Shopkeepers in many cities took out marches demanding a rollback of the government move even as traders’ bodies said the decision will create an uneven playing field in the country which will tilt towards multi-national companies and prove to be a ‘nightmare’ for traders and consumers
New Delhi: Neighbourhood and small stores for protection of whose interest an all-India bandh against foreign direct investment (FDI) in retail was called today were by and large open while major markets responded to it with partial to complete shutdown, reports PTI.
BJP and other opposition parties have demanded a rollback on the FDI decision and the response to the bandh call in opposition-ruled Gujarat and Bihar was partial. In Delhi, Andhra Pradesh and Assam also it was partial.
‘Kirana’ and neighbourhood shops remained open in a majority of places. In Delhi, markets like Sarojini Nagar and INA disassociated from the day-long strike call, saying the protest was uncalled for.
Shopkeepers in many cities took out marches demanding a rollback of the government move even as traders’ bodies said the decision will create an uneven playing field in the country which will tilt towards multi-national companies and prove to be a ‘nightmare’ for traders and consumers.
Confederation of All India Traders' (CAIT) secretary general Praveen Khandelwal claimed traders across the country were participating in the strike.
“Around five crore traders belonging to 10,000 traders’ bodies across the country are participating in the bandh.
Traders took out marches in commercial markets across the country,” Mr Khandelwal said.
BJP also joined the strike in Delhi by organising marches and burnt effigies of prime minister Manmohan Singh and Delhi chief minister Sheila Dikshit in at least 20 locations of the city.
Small and medium traders across Maharashtra including Mumbai downed their shutters. Federation of Associations of Maharashtra (FAM), the apex body of 750 trade, transport and small-scale associations, claimed that about 35 lakh traders in the state had joined the strike.
Most shops and establishments in West Bengal downed their shutters including in the wholesale market in Posta area of Burrabazar, the largest in the state.
Ruling out any roll-back of the policy to allow foreign investment in multi-brand retail in the country, the government said it would issue the guidelines in due course.
“The rules will be framed which answer the issues raised and decisions taken in the Cabinet,” secretary of the Department of Industrial Policy and Promotion (DIPP) PK Chaudhery told reporters here.
Shops and business establishments in Tamil Nadu, Karnataka and Odisha by and large remained shut.
Many private schools remained closed in Patna as a precautionary measure. While ruling NDA in Bihar has extended support to the strike, Congress and LJP have opposed it. Chief minister Nitish Kumar has said he would not allow 51% FDI in multi-brand retail.
“We have received good response for the bandh in Mumbai and Navi Mumbai as traders of the Agriculture Produce Market Committee (APMC) have joined call to support the one-day bandh. Major markets of grain, fruits and vegetables, onion and potato and ‘kirana’ have observed bandh today," FAM president Mohan Gurnani said.
“Traders from all over the country, including Tamil Nadu, Gujarat, Kerala and other states, are strongly opposing FDI in retail. This is a question of our existence and, hence, there are no divisions,” he claimed.
Maintaining that there was no need for foreign investment in the sector, Mr Khandelwal said here, “The government should withdraw the permission of FDI in retail”.
He said Indian retail sector was being run successfully by the indigenous capital at the rate of 15% and contributing 10% of GDP. “So no FDI was required”.
“The foreign retailers can open in big cities, but they will source from mandis across rural India and small town.
With their money and power over time, they can corner the supply of produce and dominate the outsources side,” he said.
SBI NRE fixed deposit rate for 1 year to less than 2 years is revised to 3.82%.
State Bank of India (SBI) has increased interest rates on NRE Fixed Deposits by 12 to 15 basis points with effect from 1December 2011. The revised interest rate for fixed deposit from 1 year to less than 2 years is 3.82%. The revised rate for fixed deposit from 2 years to less than 3 years is 3.51%. Finally, for fixed deposits from 3 years to 5 years, the revised interest rate is 3.64%.
Attractive interest rate is available on NRE & NRO Savings account at 4.00% p.a.
