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Nifty, Sensex may give up some gains: Wednesday closing report

Nifty has to stay above 7,853 for the rally to continue

 

We had mentioned in Tuesday’s closing report that Nifty may struggle to go up and that only a decisive close above 7,880 will signal that the market has come out of its recent trading range. During the day’s trading, Nifty did not rise significantly higher than 7,880 and the major indices in the Indian stock market continued to move sideways, eventually closing with small gains.

 

 

 

The Indian stock markets are in a wait and watch mood with both the US Fed and the Reserve Bank of India (RBI) due to take routine decisions on interest rates. High interest rates in the US are expected to wean away foreign portfolio investors (FPIs) from India. It is also expected to dent business margins as access to capital from the US will become expensive. Foreign funds have sold around $3 billion, mostly in Indian equities since August. Analysts however, said a hike in US interest rates will show that the US Fed is confident of the US economy's ability to start generating growth and employment. This will be beneficial for Indian exports to US.

 
On the rupee front, if a hike takes place then a free fall is not being ruled-out. The RBI is however, expected to intervene and arrest the fall.
 
The silver lining on the cloudy horizon is the hope that the US Fed will maintain interest rates accompanied with a fairly dovish outlook. This, said market observers, will spur the recovery in both equity and currency markets.
 
Good buying was observed in banking, healthcare and auto sectors, while selling pressure was seen in consumer durables sector.
 
Chinese shares rose sharply on Wednesday, after two days of decline and following gains overnight in US equities. The benchmark Shanghai Composite Index went up 4.89% to end at 3,152.26 points. The Shenzhen Component Index rose 6.45% to close at 9,890.43 points. Total turnover on the two bourses was 566.78 billion yuan ($88.98 billion) -- up from the 477.61 billion yuan registered on Tuesday. China on Wednesday rebutted reports that it had recalled 1 trillion yuan of un-spent budgets from local governments, but said it is reallocating a much smaller amount of fiscal funds.
 
US stocks rallied over 1% on Tuesday following positive data in the US.
 
The top gainers and top losers of major indices in the Indian stock markets are given in the table below:
 
The closing values of the major Asian indices are given in the table below:
 
Among European indices, the DAX was at 10,229.96, up 0.41% and the FTSE 100 was at 10,229.96, up 0.79%.
 

User

COMMENTS

O S Kempawad

1 year ago

Dear MoneyLifeDigital Team,

I think contents of this report is wrong (i.e. it is yesterday's data). Today Nifty OHLC data is as below:
Open: 7,886.85
High: 7,913.90
Low: 7,853.30
Close: 7,899.15

You may please correct it.

Vaibhav Shrivastav

1 year ago

Table is with old data of nifty and sensex numbers.

Public Interest Exclusive
FTII strike seems government-sponsored, based on RTI documents
Inspection of files under Section 4 of the RTI Act has revealed that the students’ strike may have more to do with deep corruption and financial irregularities in FTII than with the appointment of a new Chairman
 
Of course, one does not need a Right to Information (RTI) document to see for oneself that it is for the first time perhaps in the country that a strike by students thrives within the premises of a government owned institute, in this case the Film & Television Institute of India (FTII) in Pune. However, RTI documents procured under Section 4 of the RTI Act through inspection of files by RTI activist Vijay Kumbhar also shockingly reveal that the government has paid for the air flights to facilitate representatives of the striking students to fly to Delhi for talks with them. It also paid bills of private hospitals where students, who got ill, were admitted due to the ongoing hunger strike. All this at the expense of the taxpayers’ money.
 
The expenditure borne by the government to fly the student delegates to Delhi for a meeting on 3 July 2015 amounted to Rs2,15,168, which included Rs1,86,808 for airfare,  Rs20,050 for lodging and boarding and Rs8,910 for local transport. The hospital bills of two students who were taken to MMF-Joshi Hospital amounted to around Rs45,000, which was also paid by the FTII. However, the bill of the third students has been declined by the Director after Kumbhar questioned the expenditure. 
 
