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Nifty, Sensex to head higher – Monday closing report

Nifty has to stay above 8227 for the rally to run


We had mentioned in Friday’s closing report that the S&P CNX Nifty needs to close above 8,180 on Monday for the upmove to continue. The benchmark opened slightly higher and moved in a range upto around 1.40 pm, after which it picked up pace and closed higher for the third consecutive session. Over the past three trading days (including today), the index covered up all the losses suffered between 11 December 2014 and 17 December 2014.

S&P BSE Sensex opened at 27,480 while Nifty opened at 8,255. After hitting a low at 27,382 and 8,228, the benchmarks moved higher to the level of 27,725 and 8,331.


Sensex closed at 27,702 (up 330 points or 1.21%) while Nifty closed at 8,324 (up 99 points or 1.20%). NSE recorded a volume of 63.31 crore shares. India VIX fell 2.07% to close at 14.2100.

The government introduced the Constitution Amendment Bill on Goods and Services Tax (GST) in Lok Sabha. GST will simplify and harmonise the indirect tax regime in India.


Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the State level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would also be subsumed in GST. The Centre will compensate States for loss of revenue arising on account of implementation of the GST for a period up to five years. A provision in this regard has been made in the Amendment Bill. The compensation will be on a tapering basis, i.e., 100% for first three years, 75% in the fourth year and 50% in the fifth year.

On the political front, media reports suggested that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) will not win enough seats to form a government in Jammu and Kashmir, two exit polls showed on Saturday.

Suzlon Energy (7.83%) was among the top two gainers in ‘A’ group on the BSE. Senvion SE, a wholly owned subsidiary of the company has signed four new contracts totalling over 60 megawatts (MW) in UK, including the first contract to be signed in the UK with developer RES.

Ceat (3.96%) was among the top two losers in ‘A’ group on the BSE. It was recently reported that when the BSE asked for a clarification over the news reported in the media that, ‘CEAT tyres to invest Rs 400cr in Nagpur plant’, the company clarified that its board had approved an investment of Rs 420 crore for setting up of a plant for manufacture of 2-3 wheeler tyres with a capacity of 120 MT/ day. This was informed to the exchange in October 2014. Subsequently it made an application for grant of lease of land at Buti Bori near Nagpur, Maharashtra to the Maharashtra Industrial Development Corporation. The lease was granted by MIDC and the company completed laying of the foundation stone on December 11, 2014.

Coal India (3.61%) was the top gainer in the Sensex 30 pack. Coal India arm Western Coalfields Limited, has proposed to increase the price of coal by Rs 500 per tonne on certain grades, to make some of its projects viable.

Hindalco (1.17%) was the top loser among Sensex 30 stocks. It lost its chance to bid for Mahan coal block in the upcoming coal auction after the block was reserved specifically for the power sector by the coal ministry, casting a shadow on its plan to fire up its end-use aluminium plant in Madhya Pradesh.

Except for Jakarta Composite (0.37%) all the other Asian indices closed in the green.


KLSE Composite (1.64%) was the top gainer. South Korea's government trimmed its growth forecast for next year but said domestic demand would contribute more to economic activity. The 2015 gross domestic product growth forecast was lowered to 3.8%, from a July projection of 4.0%, South Korea's Ministry of Strategy and Finance said Monday in its biannual economic outlook. The estimate for GDP growth this year was also revised down, to 3.4% from 3.7%. The economy grew 3% in 2013.

Taiwan's unemployment rate inched down last month due to a decrease in job seekers.


The rate was 3.89% in November from 3.95% in October, the Directorate-General of Budget, Accounting and Statistics said. On a seasonally-adjusted basis, the rate was 3.87%, unchanged from October's 3.87%, it said.

On Friday US indices closed marginally higher. European indices today were trading in the green. US Futures too were trading higher.

In Europe, worries emerged that the European Central Bank's money-printing plans could come with a number of restrictive strings attached, media reported.


Subramanian Swamy raises One-Rank One-Pension with Defence Minister Manohar Parrikar

Seeking justice for ex-servicemen, BJP leader Subramanian Swamy today met Defence Minister Manohar Parrikar and raised the issue of one-rank one-pension, PTI News reported 


Seeking justice for ex-servicemen, BJP leader Subramanian Swamy today met Defence Minister Manohar Parrikar and raised the issue of one-rank one-pension, PTI News reported today. He brought up the fact that the implementation of same-rank same-pension was one of the major planks on which BJP built its pitch to ex-servicemen. Prime Minister Narendra Modi had promised this during his speech at Bhiwani in the run-up to the 2014 Lok Sabha elections.
One-rank, one-pension means soldiers of the same rank and the same length of service get the same pension, irrespective of their retirement date. For an example, a sepoy who retired in 1995 would get the same amount of pension as the one who retired in 1996.
According to Swamy, Parrikar told him that he is seized of the matter and is closely studying the issue with a view to finding a solution to the satisfaction of ex-servicemen, reports said.
The Defence Minister assured Swamy that an announcement on the issue of one-rank one-pension is expected to be made by the time of the Budget presentation in February next year.
The decision to implement the scheme was first announced by former Finance Minister P Chidambaram in the UPA government's interim Budget in February this year. Chidambaram had allocated Rs500 crore for it.
The NDA government had allocated Rs1,000 crore for the scheme in its July Budget this year.
Besides one-rank one-pension scheme, Swamy also brought to Parrikar's notice some strategic issues regarding China's defence capacity.




2 years ago

Recently there was an article that OROP was not feasible because overall payout will be manifold than expected. Babu's are trying to skittle it. They rule the in the back of politicians. Most Babu's if not all have equally amassed corrupt wealth. It is a shame that they are worried about the payout to Ex'Men. Correct me if I am wrong, The no.of persons joining Defence from Metros n large cities has come down drastically. Quality is being compromised. Inside people will tell you a lot.As these come out in public.

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