BSE Sensex, Nifty struggling: Monday Closing Report

The market is in a downtrend. The Nifty will need to close above 5,940 to negate the downtrend for now

The market closed marginally in the positive, on a minor recovery in late trade amid range-bound trade. The market is in a downtrend. The Nifty will need to close above 5,940 to negate the downtrend for now. The National Stock Exchange (NSE) witnessed a volume of 51.67 crore shares and advance-decline ratio of 827:875. 


The Indian market will remain closed on Tuesday for Christmas.


The market opened in the green on positive trends in the Asian markets, which witnessed subdued activity ahead of the holiday season. However, concerns about a solution to the US budget deal weighed on the sentiments.


The Nifty opened 21 points higher at 5,869 and the Sensex resumed trade at 19,278, up 36 points over its previous close. Bargain hunting after two days of losses led the market to its intraday high in initial trade itself. At the highs, the Nifty touched 5,872 and the Sensex rose to 19,348.


Profit booking soon saw the indices paring part of their early gains, but were still trading in the positive. The market was range-bound in the remaining part of the morning session in the absence of any fresh triggers.


The market continued to trade sideways as the CAC40 of France and FTSE 100 of the UK opened flat while the German market remained closed today.


The market pared all its gains and entered the negative terrain to touch its intraday low at around 2.10pm as selling pressure in oil & gas and metal sectors. At the lows, the Nifty fell to 5,845 and the Sensex slipped to 19,237.


However, the market settled off the lows on a minor recovery in the late session. The Nifty added eight points to 5,856 and the Sensex rose 13 points to finish the session at 19,255.


The broader markets outperformed the Sensex today as the BSE Mid-cap index gained 0.36% and the BSE Small-cap index rose 0.325.


The top sectoral gainers were BSE TECk (up 0.95%); BSE Realty (up 0.91%); BSE IT (up 0.87%); BSE Healthcare (up 0.81%) and BSE Auto (up 0.46%). The main losers were BSE Metal (down 0.53%); BSE Oil & Gas (down 0.43%); BSE Consumer Durables (down 0.16%); BSE PSU (down 0.14%) and BSE Capital Goods (down 0.07%).


Only 12 of the 30 stocks on the Sensex closed in the positive. The chief gainers were Tata Motors (up 2.44%); Wipro (up 1.78%); Sun Pharmaceutical Industries (up 1.46%); Infosys (up 1.15%) and Tata Power (up 1.09%). The major losers were Jindal Steel & Power (down 1.93%); ONGC (down 1.88%); Maruti Suzuki (down 1.60%); Sterlite Industries (down 1.58%) and Reliance Industries (down 0.36%).


The top two A Group gainers on the BSE were—Lanco Infratech (up 7.42%) and IPCA Laboratories (up 6.36%).

The top two A Group losers on the BSE were—Exide Industries (down2.84%) and Videocon Industries (down 2.39%).


The top two B Group gainers on the BSE were—OCL Iron & Steel (up 19.91%) and Jaykay Enterprises (up 19.88%).

The top two B Group losers on the BSE were—Flexituff International (down 13.81%) and Geodesic (down 11.18%).


Out of the 50 stocks listed on the Nifty, 31 stocks settled in the positive. The main gainers were Tata Motors (up 2.71%); Sun Pharma (up 1.82%); DLF (up 1.80%); Lupin (up 1.75%) and Wipro (up 1.65%). Jindal Steel (down 2.44%); UltraTech Cement (down 2.24%); ONGC (down 1.97%); Maruti Suzuki (down 1.88%) and Grasim Industries (down 1.47%) settled at the bottom of the index.


Markets across Asia witnessed thin trading and closed mixed on concerns about the US fiscal situation. US policymakers are running out of time to strike a budget deal by year end to avoid triggering more than $600 billion in tax increases and spending cuts. The Japanese and Indonesian markets were closed for trade today.


The Shanghai Composite gained 0.27%; the Hang Seng and Straits Times rose 0.16% each and the Seoul composite added 0.07%. Among the losers, the KLSE Composite lost 0.07% and the Taiwan Weighted shed 0.06%.


At the time of writing, the CAC 40 of France was down 0.18% while UK’s FTSE 100 was up 0.20%. At the same time, the US stock futures were in the negative, indicating a subdued opening for the US markets.