On his Facebook page Kumbhar stated, “FTII has landed itself in more trouble by not only paying air fare to the agitating students to go to Delhi but also because FTII has admitted the fasting students in private hospitals at great cost. In reality, where was the need for FTII to pay for the agitating, fasting students and least of all in a private expensive hospital at taxpayers' cost? The students sat on a fast of their own sweet will, while the cost of the repercussions is being borne by the taxpayers. These students are one up over our politicians as far as enjoying five-star facilities!’’
 
In fact, the RTI document reveals that Ministry of Information & Broadcasting (I&B Ministry) questioned the FTII, asking it to submit a report on why expenditure of students who are on strike, is being borne by the institute. 
 
 
The Registrar of FTII, in an email reply on 17 July 2015, to the Ministry, said, “Students of FTII had gone on a strike against constitution of FTII Society,’’ and then justifies his action by stating in the letter that, “…the students had written to the Ministry for a dialogue and Ministry had responded positively and invited them for discussions. The time was of an essence and intention was to ensure that the protest may end at the earliest. It was informed to the FTII that members were delegated from all parts of India like Kerala, Bengaluru, Chennai and Pune.  It was imperative that all members of the delegation reach more or less at the same time to Delhi. This would have ensured much better communication with Ministry officials well in time and possible talks with the Minister. The delegation member reached at different timing would make the task difficult. Therefore, FTII had to intervene administratively as it was in the interest of FTII and public interest that the protest end immediately.”
 
While the Registrar’s letter reveals the fact that even ex-students were pampered and allowed to use government funds for the meeting in Delhi. He further justifies the expenditure, stating that the student delegation comprised well-known people who had won prestigious awards.
 
His letter to the Ministry states, “It may be noted that most of the delegation members were multi time national award winners including international awards. As per FTII autonomous Society provisions, members and guest faculty, who are invited on behalf of FTII were reimbursed with economy class airfare and other hospitality expenditure like stay and local transport. FTII has to make provision for them. These assignments include meeting of Governing Council, Academic Council, Workshops, seminars, faculty assignments and other meetings.”
 
The letter concludes by stating that, “It may be brought to kind consideration that this was extraordinary and unprecedented situation and the decision was taken by the then-Director, in the best intention with a view of defuse the crisis and existing practices were followed for undertaking travel expenditure for those being invited by FTII.’’ 
 
The student delegation comprised of Resul Pookutty, Girish Kasaravalli, Bina Paul, Fareeda Mehta, Paresh Kamdar, Prateek Vats, Harishankar Nachimuthu, Vikas Urs, Reema Kaur and Gharam Gulati.
 
Another RTI document reveals that on 4 August 2015 the I&B Ministry has demanded a clarification from Director, FTII to the Registrar’s letter stating: “1. the meeting was sought by the striking students and it is they who were desirous that their alumni accompany them for a discussion in the Ministry. It does not appear to be a case where the institute invited everyone for the meeting for furtherance of any ‘academic activity’ at the campus wherein reimbursement of airfare and local hospitality is incurred as per the delegated powers quoted. This may be suitably clarified as also whether similar expenditure has been incurred in the past for meeting expenses pertaining to protesting students and their alumni, which is not covered under ‘academic activity’ of the institute and 2. Whether striking students come under the definition of ‘non-official’.”
What has been denied under RTI are the minutes of the meeting held on 21 August 2015 among SM Khan-led three-member delegation and Director, Registrar, faculty, students and staff. They said that the information was not available with FTII. This was totally unacceptable and wrong, says Kumbhar. 
 
He said, “They also denied access the documents related with the assessment of 2008 batch students since the assessment was kept on hold and the process was yet to be completed.”
RTI documents also reveal that there is more to the agitation than mere appointment of Gajendra Chauhan as Chairman and four others in the governing council. Is it allegedly to do with the unjustified rules and subsidies that ex-students of FTII receive that have been recently stopped? 
 
