Global cues indicate soft opening for Indian stocks: Monday Market Preview

Investors are hopeful that positive earnings from corporates this week will boost the market

The Indian stock market is likely to open lower on weak global cues. Markets in Asia were mixed in early trade on Monday on concerns about the pace of the global economic recovery. The US markets closed higher on Friday as a late recovery boosted stocks. However, the impasse among political leaders to hike the debt ceiling is seen as a serious concern. The SGX Nifty was 30 points down at 5,561.50 compared to its previous close of 5,591.50.

The market ended in the red last week after three weeks of gains. The decline was mainly due to global factors and lower expectations on first quarter results. Lower industrial output for May weighed down by the manufacturing and mining sectors was also contributed to the decline.

The market closed lower for the first two days on weak global sentiments. Institutional buying support and firm Asian markets helped the indices close in the positive on Wednesday. Poor inflation numbers led to a flat close on Thursday. While the market opened in the green on Friday, it lost direction and ended lower, as investors were concerned that rising inflation will prompt the Reserve Bank of India (RBI) to hike rates at its review meeting at the end of the month.

Overall, the Sensex fell 2% (down 296 points) to close the week at 18,561 and the Nifty shed 1% (down 56 points) to 5,581. We expect the market to move sideways in the days to come until the Nifty reaches 5,520.

Wall Street closed modestly higher on Friday as the indices made a late hour recovery to end the session in the positive. Europe's financial health and US manufacturing data weighed down stock prices for much of the day.  However, strong earnings announcement from the Google Inc helped the markets to move higher in late trade. Also the Labor Department reported that the Consumer Price Index fell 0.2% in June.

The Labor Department reported that the Consumer Price Index fell 0.2% in June, falling for the first time in a year on account of a steep drop in gas costs. Americans paid more for autos, clothes and hotel stays however, driving prices outside of volatile food and energy costs were up.

The Dow gained 42.61 points (0.34%) to 12,479.73. The S&P 500 added 7.27 points (0.56%) to 1,316.14 and the Nasdaq climbed 27.13 points (0.98%) to 2,789.80.

Markets in Asia were mixed in early trade on Monday as debt worries on both sides of the Atlantic weighed on investors. Despite positive results from the stress test conducted by the European Banking Authority, a sovereign debt default by any Eurozone member could have negative implications. Also, the tardy progress on debt negotiations the US would mean that the world’s largest economy is under threat of a debt default.

The Shanghai Composite gained 0.04%, the Hang Seng climbed 0.58%, the Jakarta Composite rose 0.21%, the Straits Times advanced 0.17% and the Taiwan Weighted added 0.04%. On the other hand, the KLSE Composite was down 0.55% and the Seoul Composite declined 0.58%. The Nikkei 225 was closed for a local holiday.

Back home, fiscal measures to rein in inflation could impede the country’s infrastructure development due to squeezed investment for want of sufficient credit access, says top industrialist Ratan Tata.

Mr Tata said that the slowdown in infrastructure projects might have a major impact on job creation and the demand for goods and services, resulting in a substantially lower level of economic activity. India is aiming to spend $1 trillion in the next Plan period.


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Anna Hazare calls on youth to raise the Indian flag in the fight against corruption

The Gandhian, who is leading the civil society movement for a strong legislation against corruption, announces protests to resume on 11th August

Reiterating like a chorus between a popular song, "Sarkarki niyat acchi nahin" (government's intention is not good), an electrified audience of nearly 4,000 people, most of them youngsters, cheered Anna Hazare with repeated applause at the 4th Prakash Kardaley Memorial lecture, organised at the Balgandharva Rang Mandir in Pune on Friday.

Pune scripted a historic chapter in the spirit of citizens' involvement in Anna's movement and there was a record crowd at the prestigious public auditorium.

Dr Kiran Bedi, the main speaker on the occasion, delivered an address on the subject, 'Is the government afraid of a people's movement?'. She informed the gathering about the aspects of the draft Lokpal Bill of the government as compared with the formidable Jan Lokpal Bill scripted by the civil society members. Her crisp and incisive Power Point presentation provided bullet-to-bullet comparisons. (Log on to or for details of the presentation.)

Ms Bedi said, "We already have two bodies-the Supreme Court and the Election Commission which is out of the reins of the government because of which they have been performing effectively. Through the Jan Lokpal Bill, we are only saying that make the systems independent and not dependent. However, in order to protect the corrupt in the legislature and bureaucracy, the government wants to hold the reins of the Lokpal Bill."

