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Nifty, Sensex buffeted by overseas markets – Monday closing report
Unless the US markets stabilise, the bulls will have tough time here
 
We had mentioned that Nifty, Sensex were headed higher and that Nifty might be headed for 7,700. The key indices of the Indian equity markets were strong in the morning but came in for a sharp correction of over 1.30%, as the US futures market went deeply in the negative and the European markets tumbled. The S&P BSE market breadth favoured the bulls -- with 1,499 advances and 987 declines. The trends of the major indices of the Indian stock markets are given in the table below:
 
The US markets declined on Friday after the jobs data showed a drop in the unemployment rates to 4.9%, the lowest since February 2008. This has heightened fears of a further rate hike by the US Federal Reserve. The macro-economic data is expected later on Monday, followed by Friday's release of inflation, industrial production and balance of trade figures. Meanwhile, Chinese markets are in for a week long Lunar New Year holiday, which is commencing on February 8 (Monday).
 
Indian drug major Dr Reddy's Laboratories Ltd on Monday said its wholly owned US subsidiary Promius Pharma has got the USFDA for a spray to treat plaque psoriasis. In a regulatory filing in the BSE, Dr.Reddy's said its American subsidiary Promius Pharma has got the US Food and Drug Administration's (USFDA) nod for Sernivo Spray, a prescription topical steroid for treatment of mild to moderate plaque psoriasis for patients 18 years and above. "The commercial launch of the product is planned for the coming quarter," the company said. The company’s shares closed at Rs3,070.65, down 1.24% on the BSE.
 
India's economic growth momentum is likely to slow down in the face of weak external conditions and sluggish investment demand, according to the Japanese financial services firm Nomura. Nomura's proprietary indices for India, together with the high frequency data, indicate some slowdown in the growth momentum towards end-2015 and a high likelihood of further monetary policy easing, it said in a research note. There is a "downside risk" to its baseline forecast of 7.8%  GDP growth in 2016, it said, adding that a reading still above 100 on the Nomura Composite Leading Index "suggests a mid-cycle consolidation, rather than the start of a downturn" in India. "The economic recovery, which began in the fourth quarter of 2014, is headed into a consolidation zone into the second quarter of 2016," Nomura said. While improving urban consumption demand and a robust transportation sector are supporting growth, weak external conditions and sluggish investment demand are weighing on the pace of the recovery, it said. The report also said the Reserve Bank of India (RBI) is expected to deliver a final 25 basis points rate cut in April, utilising the room afforded by lower commodity prices. "Beyond that, we expect the RBI to stay on hold until end-2016. We will monitor our growth and policy indicators on a monthly basis for early signs of any further deterioration in growth outlook or possible room for further easing," it said.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

David Headley and PassportSeva Support's Auto Answers
Monday morning, after mentioning David Headley's name, some people, to their shock, received automatic replies from PassportSeva Support Twitter account asking for his file number!
 
Early on Monday, when news about deposition of David Headley, the mastermind of 26/11 terror attacks in Mumbai was coming out, the Twitterati was surprised to get automatic replies from the PassportSeva Support's Twitter handle.
 
This may have happened due to some technical issues, where automatic replies are sent out whenever someone tweets about a particular handle, like Passport Seva Support (@passportsevemea). In the case today, the words like David Headley was mistaken by the @passportsevemea as someone tweeting about PassportSeva Support's Twitter handle and automatic replies were sent out.
 
 
When ANI New tweeted, "After receiving new passport I visited India 8 times, out of the 8 times I visited Mumbai 7 times: David Headley deposes before Mumbai Court", it received an automatic reply (often called as bot).
 
The automatic reply says, "@ANI_News Thanks for ur Tweet. Pls quote file no, if not mentioned". This was in reference to file number for the passport for which it thought it received the query from ANI News on Twitter.
 
 

User

COMMENTS

Anand Vaidya

10 months ago

and we are hoping to become an IT superpower . Good joke.

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