Until 2014, students, who have not completed their course or project within the stipulated time, were entitled to free accommodation, subsidised food and no fees in the FTII. Students are provided cash advance for projects and hardly anybody checks the accounts on to whether the money is spent on legitimate heads. In addition, students were permitted to do private jobs in extended periods of free stay with subsidised food and cash advance in the hostel. (See box for the cash advances given to students. This is not the first time that the students have not completed their courses or projects in the stipulated time.)
 
Simmering discontent has been brewing since the time a circular of 11 April 2014 threatened to seal the fate of ex-students availing all kinds of subsidies. At the 70th meeting of Academic Council of FTII held on 11 April 2014, the following decision was taken. 
 
"It is decided that any student who is not able to complete any project or any part of the curriculum due to personal reasons, and which adversely affect the running of the academic curriculum as well as affects the learning of the other students must not be allowed to do the same. FTII, as the producer of these project films reserves the rights to cancel such projects. The performance of the students would be assessed on as is where is basis or cumulative performance on the work done previously and other academic particpations." 
 
 

Further, during a meeting of the Director, FTII with the Head of Departments (HoDs), it was agreed that former students could complete their course by availing the guest house accomodation and not staying in the hostel on a daily basis to complete their assignments. The minutes of meeting state, "During the discussion, Shri Sandeep Chatterjee, Professor, Films Direction, suggested that while the complete projects can be assessed in the normal way, the complete projects can be assessed on pro rata basis. Dean for Films, Dr K Awati said that after such an assessment, the students can be asked to vacate the hostels though they should be given opportunity to complete the remaining work including post production on the projects/ exercises, for they may be provided facilities, as and when available, and guest house accomodation on individual basis. The assessment will be done from 12 August 2015 onwards. The above was unananimously agreed to by all the HoDs present."

 

 

(Vinita Deshmukh is consulting editor of Moneylife, and also convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)

User

COMMENTS

Leslie Menezes

1 year ago

This is nothing short of a scam. I wonder how the Bollywood was supporting such a scam. We need to question the authorities on framing such lax rules and misuse of taxpayers money. The Institute should be privatised immediately without any delay

Kush Arora

1 year ago

The government paid for the students' tickets, accommodation, etc. -- all of which was part of the "strike". The title therefore that the strike was sponsored by the govt. is just plain logic of mathematical precision!

Those who are saying that the author has the headline wrong should get their heads examined....commie-sense often clouds common sense.

REPLY

Dr Jain

In Reply to Kush Arora 1 year ago

Ticket etc. sponsorship becomes strike sponsorship with mathematical precision! Classic case of faulty correlations and assumptions of logic followed by arrogant emphasis of truth. A good example to teach in class.

Rajesh Kumar Singh

In Reply to Kush Arora 1 year ago

That's a very strange 'plain logic'. when the content of article itself says that the Govt. questioned the acts of the Director (and even sacked him) for indulging in profligacy and sponsoring the striking students and their bad ways. Headline is CERTAINLY & CONCLUSIVELY misleading and mischievous though the content of the article expose the shenanigans of freeloading students and staff of FTII. The article makes a case for permanent shutting down of this 'white elephant' and throwing out the students from the govt. property.

Ganesh Johnson

1 year ago

It is very clear that these leftist "students" who are in their late 20s and 30s, who need to find themselves gainfully employed, instead of staying for for 8 or 10 years in the same institute, being subsidized by our tax money, and taking all of us for a ride. They need to be kicked out, and not shown any sympathy. I really feel sorry for Mr. Modi who is fighting hard to get this idiotic country of ours on to the proper track, but we seem to be finding more ways of supporting the wrong things - like this stupid FTII student strike! So finally, even in this case Mr. Modi will give in, and the students will not learn the right lesson.

subramanian dharmarajan

1 year ago

sad to see vinita trying to get some support for herself by raking this up on twitter for being "attacked " here.It could turn out to be jumping from frying pan to fire..

