If the Sensex falls below 17,850, a new downturn may start
The market witnessed a range-bound session on the last trading day of the week. The Sensex was at 17,955, up 46 points (0.2%) at the end of the day and the Nifty closed at 5,393, up 15 points (0.3%). The indices were volatile in the early part of the trading session. They regained momentum after some Asian stocks rose towards the day's finish. The domestic gains were supported by IT, technology and banking stocks.
Asian markets were down on weak US economic data. Key benchmark indices in Hong Kong, Taiwan, South Korea and Japan were down by 0.03% to 2.8%. China's Shanghai Composite ended unchanged for the day. Markets in Indonesia and Singapore were up by 0.07% to 0.34%.
US stocks ended flat on Thursday. The Dow was down 7.4 points (0.07%) to end at 10,359.3. The S&P 500 added 1.31 points (0.1%) to 1,096.4. The Nasdaq was down 0.03% to 2,249. An unexpected decline in regional factory activity and a third straight month of decline in producer prices raised concerns about deflation, dampening enthusiasm for a strong start of the earnings season that had lifted stocks off recent lows.
Closer home, the Empowered Group of Ministers (EGoM) on food, which is expected to meet next week, will decide on considering the imposition of import duty on wheat and partial lifting of the two-year ban on export of non-basmati rice.
Cement prices are likely to soften on impending elections in the east and the end of the Commonwealth Games-driven demand in the north. Presently, major impact has been witnessed in the southern region, due to huge capacities commissioned and lack of demand.
The stock market regulator Securities and Exchange Board of India (SEBI) after market hours on Thursday, allowed physical settlement of both stock options and stock futures. At present, only cash settlement of derivatives is allowed. SEBI said that stock exchanges will also have flexibility to offer a combination of cash settlement for stock options and physical settlement for stock or physical settlement for stock options and cash settlement for stock futures.
Foreign institutional investors were net buyers of stocks worth Rs365 crore on Thursday. Domestic institutional investors were net sellers of Rs588 crore on the same day.
IL&FS Transportation Networks Ltd (up 1.9%) said that the Concession Agreement for four-laning of the Jorabat-Shillong (Barapani) section has been signed between NHAI and Jorabat Shillong Expressway Ltd, the special purpose vehicle incorporated by the company for the project.
McNally Bharat Engineering Company Ltd (down 1%) has received orders for design, supply, erection, commissioning & testing of two stacker-cum-reclaimers from MARG Ltd for a total all-inclusive price of Rs39.03 crore.
The board of Supreme Industries Ltd (down 1.6%) has approved stock-split/sub-division of equity shares of the present 2,54,05,374 shares of Rs10 each into 12,70,26,870 shares of Rs2 each.
The order came over a plea filed by TTSL challenging a disconnection notice issued by BSNL last month, over alleged wrong routing of international calls on the PSU's network without having Caller Line Identification for the AP circle
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has directed state-owned telecom company Bharat Sanchar Nigam Ltd (BSNL) not to take any coercive action against service provider Tata Tele Services (TTSL) by disconnecting it from its network, reports PTI.
The tribunal's order came over a petition filed by Tata Tele Services challenging a disconnection notice issued by BSNL on 2 June, 2010, over alleged wrong routing of international calls on the PSU's network without having Caller Line Identification (CLI) for the Andhra Pradesh circle.
Passing an interim order, a TDSAT bench headed by its chairman, Justice S B Sinha, directed PSU firm BSNL not to disconnect the Point of Interconnection (PoI) of Tata Tele Services.
"Indisputably, if disconnection of the petitioner's POIs is effected, the petitioner (Tata) will suffer an irreparable injury. On the other hand, the respondent (BSNL) can be compensated on monetary terms even if the petition is to be dismissed ultimately" said TDSAT.
TDSAT further directed Tata Tele to deposit Rs30 lakh with BSNL as an interim measure.
"We are, therefore, of the opinion that interest of justice shall be sub-served if the interim orders, as has been prayed for, are issued, subject to the condition that the petitioner deposits a further sum of Rs30 lakh," said Justice Sinha.
Over BSNL's contention that routing of non-CLI calls on its network by Tata Tele was "intentional and deliberate", the tribunal said even if it was true, then as per the terms and agreement between them, the fixed line service provider was merely to deposit only 50% of the disputed bill.
Earlier, Tata Tele had approached Delhi High Court challenging bills raised by BSNL. Following this, the high court had directed it to pay Rs30 lakh to BSNL.
As per the BSNL's policy, it charges the highest slab for interconnection charges on non-CLI calls forwarded by private operators on its network.
In view of the importance and sensitivity of the issue, the industry watchdog has decided to extend the last date for submission of written comments/counter comments by all stakeholders up to 30 July, 2010
Telecom Regulatory Authority of India (TRAI) today extended the last date for receiving comments from stakeholders on regulations for unsolicited calls to 30th July, reports PTI.
TRAI had released a consultation paper on 'Review of Telecom Unsolicited Commercial Communications Regulations' on 11th May to discuss the issue with all stakeholders.
"Requests have been received from stakeholders for further extension of time for sending their comments. In view of the importance and sensitivity of the issue to the public, the authority has decided to extend the last date for submission of written comments/counter comments by all stakeholders up to 30 July, 2010," TRAI said in a statement.
The last date for receiving comments has already been extended once to 18th June, from an earlier set date of 10th June.
Unsolicited commercial calls and SMS are one of the major issues of concern for telecom subscribers and have resulted in large number of complaints.
To tackle the problem of such unsolicited calls, TRAI had initiated a consultation process in 2006. The recommendations were sent to the Department of Telecommunications (DoT) and based on these, the National Do-Not-Call (NDNC) Registry was established in 2007.
Telephone subscribers not willing to receive commercial communications can register their number with the NDNC.
As per the regulations, every operator has to set up a mechanism for registering request of mobile subscribers for not receiving unsolicited commercial calls and update it with NDNC Register, maintained centrally by the National Informatics Centre (NIC).