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The Nifty has to decisively close above 6,016 for the upmove to continue. Will it be able to do it, with the dollar turning sharply higher?
A remarkable recovery in the last half hour enabled the market maintain its winning streak for the fourth day. However, the market indices are seen trapped in a narrow trading zone. The Nifty has to decisively close above 6,016 for the upmove to continue. Will it be able to do it, with the dollar turning sharply higher?
The National Stock Exchange (NSE) recorded a volume of 90.33 crore shares and advance decline ratio of 891:877.
Weakness in the global markets, following the release of the minutes of the Federal Open Market Committee’s (FOMC) December meeting raised concerns about continuing the bond buying programme, saw the Indian market opening flat with a positive bias.
The Nifty opened two points up at 6,012 and the Sensex resuming trade at 19,783, a rise of 18 points over its previous close. The opening figure on the Nifty was its intraday high while the Sensex touched its high at 19,791, almost immediately after the start of trade.
However, selling pressure in metals, realty, FMCG, auto and banking sectors after three consecutive days of gains pushed the benchmarks into the negative terrain in early trade The market was range-bound in the negative in subsequent trade in the absence of any local triggers.
Even the HSBC’s Services Purchasing Managers Index (PMI) for December which stood at 55.6, up from 52.1 in the previous month, did not help matters as the market drifted lower in noon trade to touch its intraday low. At this point the Nifty fell to 5,982 and the Sensex slipped to 19,680.
The market witnessed a splendid recovery from the lows in the post-noon session but the gains were short-lived as sellers pulled the indices lower again. An unexpected pull-back in the last half hour helped the benchmarks close marginally in the green and in the positive on the first four days of 2013.
The Nifty added seven points (0.11%) to close at 6,016 and the Sensex settled 19 points (0.10%) higher at 19,784.
The Indian rupee today tumbled by 57 paise to register its more-than one-month closing low of 55.07 against the greenback following sustained dollar demand from importers and some banks amid firm dollar overseas. Some hesitancy in domestic equities also aided the weak trend but increased capital inflows failed to restrict the rupee fall, a forex dealer said.
Among the broader indices, the BSE Mid-cap index rose 0.28% and the BSE Small-cap index gained 0.35%.
The top sectoral gainers were BSE Oil & Gas (up 1.05%); BSE PSU (up 1.02%); BSE IT (up 0.95%); BSE TECk (up 0.68%) and BSE Power (up 0.46%).BSE Metal (down 1.01%); BSE Fast Moving Consumer Goods (down 0.28%); BSE Auto (down 0.26%) and BSE Capital Goods (down 0.08%) settled at the bottom of the index.
Sixteen of the 30 stocks on the Sensex closed in the positive. The chief gainers were GAIL India (up 1.90%); ONGC (up 1.79%); BHEL (up 1.76%); TCS (up 1.50) and Wipro (up 1.47%. The top losers were Tata Steel (down 1.91%); Sterlite Industries (down 1.64%); Jindal Steel & Power (down 1.58%); Hindalco Industries (down 1.34%) and Tata Motors (down 0.79%).
The top two A Group gainers on the BSE were—IFCI (up 11.39%) and ING Vysya Bank (up 5.92%).
The top two A Group losers on the BSE were—Glenmark Pharmaceuticals (down 2.43%) and Federal Bank (down 2.06%).
The top two B Group gainers on the BSE were—Syncom Formulations India (up 19.92%) and Lloyds Finance (up 18.28%).
The top two B Group losers on the BSE were—Metcore Alloys & Industries (down 11.49%) and Tuni Textile (down 9.97%).
Out of the 50 stocks listed on the Nifty, 27 stocks settled in the positive. The main gainers were Cairn India (up 3.21%); BPCL (up 2.09%); BHEL (up 1.97%); GAIL (up 1.82%) and IDFC (up 1.69%). The chief losers were Tata Steel (down 1.98%); Jindal Steel & Power (down 1.68%); Sesa Goa (down 1.57%); Hindalco Ind (down 1.45%) and Tata Motors (down 0.93%).
Markets across Asia settled mostly weak after members of the US Federal Reserve hinted at closing the bond buying programme later this year. On the other hand, Japan's Nikkei rose to a 22-month high on its first trading day of 2013.
The Hang Seng declined 0.29%; the KLSE Composite ended flat with a negative bias down 0.07 points; the Seoul Composite fell 0.37% and the Taiwan Weighted lost 0.39%. On the other hand, the Shanghai Composite gained 0.35%; the Jakarta Composite rose 0.24%; the Nikkei 225 jumped 2.82% and the Straits Times added 0.01%.
At the time of writing, the key European markets were down between 0.13% and 0.55% and the US stock futures were mixed.
Back home, foreign institutional investors were net buyers of stocks aggregating Rs1,397.38 crore on Thursday while domestic institutional investors were net sellers of equities totalling Rs905.96 crore.
Tecpro Systems today said it has bagged a Rs146.6 crore order from Damodar Valley Corporation for the entire coal handling package for a power plant. The scope of the order includes designing, manufacturing and commissioning of the entire coal handling systems for the power plant. However, no execution timeline was given. Tecpro climbed 2.39% to close at Rs152.35 on the NSE.