Vinay Kulkarni

1 year ago

Even after reading the article again and also the comments and rebuttals, I still feel the title is misleading, sensationalizing and biased.
The basic issue for the current agitation has little to do with the 'facts' mentioned in the article.
It is an attempt to link two distinctly different phenomena. If anything that could have been done to save this taxation on public money was to consider the students' demand and take corrective action long back. It is the indecisive ministry (PMO included) and the egoistic position taken by the masters to be of the current regime in Nagpur of foisting an utterly incompetent person as head of a premier institution (as a part of systematic investment plan SIP of demeaning all educational institutions) that is creating a problem. Kudos to the students (albeit very small in numbers) that they have stuck to their guns now almost for 100 days.
A journalist of Vinita Deshmukh's caliber better spend energy in supporting the cause of the students, rather than play this deivisive game.

REPLY

Meenal Mamdani

In Reply to Vinay Kulkarni 1 year ago

I agree with your views.

SABIR HUSSAIN SYED

1 year ago

In the case of EFLU corruption and students strikes, there was a demad for CBI investigation as well back (as involved some crores of rupees ....) in 2014 but nothing progressed after that and the corruption investigation probe or its progress is unknown to common public yet after the initial hype... after all government institutions and students of the institutions keep changing, so who cares when time has elapsed and this is what managements of these institutes are able to benefit from and ofcourse with the help of government babus and politicians as well... when will this menaces be tackled?If Vinitha Deshmukh is seriously investigative, appreciate if she can publish any article or RTI information on EFLU case of 2014 as well for the benefit of overall student community and common public so that institutions and their management is not left unsupervised against corruption cases which unfortunately is the current scenario...

Vinita Deshmukh

1 year ago

I would like to clarify that the headline meant that students were using government funds with the formal approval of authorities of the FTII, which is a Government Body. The funds released for the students for `non-academic' activity were from the government treasury. Hence, the headline stated that the strike seemed `government sponsored.'' I don't find anything wrong with this, as ghoom firke it is the Government's money that is being frittered away. There was no question of targeting any political party. This has nothing to do with any Party - it has to do with bad and callous governance. By attacking the headline unnecessarily and posting scathing remarks on the integrity of Moneylife and me, the writer, the main issue of the shocking student-control over the institute is getting sidelined/diluted. I request readers to please read the article in the right light - the documents procured by Vijay Kumbhar under RTI - there are many more which have not been published - clearly show that FTII is in an urgent need to be cleansed off student politics with connivance of authorities and of corruption. I have highlighted the fact that the Ministry of Information & Broadcasting has questioned the funding by FTII so what makes some of you think I am attacking a political party? If genuine journalism is going to be painted thus, let me tell you it will not be far when the corrupt crooks from all sections of the society will subvert all ethics, morals and independent expressions by every media, including social media. I appreciate criticism if I write an article without proper homework. I am sad that the contents of the story have been overlooked. I would like to stand by the Headline which bears fact to the meat of the story, maybe it looks dramatised - but that's what headlines are meant for, aren't they?

REPLY

Rajesh Kumar Singh

In Reply to Vinita Deshmukh 1 year ago

This is a brazen defence of someone who gave a go bye to journalistic ethics driven by her personal prejudices. Please correct the head-line. And you have not written this article. It's Vijay Kumbhar's article with your 'inventive' headline and bye line and connecting sentences. The headline, to any sane mind, does not 'bear fact to the meat' of Kumbhar's brilliant expose of the rot that has set in FTII. He clearly indicates that the 'dismissed' FTII Director was behind the strike and he was misusing public money without the knowledge of the Ministry. This also nails the much touted idea of 'autonomy' of govt. funded institutions. Autonomy for them means dictatorship of their directors who can buy the support and silence of the academic and Governing councils by offering freebies to dissenters all at the cost of public exchequer. I'm seeing a similar trend in NFDC affairs where its MD has indulged in acts of corruption by doing favours to it Board of Directors in lieu of their support for her bad actions.

