The market volatility is down even as the indices are rising slowly. A quick correction may be round the corner
The Indian market closed higher for the third day in a row on buying in blue-chips and a positive trend in the European markets. The market volatility is down even as the indices are rising slowly. A quick correction may be round the corner. The National Stock Exchange (NSE) reported a volume of 61.04 crore shares and advance-decline ratio of 763:931.
The market opened in the green on the positive trend shown by domestic corporates in their third quarter earnings reports. Reliance Industries (RIL) which announced better-than-expected December quarter numbers, after the market closed on Friday, led the gainers in opening trade. However, Asian markets were mostly down on nervousness ahead of the Bank of Japan’s two-day meeting which begins today.
The Nifty opened trade 22 points higher at 6,086 and the Sensex resumed trade at 20,133, a gain of 94 points over its previous close. A minor bout of profit booking saw the indices paring part of their gains and trading sideways in the morning session.
The sell-off in realty, auto and banking stocks led the market to its lows in noon trade with the Nifty falling to 6,065 and the Sensex retracting to 20,056.
However, a positive opening of the European markets as finance ministers of the countries in the region are expected to meet in Brussels today to discuss the European Stability Mechanism, boosted domestic sentiments in post-noon trade.
The market continued moving northwards on support from capital goods, oil & gas and fast moving consumer goods stocks. The gains helped the benchmarks hit their day’s high with the Nifty rising to 6,094 and the Sensex climbing to 20,163.
The market closed off the highs as the indices pared a part of their gains in late trade but ended in the positive for the third day in a row. The Nifty closed 18 points (0.30%) higher at 6,082 and the Sensex finished the trading session at 20,102, a gain of 63 points (0.31%) over its previous close.
Among the broader indices, the BSE Mid-cap index declined 0.14% and the BSE Small-cap index added 0.02%.
The top sectoral gainers were BSE Capital Goods (up 1.49%); BSE Oil & Gas (up 1.31%); BSE Fast Moving Consumer Goods (up 1.06%), BSE Power (up 0.75%) and BSE TECk (up 0.29%). The main losers were BSE Realty (down 1.31%); BSE Healthcare (down 0.41%); BSE Auto (down 0.31%); BSE Bankex (down 0.21%) and BSE PSU (down 0.15%).
Seventeen of the 30 stocks on the Sensex closed in the positive. The chief gainers were Reliance Industries (up 2.35%); BHEL (up 2.25%); Larsen & Toubro (up 2%); Maruti Suzuki (up 1.87%) and Bharti Airtel (up 1.82%). The key losers were Sun Pharmaceutical Industries (down 1.86%); Tata Motors (down 1.55%); NTPC (down 1.46%); TCS (down 1.45%) and Cipla (down 1.38%).
The top two A Group gainers on the BSE were—United Breweries (up 9.43%) and Reliance Communications (up 6.91%).
The top two A Group losers on the BSE were—Opto Circuits (down 8.53%) and Oberoi Realty (down 3.96%).
The top two B Group gainers on the BSE were—JMT Auto (up 19.92%) and Hathway Bhawani Cablenet and Datacom (up 19.90%).
The top two B Group losers on the BSE were—Quintegra Solutions (down 18.82%) and Gujarat Themis Biosyn (down 13.57%).
Out of the 50 stocks listed on the Nifty, 30 stocks settled in the positive. The major gainers were Reliance Infrastructure (up 3.99%); Bharti Airtel (up 2.36%); BHEL (up 2.23%); RIL (up 2.19%) and L&T (up 2%). The chief losers were DLF (down 2.53%); Sun Pharma (down 1.69%); HDFC (down 1.67%); TCS (down 1.50%) and Tata Motors (down 1.40%).
Markets in Asia settled mostly lower as investors await the outcome of the two-day meeting of the Bank of Japan, which began today, for expectations of fresh stimulus measures to spur the economy. Analysts termed the performance as an “adjustment” after the recent highs.