Describing the background in which the bill was prepared, Ms Bedi said, "India signed the UN declaration against corruption after five years of deliberating on it and do you know the only country who has not signed it yet? It is Somalia!"

She said, "The Jan Lokpal Bill is the only bill drafted through public consultations and interaction. It is for the benefit of the aam aadmi while the Lokpal Bill drafted by the government is a 'dead' one as Anna has pointed out."

Anna Hazare said that the Jan Lokpal Bill would be the only effective legislation against corruption which has denied the common man his right to a dignified life. "I go around the country spreading the message of a strong Lokpal Bill because I have faith in it. Every investigative agency in the country is under the government which scuttles every investigation and lets the corrupt go scot-free. Thanks to the media which has played an important role in exposing the magnitude of corruption in the country, citizens are informed. For the first time ever, television cameras focused on our agitation at Jantar Mantar for a full 100 hours and this led to instant, nationwide support."

Urging the youngsters to keep up the momentum, Mr Hazare said, "Anywhere in the world, the power of the youth is supreme. Revolutions have always been fought by youngsters. We won our independence in 1947, but that was not real freedom. In the lust for power and money, our netas have forgotten the sacrifices made by Bhagat Singh and other great freedom-fighters for our freedom."

Describing late Prakash Kardaley as his guru, Mr Hazare said, "The seed of the RTI revolution was sowed in 1995. We campaigned for 10 years to get the Act implemented, which came only after I agitated. Kardaley used to burn the midnight oil, drafting letters to the government and guiding us on how to go about making a strong RTI Act."

Ms Bedi also said that "if there were more crusading editors like Kardaley, a strong Lokpal Bill would have been implemented faster through large-scale dissemination of information."

Mr Hazare asked youngsters to shine in their personal and professional lives, but not to forget the service to the nation. He announced the resumption of protests on 11th August and suggested: "From 11th August, carry the national flag on your shoulders and take out prabhat pheras (morning marches) at 6.30am, and in the evening conduct candle-light processions. This would help to build a strong mass movement towards implementation of a strong Lokpal Bill to eradicate corruption."

Ms Bedi urged the people to spread the word about the features of the Jan Lokpal Bill through facebook, twitter and on web sites.

That Anna has become an icon for youngsters was evident as the youngsters waited patiently for him to emerge from an interaction with the media and then cheered him loudly with slogans of 'Vande Mataram' and 'Inquilab Zindabad'.

(Vinita Deshmukh is a senior editor, author and convener of Pune Metro Jagruti Abhiyaan. She can be reached at [email protected].)



Rajkumar Singh

5 years ago

Team Anna is going to do the same thing, which the other politicians are doing it!

The public will not have a SAY in the election and selection of the candidates in his regime also.

We are just transferring our power from one Team to another, and continue living the life of commenting for and against each other, for self-interest only, and remain proudly disunited!

I am sure others will also agree to this bitter truth, but our ego rules over it, to start a new development of like and dislike minded people!

sumit kumar

6 years ago

vande mataram

saideswar rao mittapalli

6 years ago

I am an Indian
Anna Hazare also Indian
are you Indian or Not , If yes Raise the hand and slogan Jaiho Hazare Who is the oldest man for younger indian

saideswar rao mittapalli

6 years ago

every indinan should convey their genue support to Anna's movement for currupt less india and who is real fighter on half of indians

sumit kumar

6 years ago

anna go and fight against corruption.

saideswar rao mittapalli

6 years ago

i am appreciate to anna hazare declare war against corruption india and the same time I feel who is Next Generation Gandhi to the nation and I shall support to him heatfully and pray the god for long live of hazare.


6 years ago

Cheers! Salutation to one and all contributing for the National cause and particularly for the well being of the ever ignored AAM AADMI in the country.

The present situation in the country is such that I am constrained to express it in the following manner.