SABIR HUSSAIN SYED

In Reply to Vinita Deshmukh 1 year ago

thks for clarification vinitha deshmukh, appreciate your views on my comments as well on the state of affairs at across the various central govt institutions to which I have quoted example of EFLU as well. Appreciate if you can look into this as well...
In the case of EFLU corruption and students strikes, there was a demad for CBI investigation as well back (as involved some crores of rupees ....) in 2014 but nothing progressed after that and the corruption investigation probe or its progress is unknown to common public yet after the initial hype... after all government institutions and students of the institutions keep changing, so who cares when time has elapsed and this is what managements of these institutes are able to benefit from and ofcourse with the help of government babus and politicians as well... when will this menaces be tackled?If Vinitha Nair is seriously investigative, appreciate if she can publish any article or RTI information on EFLU case of 2014 as well for the benefit of overall student community and common public so that institutions and their management is not left unsupervised against corruption cases which unfortunately is the current scenario...

karthik

1 year ago

Team moneylife,
In this age of sensational journalism, moneylife was the only hope which sticks to facts and truth..
iam sorry to say, that this title is misleading and malicious.

Vijay Kumbhar

1 year ago

The FTII students agitation is definitely not government sponsored.IN fact govt has asked FTII authorities to be strict and questioned their many decisions. However the way by arm twisting the authorities, students have managed to use public infrastructure and funds to run the agitation it appears so.Students have managed to obtain ample sympathy, hence local authorities of FTII don't dare to act against them, what may their fault

REPLY

MOHAN SIROYA

In Reply to Vijay Kumbhar 1 year ago

Yes, It is the FTII Administration and irresponsible students and their famous celbrity suppoerters if any, who are responsible for this MISUSE and FRITTERING of Public money .That is why I suggest, let the Government first SHUT this institution, get rid of the venomous and bad elements who are wrongly dictating the terms and interfering in sovereign functions of the Government.Thereafter, the whole thing can be reconstituted with proper safeguards to ensure good Governance.

MOHAN SIROYA

In Reply to Vijay Kumbhar 1 year ago

Yes, It is the FTII Administration and irresponsible students and their famous celbrity suppoerters if any, who are responsible for this MISUSE and FRITTERING of Public money .That is why I suggest, let the Government first SHUT this institution, get rid of the venomous and bad elements who are wrongly dictating the terms and interfering in sovereign functions of the Government.Thereafter, the whole thing can be reconstituted with proper safeguards to ensure good Governance.

Rajesh Kumar Singh

In Reply to Vijay Kumbhar 1 year ago

If you are the RTI activist who unearthed this wealth of precious information you should be talking to Sucheta Dalal and Vinita Deshmukh and asking them to change the misleading headline and also issue a clarification regarding this. Vinita has totally 'misrepresented your findings and views. And congratulations and kudos if you are Vijay Kumbhar, the RTI activist whose finding the content of this article is based on. Hats off.

Raj Nair

1 year ago

I am really sad to see the quality of articles in MoneyLife go down the drain. The headline of this article is totally misleading. If MoneyLife plans to become the mouthpiece of a certain party cadres, I would have to reconsider continuing the subscription of the magazine going forward.

REPLY

SABIR HUSSAIN SYED

In Reply to Raj Nair 1 year ago

agree on misleading part raj nair, however read my comment also on the article. Am sure, u will agree to it as well...

Raj Nair

In Reply to SABIR HUSSAIN SYED 1 year ago

Well, for a person who glances the headline, it would seem that the government is the culprit in the whole affair, rather than the organisation, previous director, overstaying students etc. That is how presstitutes spin the news in main-stream media to suit their political standings. It is disheartening to see MoneyLife taking that route. A change in headline as soon as possible is the minimum required to show their integrity. As a paying customer, I expect this magazine to be unbiased, honest and truthful to its readers.

