The best# three and the worst three schemes over the past three years, in different...
The SC has asked state governments to explain stance on making Aadhaar mandatory
The Supreme Court on Tuesday issued notices to state governments to explain their stance on making the unique identity (UID) number, Aadhaar compulsory.
Hearing a public interest litigation (PIL), that challenged the constitutional validity of Aadhaar number being issued by Unique Identification Authority of India (UIDAI), the apex court issued these notices to state governments.
The apex court would resume final hearing in Aadhaar case on 10th December.
Bullish signals have got cancelled just after one day of big rally. NSE Nifty has to close above 6,085 for the bulls to regain initiative. If not, the index is headed much lower
On Monday, the stock markets went up on Iran-US nuclear deal and fall in oil prices. However, despite Nasdaq hitting 4,000 for the first time since 2000 and other US indices hitting another record high, gains were not sustained. After a lukewarm end to the US markets yesterday, Indian stock markets opened weak and never crossed Monday’s high.
The market opened lower and continued the downwards trajectory till the end. The BSE Sensex opened at 20,604 (incidentally also the intra-day high) steadily declined from this point. Sensex hit the intra-day low of 20,390 before closing at 20,425 (down 180.06 points or 0.87%). Similarly, Nifty opened at 6,099, hit a high of 6,112, then declined to an intra-day low of 6,047, before finishing at 6,059 (down 56.25 points, or 0.92%). Interestingly, the indices declined on slightly higher volumes with 60.82 lakh shares being traded.
All indices finished in the red, except for CNX Auto and CNX MNC which were up 0.49% and 0.20% respectively. PSU Bank and CNX Media were the hardest hit, down 2.10% and 2.21% respectively.
Of the 50 stocks on the Nifty, 13 advanced and 37 declined. The top gainers were Lupin (1.93%); BHEL (1.87%); Sesa Sterlite (1.40%); Hindustan Unilever (1.20%) and Hero MotoCorp (1.17%). The top losers were BPCL (-6.74%); Bank of Baroda (-3.88%); NMDC (-3.47%); ICICI Bank (-2.72); Cairn (-2.51).
Of the 1,439 shares on the NSE, 505 closed in the positive, 846 closed in the negative while 88 remained unchanged.
According to finance ministry sources, expenditure cuts are needed as tax collections expected to dip going forward. This is not very good news. Also, finance ministry sources cite as much as Rs5,000 crore cut is proposed in HRD budget, while the finance ministry proposes a 15%-18% cut in planned expenditure. On the positive side, Reuters reports that “the rupee continues to trade higher on the day at 62.37/38 versus its close of 62.50/51 on Monday, aided by some dollar inflows with a few corporates, but demand from oil firms limits further gains”. According to government sources, October natural gas output stood at 2.96 bn cu mtr, down 13.6% YoY; October oil refinery output 18.67 million tonne, down 3.2% YoY; October crude oil output was seen at 3.18 million tonne, down 0.8% YoY.
Both oil and gold climbed while equities tanked. Nymex crude oil crept up 0.52% to $94.58 a barrel at time of writing this piece. Gold was seen at $1,252/ounce, $20 higher than yesterday.
All Asian markets closed in the red, with Nikkei and Hang Seng dipping 0.67% and 0.01%.
US housing data released yesterday with US October pending home sales falling 0.6% from the previous month. Nasdaq touched a milestone yesterday, breaching 4,000 for the first time since 2000. Both European and American markets (except S&P 500) finished up yesterday.
However, today, markets are jittery ahead of key economic data releases including Case-Shiller Index, FHFA home price index and consumer confidence index. American stock futures were seen trending flat at time of writing this piece. All European markets were seen trending down, with FTSE down nearly 0.40%.