Back home, foreign institutional investors were net buyers of shares totalling Rs115.34 crore on Friday and domestic institutional investors were net buyers of equities amounting to Rs258.21 crore.


Pharma major Aurobindo Pharma today said it has received final approval from the US FDA manufacture and market Ondansetron injections and is ready to launch the products in the US market.


The injections are the generic equivalent of GlaxoSmithKline's Zofran injection, and are indicated for prevention of nausea and vomiting associated with initial and repeat courses of emetogenic cancer chemotherapy or postoperative nausea and/or vomiting. The stock climbed 1.51% to close at Rs195.30 on the NSE.


Essar Ports said it has commissioned its 16 million tonne per annum (MTPA) dry bulk terminal at Paradip in Odisha, taking its capacity to 104 MTPA. “The project involved the upgradation and mechanisation of the existing 230 m long berth at Paradip with installation of a fully mechanised ship loading system with a capacity of 5,000 tonnes per hour,” the company said in a statement. The stock jumped 3.73% to settle at Rs95.95 on the NSE.


Glenmark Pharmaceuticals has signed an agreement with US-based Forest Laboratories to develop drugs to treat chronic inflammatory conditions. Under the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work. Glenmark surged 4.28% to settle at Rs521 on the NSE.


Russian sovereign wealth fund, SBI plan $2 billion investment fund

Once the agreement is in place, RDIF and SBI would team up to facilitate access to long-term capital in Russia and India besides promoting mutual investments

New Delhi: State-owned Russian Direct Investment Fund (RDIF) and State Bank of India (SBI) plan to set up a $2 billion investment consortium aimed at promoting mutual investments between the two countries, reports PTI.


The $10 billion-RDIF is Russia's sovereign wealth fund.


A memorandum of understanding (MoU) for setting up the consortium would be signed later Monday between RDIF and SBI, as part of Russian President Vladimir Putin's official visit to India.


"RDIF and State Bank of India would each invest up to $1 billion in the proposed co-investment consortium," RDIF Chief Executive Officer Kirill Dmitriev told PTI.


The consortium can make investments in India and Russia.


"Basically we are creating this platform that has capital allocated for high return projects in interesting sectors, with synergy between India and Russia," Dmitriev said.


Once the agreement is in place, RDIF and SBI would team up to facilitate access to long-term capital in Russia and India besides promoting mutual investments.


The emphasis would be on projects geared towards higher purchasing power of the population, creation of value addition in the extraction and processing of natural resources as well as development of manufacturing businesses and service sector companies.


International loan racket busted in Hyderabad

The accused opened four offices in different localities in Hyderabad and defrauded people from the UK and the US by promising to sanction loans for them if they paid certain charges

Hyderabad: An international loan racket conducted from the city was busted with the arrest of six persons who allegedly cheated people from the UK and US by offering them loans, police said, reports PTI.


Accused Atiq Ababs, Syed Abdul Basith, Niranjan Reddy along with three of their associates had opened four offices in different localities in Hyderabad and defrauded people from the UK and US by promising to sanction loans for them if they paid certain charges, Hyderabad Police Commissioner Anurag Sharma told reporters.


The accused used to collect data of those looking to obtain loans from their sources in UK through one Simran Veer Singh of Delhi and some others from Pune, Sharma said.


Once the data was received here, the staff would call up loan seekers pretending to be call centre employees of a financial institution and trap them, the Police Chief said, adding, the people seeking loan were then asked to pay fee ranging from 120 to 210 pounds or $200 or more depending on the loan amount.


"They were promised that their loans would be sanctioned within half-an-hour after depositing 'fee' in particular bank accounts. However, the loan was never granted and the customers were again asked to make more payments for approval of the loans," Sharma explained.


The accused were engaged in this fraud since October 2011 and police seized 80 computers from their offices here, he said.


They had employed over 30 staff who were given an alternative western name and told to speak to loan seekers in western accent on VOIP as if they were calling from UK/US and they were collecting around 40,000 Pounds per month from UK and over $1,50,000 per month from the US, the CP said.


"The accused will be interrogated further as we want to gather details about their bank accounts and involvement of other accused," Sharma added.


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