The Hang Seng shed 0.05%; the Jakarta Composite dropped 0.57%; the KLSE Composite tumbled 2.43%; the Nikkei 225 tanked 1.52%; the Seoul Composite fell 0.05% and the Taiwan Weighted lost 0.10%. On the other hand, the Shanghai Composite climbed 0.48% and the Straits Times rose 0.31%.
At the time of writing, the CAC 40 of France was up 0.25%; the DAX of Germany rose 0.35% and UK’s FTSE was up 0.63%. At the same time, the US stock futures were marginally in the green. Markets in the US will remain closed today for a local holiday.
Back home, foreign institutional investors were net buyers of shares totalling Rs1,165.69 crore on Friday while domestic institutional investors were net sellers of equities aggregating Rs967.62 crore.
Tecpro Systems has bagged Rs139.8 crore worth of orders from the the West Bengal Power Development Corporation for supply of ash handling plant turnkey package for its upcoming project. With the new order, the total order book stands at Rs4,500 crore, the engineering, procurement and construction company said in a statement. The stock jumped 3.18% to close at Rs154 on the NSE.
Leading healthcare provider Apollo Hospitals has decided to set up a Proton Therapy centre in India for cancer treatment, which is stated to be the first of its kind across South-East Asia, Africa and Australia. Hospital sources said that this launch, which would mark the beginning of the next wave of advancement in radiation therapy in India, would cost approximately Rs400 crore. The stock declined 1.65% to close at Rs780 on the NSE.
Pharma major Aurobindo Pharma today said it has received final approvals from the US health regulator to manufacture and market Oxacillin for Injection used for treating bacterial infections in the American market. The company has received final approvals from the USFDA to manufacture and market Oxacillin for Injection USP, packaged in 1g and 2g vials and Oxacillin for Injection USP 10g/vial pharmacy bulk package, Aurobindo Pharma said in a statement. The stock climbed 1.79% to settle at Rs196 on the NSE.
Invoking a legal provision that bars open court hearing, the special judge said as per Section 327 (2) of the CrPC, the proceedings will be held in-camera and Section 327 (3) prohibits anyone from publishing and printing the proceedings
New Delhi: Trial proceedings in the 16th December Delhi gang-rape case will be held “in-camera” before a fast track court, which on Monday decided to hear arguments on framing of charges against five accused on 24th January, reports PTI.
Upholding the previous order of a magistrate, the special fast track court judge said, “Only those who are connected with the case will stay in the courtroom. Others should vacate the court immediately.”
Additional Sessions Judge Yogesh Khanna also decided to hear “in-camera” the arguments on framing of charges against the five accused on 24th January as the judicial records were sent by the magisterial court after concluding the procedural formalities.
Invoking a legal provision that bars open court hearing, the special judge said, “As per Section 327 (2) of the CrPC, the proceedings will be held in-camera and Section 327 (3) prohibits anyone from publishing and printing the proceedings.”
“I am upholding the same order passed by the metropolitan magistrate (MM).”
Chief Justice of India Altamas Kabir had inaugurated the fast track court at Saket District Courts complex earlier this month following a decision of the Delhi government in this regard.
Earlier, the MM had allowed an application of Delhi police seeking in-camera proceedings following the chaos in the courtroom when the accused were being brought.
The accused have been charged under the IPC for offences of murder, gang-rape and destruction of evidence.
The 23-year-old paramedical student was brutally assaulted and gang-raped in a moving bus allegedly by six persons, including a juvenile, on the night of 16th December before being dumped in a south Delhi locality here. Her male friend was also assaulted.
The victim later died at a Singapore hospital.
Earlier, special public prosecutor Dayan Krishnan and Delhi police counsel Rajiv Mohan along with the investigating officer entered inside the packed courtroom where the proceedings were to commence before the special court at 2.30pm for the first time.
Besides 30-40 security personnel, defence lawyers and journalists were also inside the court room where all the accused were brought in with their faces muffled up.
