Government of Gujarat under Rural Infrastructure Development Fund for improvement and renovation of Fatehwadi canal system apart from constructing 45 new tubewells in command area of Sanand, Dholka, Daskroi and Viramgam talukas.

On completion, the project will provide assured irrigation to an additional area of 6650 hectare.Besides, it would recharge the ground water, solve the drinking water problem and generate additional recurring and non-recurring employment.

With this sanction, the total RIDF loan assistance under RIDF from NABARD to the Government of Gujarat aggregates to Rs 9477.05 crore, out of which an amount of Rs 7208.72 crore has already been utilised by the Government of Gujarat till date.
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Nifty surges above 5550; IT, capital goods lead

Indian markets extended overnight gains and moved above intermediate resistance levels taking cues from positive global peers. All the sectoral indices were in the green with technology, capital goods and FMCG stocks in the lead.

"Global markets seem to be shrugging off concerns related to Japan, spreading unrest in the Middle East and downbeat reports from Portugal and Spain. In fact, global stocks rose for a sixth day, the longest rally for the MSCI World Index since September last.

The outlook for today is again positive with the indices expected to remain in a narrow range. The global cues are positive. Asian markets are moving higher as construction stocks are gaining on hopes of rising demand as Japan rebuilds after the earthquake.

There is no strong conviction to increase buying at these levels. In case you decide to do so, stick to the relatively larger stocks, said IIFL report.

At 9:55 am; National Stock Exchange's Nifty was at 5570.50, up 48.10 points or 0.87 per cent. The broader index touched a high of 5588.70 and low of 5560.95 in early trade.

Bombay Stock Exchange's Sensex was at 18522.47, up 171.73 points or 0.94 per cent. The 30-share index touched a high of 18547.61 and low of 18480.69 in trade so far.

BSE Midcap Index was up 0.72 per cent and BSE Smallcap Index moved 0.84 per cent higher.

Amongst the sectoral indices, BSE IT Index was up 2.24 per cent, BSE Capital Goods Index gained 0.97 per cent and BSE FMCG Index moved 0.91 per cent higher.
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