SABIR HUSSAIN SYED

1 year ago

Good Article Vinita Deshmukh on corruption hiding techniques of institutions like FTII. Actually all the central government sponsored institutions including English and Foreign Languages University, Hyderabad have such student strikes which are actually a corruption hiding tactics and if you see the case of EFLU, after the deputy registrar was suspended in 2014 january, students unions protested citing harassment of minority and also letters were written to president of india to look into the matter (basically to protect corrupt ppl)but actually it is inner corruption of the management of EFLU including the deputy registrar which to date has not been properly investigated nor full picture about what happened after that has been brought to the knowledge of common public. Newspapers publish when something happen and thereafter leave the story and move on to another story without actually bringing or letting to know what happens after the story has died down as a news item.This is the sad state of affairs of the country that is causing corruption to be easily managed by corrupt as no one (including media) takes such things until their logical end or full story is made clear as at the end of the day these are government institutions (so, who cares??)...

Prashant Naikwade

1 year ago

Totally misleading headline

Laxmi Lobo

1 year ago

The head line is completely misleading.
In fact Vinita Deshmukh RTI queries show how the FTII and it's students and ex directors have been fooling the public and using tax payers money!
The exposé is about how the objection is not so much to the new director as it is about his asking questions and making FTII accountable and stopping freebies.

Rajesh Kumar Singh

1 year ago

I just looked at Vinita Deshmukh's credentials. She has won awards for investigative journalism yet she writes a story like this based on an RTI activist's findings. She deliberately gives a twist to a very important story with her misleading headline. Going by the actual findings of the activist, the headline should have been 'I&B Ministry Questions Ex-FTII Director for Playing Footsie with Corrupt Staff and Freeloading Superannuated Students'. The pathological hatred of Vinita Deshmukh towards Modi government seems to have badly affected her journalistic integrity. Her recent tweets betray her mental state too. She has been passionately pitching for a pappu and a gappu and behaving like a fixer. This subterfuge and hit job of her seems like the tipping point.This also puts a big question mark over her credentials.

REPLY

SABIR HUSSAIN SYED

In Reply to Rajesh Kumar Singh 1 year ago

Vinita Deshmukh on corruption hiding techniques of institutions like FTII. Actually all the central government sponsored institutions including English and Foreign Languages University, Hyderabad have such student strikes which are actually a corruption hiding tactics and if you see the case of EFLU, after the deputy registrar was suspended in 2014 january, students unions protested citing harassment of minority and also letters were written to president of india to look into the matter (basically to protect corrupt ppl)but actually it is inner corruption of the management of EFLU including the deputy registrar which to date has not been properly investigated nor full picture about what happened after that has been brought to the knowledge of common public. Newspapers publish when something happen and thereafter leave the story and move on to another story without actually bringing or letting to know what happens after the story has died down as a news item.This is the sad state of affairs of the country that is causing corruption to be easily managed by corrupt as no one (including media) takes such things until their logical end or full story is made clear as at the end of the day these are government institutions (so, who cares??)...

SABIR HUSSAIN SYED

In Reply to SABIR HUSSAIN SYED 1 year ago

In the case of EFLU corruption and students strikes, there was a demad for CBI investigation as well back (as involved some crores of rupees ....) in 2014 but nothing progressed after that and the corruption investigation probe or its progress is unknown to common public yet after the initial hype... after all government institutions and students of the institutions keep changing, so who cares when time has elapsed and this is what managements of these institutes are able to benefit from and ofcourse with the help of government babus and politicians as well... when will this menaces be tackled?If Vinitha Nair is seriously investigative, appreciate if she can publish any article or RTI information on EFLU case of 2014 as well for the benefit of overall student community and common public so that institutions and their management is not left unsupervised against corruption cases which unfortunately is the current scenario....

MOHAN SIROYA

1 year ago

From this it appears FTII is another white elephant and now taking proportion of a Scam. ENOUGH IS ENOUGH.
Now the least Union Government can do is to Shut this Institute ASAP . Let the striking students and their supporters learn a lesson.

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