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Global cues point out to a soft-to-flat opening for the Indian market today. The US market ended almost unchanged in overnight trade as investors treaded cautiously ahead of the Federal Reserve’s “quantitative easing,” to be announced next week. Asian markets were also trading weak on poor economic data from across the region.
The Indian market opened on a firm note on Thursday taking cues from its Asian counterparts, which were trading with marginal gains in early deals. Nervousness on the expiry day of the October futures and options (F&O) contract led the market into the negative terrain for a short while after which the indices bounced back into the green on news that food inflation for the week ended 16th October had eased. The market stayed in a narrow range near the neutral line but got a boost in the noon session as the European markets opened higher. A sudden bout of selling in the last half-hour saw the indices tumbling into the red once again touching the day's lows. However, a marginal reversal resulted in the market settling off the day's low, but in the red for the third day in a row. The Sensex ended 64.33 points (0.32%) down at 19,941. The Nifty stood at 5,987, a decline of 24.95 points (0.41%) over its previous close.
The US markets closed almost unchanged on Thursday as investors remained jittery ahead of the Fed’s “quantitative easing,” due to be announced next week. The markets ended lower despite a sudden decline in initial jobless claims. Initial jobless claims fell by 21,000, to 434,000, last week, the Labor Department said.
The Dow shed 12.33 points (0.11%) to 11,114. The S&P 500 added 1.33 points (0.11%) to 1,183. The Nasdaq gained 4.11 points (0.16%) to 2,507.
Markets in Asia were weak in early trade on poor economic data from across the region. Chinese stocks fell for the fourth straight day, trimming the best monthly gain in more than a year, on speculations that the government will enhance measures to curb inflation and property prices. Japanese industrial output fell 1.9% in September from August and core consumer prices declined 1.1% from a year earlier after a 1% drop in August, government reports showed.
The Shanghai Composite was down 0.51%, The Hang Seng was down 0.59%, Nikkei 225 tumbled 1.70%, Jakarta Composite declined 0.12%, Seoul Composite tanked 0.97% and Taiwan Weighted lost 0.35%. On the other hand, KLSE Composite added 0.01% and Straits Times surged 0.05% in early trade.
The Reserve Bank of India (RBI) may go for another round of hiking short-term lending and borrowing rates by 25 basis points each, next week on concerns of high inflation, a Ficci survey said.
Most economists, however feel that given the tight liquidity situation, the central bank would refrain from raising cash reserve ratio (CRR), which is a portion of deposits that banks keep with RBI in cash
Sun-Plant Agro, whose application was rejected by SEBI and was supposed to wind up its scheme in 2003, continued to raise funds under the guise of ‘sale of plants’, which was just a collective investment scheme
Market regulator Securities and Exchange Board of India (SEBI) has asked Kolkata-based Sun-Plant Agro Ltd not to collect any money from investors or to launch any scheme in the name of sale of plants.
In an order issued on Thursday, SEBI's whole time member Prashant Saran, asked Sun-Plant Agro not to dispose of any of the properties or alienate the assets of the scheme and not to divert any fund raised from the public at large kept in bank accounts and/or at the custody of the company.
Sun-Plant Agro was raising funds in the name of 'sale of plants'. It allegedly sold plants to purchasers, maintained the plants and thereafter provided returns on the amounts invested at the end of the scheme in the form of wood, even though no identity or marking of the particular plant which was sold, was provided to purchasers.
SEBI said that such activities of the company carry the features of a Collective Investment Scheme (CIS), specified under Section 11AA of the SEBI Act read with Regulation 3 of the SEBI (CIS) Regulations.
The company ought to have wound up the scheme in 2003 pursuant to rejection of the application for provisional registration by SEBI and the filing of the 'Winding Up and Repayment Report' by the company. However, the activities of Sun-Plant Agro and the details of amounts received by it against cost of trees during 2003 to 2010 prima facie indicate that even after submission of the Winding Up and Repayment Report in 2003, the company has been carrying out activities of a CIS without obtaining a Certificate of Registration from SEBI, the market regulator said.
Interestingly, the company, which calls itself 'ISO:9001:2008 certified eco-friendly organisation', has partnered with the West Bengal Wasteland Development Corporation (WBWDC). Sun-Plant Agro, with WBWDC, plans to plant the jatropha crop over about 30,000 acres in the arid districts of Bankura, Birbhum, West Midnapore and Purulia over the next 15 years.