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Nifty, Sensex may move sideways– Thursday closing report

Nifty has rallied for six days in a row. It is time for a small dip

 

Gains on the indices continued today for the sixth consecutive session. Today for the first time ever has Sensex crossed the level of 29,000 and managed trading above this level for a substantial time. Though mid-way through the session, it lost some strength but it subsequently recovered and closed with good gains.
 
S&P BSE Sensex opened at 28,958 and moved down to 28,892 after reaching upto 29,060, while CNX Nifty opened at 8,746 and moved from a high of 8,774 to 8,727. Recovering from the low, the Sensex closed at 29,006 (up 117 points or 0.41%) while Nifty closed at 8,761 (up 32 points or 0.37%). NSE recorded a volume of 100.99 crore shares. India VIX rose 4.81% to close at 18.5650.
 
In the government's Housing for All Mission, the Prime Minister Narendra Modi has directed all concerned departments to immediately finalise the programme and the financing models for alternate sets of housing requirements. The programme proposes to build 2 crore houses across the nation by 2022.
 
In his foreword to the fourth edition of the annual Status Paper on Government Debt which gives detailed analysis of the government's debt position released yesterday, the Finance Minister Arun Jaitely has said that the overall liabilities of the Central Government are on a medium-term declining trajectory with low roll-over risk, notwithstanding the slight increase in a couple of years in recent past due to stimulus spending in the wake of the global financial crisis.
 
On the sidelines of the World Economic Forum meeting yesterday Minister for Power and Coal Piyush Goyal reportedly said that the country's power sector is set for $250 billion investment across different segments. He also said investments are expected across diverse areas of the energy sector including in renewables as well as transmission and distribution segments.
 
The government wants to reduce the subsidy bill, estimated at near 2% of its gross domestic product, to cut down state expenditure and transfer funds to other sectors, the finance minister said.
 
Media reported that the Union Minister of Heavy Industries and Public Enterprises Anant Geete on Thursday made a strong case to extend the excise duty relief to auto makers and increase in import duty on electrical equipment to help local industries. However, he did not divulge details with regard to his ministry's proposals made in this regard to finance minister.
 
Chief Economic Advisor Arvind Subramanian has said the real investment flows should begin picking up from next fiscal, but it will be a gradual process. Sun Pharma Advanced (17.04%) was top gainer in ‘A’ group on the BSE. The stock hit its all-time high today.
 
Suzlon Energy (7.45%) was the top loser in ‘A’ group on the BSE. Suzlon Group today signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE, a wholly owned subsidiary of the Suzlon Group.
 
Sun Pharma (3.65%) was the top gainer in Sensex 30 pack while NTPC (2.44%) was the top loser. On Wednesday US indices closed in the green. Canada's central bank, the Bank of Canada, delivered a shock interest-rate cut after a monetary policy review yesterday. Except for NZSE 50 (0.45%) and Seoul Composite (0.02%) all the other Asian indices were trading in the green. SET Composite index of Thailand (1.49%) was the top gainer. China's central bank injected 50 billion yuan ($8 billion) of liquidity into the financial system. The move to keep the banks flush with cash comes ahead of the Lunar New Year holiday next month when demand for funds normally increases substantially as people spend on gifts and dining.
 
European indices were showing mixed performance while US Futures were trading higher. European Central Bank may unveil a bond-buying stimulus programme later in the day in an attempt to revive the flagging euro zone economy.
 

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Srinivasan barred from contesting BCCI election due to commercial interests

While asking Srinivasan to choose between Chennai Super Kings and BCCI chief's post, the Supreme Court held guilty his son-in-law Gurunath Meiyappan and Raj Kundra, husband of Bollywood actor Shilpa Shetty for betting in the IPL scam

 

The Supreme Court on Thursday, barred N Srinivasan, the former chief of Board of Control for Cricket in India (BCCI) from contesting elections of the Cricket Board till such time he had commercial interest in cricket. Upholding the charges made in the Mudgal Committee report, the SC observed that Meiyappan, the son-in-law of Srinivasan and Raj Kundra, the co-owner of Rajasthan Royals franchise in the Indian Premier League (IPL) were guilty of betting. 
 
The apex court also struck down the controversial 6.2.4 clause that allows BCCI officials to own IPL teams and have commercial interests. The conflict of interest concerning Srinivasan has come under the scrutiny as he was not only the BCCI chief but was also managing director of India Cements, which owns the IPL team Chennai Super Kings. 
 
In a 130-page judgement, the apex court observed that Srinivasan was not guilty of cover-up and at best there is only a case of suspicion against the former BCCI chief of cover up. 
 
According to the Mudgal Committee report, Gurunath Meiyappan, the son-in-law of Srinivasan, was an official of the Chennai Super Kings and was allegedly involved in the betting.
 
BCCI did not adhere to prescribed procedures while conducting probe in IPL spot-fixing and betting scandal, the Court said.
 
The court has also constituted a three-member panel of Justices RM Lodha, Ashok Bhan and RV Ravindran to decide the fate of Chennai Super Kings, Rajasthan Royals and recommend changes in the BCCI constitution. The panel will give its report in six months.

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