The driver of the bus Ram Singh, his brother Mukesh, Akshay Thakur, Pawan Gupta and Vinay are the accused in the case. Their juvenile accomplice is being tried separately at the Juvenile Justice Board.
Except Thakur, who was arrested from Aurangabad in Bihar on 22nd December, rest four accused were arrested within 24 hours of the incident.
Special prosecutor Krishnan started the argument with a plea that the special court should give an order as to whether the trial proceedings would be open for all or it would be held in-camera.
Citing legal provisions and the previous order of the magistrate, he said the Section 327 (2) and (3) of the CrPC specifically provides that the trial in rape cases “shall be held” in-camera.
He argued that even though the detailed proceedings in the case cannot be allowed to be reported as per the earlier order, but the special court needs to pass an order which should decide the issue whether it can be reported or not.
“In-camera proceedings under Section 327 (2) of the CrPC should go on. Reporting of proceedings by the media, under Section 327 (3), is up to the court to decide,” Krishnan said.
He also said that if the judge deems it fit then he can allow media to publish a brief of the proceedings or can pass an order regarding how much media can report or publish.
But detailed reporting of the proceedings may not be allowed, he added.
Defence lawyers VK Anand and RP Singh sought lifting of the ban on media saying that the denial may result in mis-reporting.
Swami Om Ji, a self-proclaimed spiritual guru who had earlier withdrawn his plea in the high court seeking a direction to allow media to cover the case, on Monday again appeared before the special judge raising the same issue.
However, the court dismissed his plea saying he does not have any locus.
Around 200-300 protesters had gathered outside the court complex for a brief period. Later, most of them left after security personnel denied them entry.
Moneylife Foundation completes 150 events with a workshop on RTI for advanced users conducted by former chief information commissioner, Shailesh Gandhi. Mr Gandhi discussed various case studies during the session
In just under three years, Moneylife Foundation reached yet another milestone, this time of completing 150 events. Over this time-frame the Foundation has covered events on various topics in personal finance and public interest to empower its members. “How to Effectively Use the Right to Information Act” is just one of them. Mr Shailesh Gandhi, former Central Information Commissioner (CIC), over the last three months, conducted workshops for beginners and as well as advanced users of the RTI. This was the final session for advanced users. Based on feedback from participants, Mr Gandhi focussed on specific case studies to discuss what has been done so far and the way forward.
Mr Gandhi explained common apprehensions of the provisions under the RTI Act prevalent among the participants as well as information officers and offered interesting viewpoints and suggestions as well as opinions and clues on how to pursue the case in the appeal process and minimize delays in obtaining relevant information.
The session was replete with plenty of interesting anecdotes and examples from his vast experience as the Central Information Commissioner and as an activist. He also urged the participants to use previous specific orders of the Central Information Commission (CIC) as potential reference points to enable activists argue their case effectively. Mr Gandhi took the participants through the list of important judgements on the RTI, which are also published on the Moneylife website.
The provisions of RTI are contained in Section 8(1), which Mr Gandhi devoted much of the session time. It is the contents of this Section that one’s RTI query can be refused. He also gave several examples of how PIOs refuse RTI queries. The most common excuse by information officers for arbitrarily refusing information is that they hold it in a fiduciary capacity. He advised participants to go through the Central Information Commissioner Judgement (CIC/SG/A/2012/000857/19484) in order to get the background of a case where fiduciary relationship refusal was overturned in favour of the appellant.
Mr Gandhi pointed out that “information which would impede the process of investigation or apprehension or prosecution of offenders” can be refused. The keyword here is ‘impede’ and most PIOs misuse this word. If an RTI query is turned down based on this ground, the PIO must give the reason how and why it impedes an investigation.
Mr Gandhi mentioned that filing a second appeal is a long-drawn out process and will take as much as two years. He advised participants to maintain a repository of all the RTI queries, appeals in an orderly fashion so that they can easily refer to it and retrieve information.
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