Darwin propounded the concept which proclaimed that the fittest only can survive, may it be plant or animal and when weighed on the scale of scientific reasoning, this appears to be significantly true and universally holding fast at large.
Should I elaborate this concept in terms of “struggle for existence” it will not be untrue in the wake of the scenario prevailing in country presently. Furthering this could be self expressed in the form and state of affairs, encountered by the inmates of society day to day.
The Human civilization evolved through a continuous process of reformation and achieving excellence remained centre of the objective. While learning about the theory of evolution one comes across a statement given by some eminent researcher – the goal of evolution is not human. Then what? The level of intelligence & excellence acquired by the human beings should not be mistaken to be the ultimate perfection or goal achieved. It will not be out of place to state that in the quest for excellence and achievements, the human values are rather lost somewhere.
The all time great leader Abraham Lincoln has wisely described the Govt. in a Democratic set up as- “The Govt. of the people, by the people and for the people”. But today what is observed and experienced distastefully is- “The Govt. is off the people, bye to the people and far from the people”. With this the scenario, the essence of Democracy is lost, no doubt.
And with this situation in the fore the quote of Fred Woodworth appears to a reasoned truth when, he states that ‘Government is an unnecessary evil. Human beings, when accustomed to taking responsibility for their own behavior, can cooperate on a basis of mutual trust and helpfulness’.
It left me wondering on many occasions, does the Democracy in India mean an environment in which everyone is free to behave as frantic as wished and is there no place for the law with natural justice? Does it mean to be license for the strong armed subjects to overrule the norms of the society and dogmatize the weak?
Does Democratic freedom achieved through struggle by leaders! Means a society where the law abiding inmates are scared of the Policing, they have a sense of insecurity and their effort is to avoid approaching for any kind of relief to the makers of law so as to avert undue harassment? If one approaches to a police station to lodge a complaint, firstly the station I/c will not be available and if at all he is there, it is next to impossible for the commoners to register a report. The station officer & his assistants will harass the complainant so much, as if he has committed a crime by coming to the police station that one would run away without writing a report. In the event of a road accident the on lookers would refrain from taking the wounded to hospital due to the fear of getting ‘trapped’ in the police enquiry, for exhibited mercy & humanity! Where the elections of the University students are sponsored by the Political parties and to inculcate among the youth what kind of leader ship?
Is it a true Democratic system in which competence is ignored and preferential treatment is extended on the basis of cast and creed? The voice of certain categories is promulgated while the stakes of others are ignored- why?
Whereas the Constitutional provisions are based upon the principle of equal opportunity to one and all, then why discrimination? The motive behind this practice is getting unveiled gradually and this practice would be revolted and challenged may be, after a gap of few generations when, Democracy in its true spirit will prevail in the country.
The above are a few instances quoted and this situation is not only explosive but also alarming for one and all and should be reckoned as eye opener for the days and generations to come. People grow, strive for something and …vanish from the scene but, the fact remains that the marks of their thoughts and actions remain and the legacy is to be accounted for inevitably by the upcoming generations. This holds true since the ages past- the era of Ram-Krishna, Buddha- ‘Tathagat’, may be Nero, great warrior Hitler or Gandhi, to quote a few who propounded their thoughts and policies when, the masses were mobilized. In the context of the Indian democratic set up the thought expressed by Jorge Luis Borqesthat that ‘Democracy is an abuse of statistics’ becomes pertinent and at times one feels ashamed of being a part of the system.
For the youth, it is a note of caution that their involvement does not end with heralding the slogans of 'Vande Mataram' and 'Inquilab Zindabad'. They will have to come out of their comfort zone for establishing the effect of the ambitious movement being launched by Anna Hazare. Today the youth very well knows and enjoys 14th of Feb as ‘valentine day’ but hardly know that on 14th Feb 1931 at Lahore the legendary freedom fighters “BHAGAT SINGH, RAJGURU & SUKHDEV” were hanged to death- for the cause of freedom!

Also, not only the youth but the experienced seniors of the society who have completed their first inning should also be encouraged to be an active part of the movement. This will not only give them a ‘reason’ and ‘sense of self prestige’ but also the movement would be benefited with the copious experience gathered by these ‘time over’ members of our society who, otherwise neither find place to sit nor adored by even their family members nor the Government have any concrete plans for their living.

The beginning as above is attempted with the hope that such writings might prove to be a guiding lamp for the upcoming generations and the "Aryan" Nation regains its glory as before globally. (shripad)


6 years ago

.Our beloved former president Sir Abdul Kalam once said that corrupt persons become successful in their works because they gets united and good (honest) people do nothing to stop them. If dirty people for the dirty purpose can be united so WHY CAN GOOD PEOPLE BE NOT UNITED FOR GOOD AIMS. and if good people are united no one can anyhow stand in front of them. And I am seeing that good people are now getting united. SO WE ARE SURE TO WIN. JAI HIND

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