IT firm NIIT today said it has partnered with industry body Nasscom to train over one lakh students in three years. The training programmes will be offered through two initiatives—Foundation Skills in IT (FSIT) for engineering graduates and Global Business Foundation Skills (GBFS) for graduates of all streams. NIIT advanced 0.99% to close at Rs30.70 on the NSE.
Inox Leisure has opened a three-screen multiplex with 960 seats in Bhubaneswar, its first multiplex in Orissa. The company said all the screens in the multiplex were equipped with the latest state-of-the-art 2K digital projection systems. The stock surged 2.35% to close at Rs85 on the NSE.
This case shows how the IIT provides stability certificates for erecting cell towers on old buildings without any inspection of the buildings! This is the 17th in a series of important judgements given by Shailesh Gandhi, former CIC that can be used or quoted in an RTI application
The Public Information Officer (PIO) or First Appellate Authority (FAA) cannot deny information under the Right to Information (RTI) Act, especially about a certificate issued by a public authority. While giving this important judgement, Shailesh Gandhi, former Central Information Commissioner said, “Statutory bodies which permit these towers and the Indian Institutes of Technology (IITs) would do well to take a look at these practices which may have the potential of endangering safety. Alternately people may discover that there is no need for such certification in which case it would be done away with.”
“The PIO was unable to give any of the exemption clauses of Section 8 (1). The Commission found that since the certificate was issued by the public authority and none of the exemption clauses apply to it,” the Central Information Commission (CIC) said in its order dated 31 December 2009.
Gurgaon resident Sham Lal, on 25 November 2008, sought information from the PIO of IIT Delhi regarding issuing of the certificate required to erect a mobile tower on the roof-top of a residential building after 1 January 2007. He wanted to know the names, address of building/building owners, date of issuing of the certificate with the certificate number, date of inspection, number of persons required to inspect for testing the structural stability, TA (travelling allowance) paid for inspection and details of vehicle used for the said purpose.
The PIO declined to provide the information citing third party clause. Sham Lal then approached the FAA, who upheld the PIO’s decision. The FAA in his order on 16 February 2009 said, “Having gone through the details, I would like to comment as following:
1) The reply given by the PIO is exclusive and complete. The relief sought for is your interpretation. In this regard, may please note that the certificate is given to the client only citing specific reference of the building.
2) It may be noted that the assignment has been undertaken as consultancy. As per agreed terms and conditions of the consultancy assignment, consultancy report and related documentation is confidential matter and cannot be disclosed to third party.
3) The drawings submitted by our client were returned to the client after the assignment was completed. We do not maintain record of such documents, hence we are unable to provide you a copy of the drawings.”
Not satisfied with the replies, Sham Lal then filed the second appeal before the Commission. During the hearing, he stated that the house for which he is seeking information is in the name of Vinod Kumar, a third party. The PIO said he asked the third party under Section 11 of the RTI Act, and since Vinod Kumar refused to share the information, he did not provide it. The PIO also stated the copies of the plans of the building and other documents supplied by the third party are not retained by them, hence they could not supply these since they do not have the records.
Rejecting the PIO's contention, the Commission said since the certificate was issued by the public authority and none of the exemption clauses apply to it, the PIO should provide certified copy of the stability certificate to Sham Lal on or before 30 May 2009.
However, on 8 June 2009, Sham Lal sent a letter to the Commission alleging that the PIO had given incomplete information despite orders from the CIC. “The PIO had not provided the information within the stipulated time limit and the inordinate delay amounts to wilful disobedience of the Commission’s order and also raises a reasonable doubt that denial of the information might have been malafide,” Mr Gandhi noted.
He then directed the PIO to provide complete information before 30 June 2009 and also be present before the Commission along with the written submission to show cause as to why penalty should not be imposed on him under Section 20(1) of the RTI Act.
During the show-cause hearing on 23 July 2009, the PIO stated that the faculty members in the IIT issue a stability certificate based on the drawings provided by the client in which the address is mentioned. The PIO also said that no records are maintained by the IIT of the drawings.
The Commission took a look at the stability certificate provided by IIT which states, “This building is safe and capable of resisting the forces and moments which may be increased or altered by reason of the additional structures for a 15 meter three-legged tower with GSM and MW antenna. Pre-fabricated shelter and 25 KVADG set installed on the roof top of the building submitted by M/s VAS Design and Infrastructure Consultants Pvt Ltd. This does not certify the safety of building in the case of a natural calamity.”
Mr Gandhi noted that “The wording of this certificate appears to indicate that it is certifying the stability as existing whereas the PIO described that it is a certificate based on a drawing with an address which is not verified at all. Given the fact that the IIT does not maintain any copy of the drawing with itself this process appears to have great potential for misuse.”
The PIO has provided the information but this exercise appears to have revealed some fundamental flaws, he said. The Commission then directed the Director of IIT Delhi to take a look at these practices and correct them if required.
CENTRAL INFORMATION COMMISSION
Decision No. CIC/SG/A/2009/000589/3293Adjunct
Appeal No. CIC/SG/A/2009/000589
Appellant : Sham Lal
Respondent : Vivek Raman
Public Information Officer
Indian Institute of Technology Delhi,