Interest for all rupee savings accounts will be calculated on the daily closing balances maintained in the account.
Interest rate on FCNR (B) deposits in USD has also increased by 5 to 15 basis points for maturities 1 year and above but less than 5 years with effect from 1st Dec. 2011.
The revised interest rate chart is given below.
Nifty hit 5000 today as we have been suggesting. The market will now oscillate between 4,800 and 5,000
The market opened firm, reflecting the massive overnight rally in the US and rally in Asia this morning, but gave up a lot of gains during the day. Yesterday we had mentioned that the Nifty may have a struggled gain to the level of 5,000 if the Nifty manages to sustain itself above the day’s low. Today the index crossed this level and settled at 4,937, in the positive for the second day. From here we may see the Nifty move in a narrow range of 4,800 and 5,000. However, if the index closes below 4,800, we may again see a decline. The National Stock Exchange (NSE) saw a volume of 56.15 crore shares.
The domestic market witnessed a gap-up opening on firm global cues as the world’s top six central banks on Wednesday acted jointly to provide cheaper dollar liquidity to European banks that are facing a credit crunch. The Nifty opened 139 points higher at 4,971 and the Sensex surged 433 points to start trade at 16,556. The indices high their day’s high in initial trade with the Nifty scaling 5,012 and the Sensex at 16,718.
The market was range-bound in subsequent trade on nervousness ahead of the weekly food inflation numbers. However, food inflation witnessed a sharp moderation to 8% for the week ended 19th November from 9.01% in the previous week, even though prices of most agricultural items, barring potatoes, onions and wheat, continued to rise on an annual basis.
The indices pared some of their early gains in the post-noon session as European markets gave up early gains ahead of a bond auction by Spain and France. The benchmarks touched to their intraday lows around 2.10pm with the Nifty falling to 4,917 and the Sensex going back to 16,431.
The market closed off the lows but in the green for the second straight day. At the end of trade, the Nifty gained 105 points at 4,937 and the Sensex settled at 16,483, up 360 points over its previous close.
The advance-decline ratio on the NSE was a positive 1084:570.
While the broader indices also ended higher, they couldn’t match the Sensex’s performance. The BSE Mid-cap index gained 0.97% and the BSE Small-cap index rose 0.43%.
Barring the BSE Healthcare index (down 0.32%), all other sectoral gauges settled higher. The gainers were led by BSE Metal (up 4.14%); BSE Bankex (up 3.72%); BSE Realty (up 3.54%); BSE Consumer Durables (up 2.58%) and BSE Auto (up 2.40%).
The top Sensex gainers were Hindalco Industries (up 6.97%); ICICI Bank (up 6.76%); Sterlite Industries (up 6.19%); Tata Motors (up 6.06%) and DLF (up 5.34%). The key losers were BHEL (down 2.46%); Bharti Airtel (up 1.65%); Hindustan Unilever (down 1.29%); Maruti Suzuki (down 0.69%) and Sun Pharma (down 0.21%).
The 50-share Nifty list was headed by Hindalco Ind (up 6.99%); ICICI Bank (up 6.95%); SAIL (up 6.73%); Sterlite Ind (up 6.34%) and Tata Motors (up 5.70%). The laggards were BHEL (down 3.08%); BPCL (down 2.69%); Dr Reddy’s (down 2.31%); Bharti Airtel (down 2.24%) and Maruti Suzuki (down 1.25%).
The Asian pack registered gains in the range of 0.89% and 5.63% on the efforts of the world’s central banks to provide dollar liquidity to European banks and the Chinese central bank’s move to cut reserve requirements for commercial lenders on Wednesday.
The Shanghai Composite climbed 2.29%; the Hang Seng soared 5.63%; the Jakarta Composite gained 1.78%; the KLSE Composite rose 0.89%; the Nikkei 225 advanced 1.93%; the Straits Times surged 2.20%; the Seoul Composite settled 3.72% higher and the Taiwan Weighted jumped 3.98%.
Back home, foreign institutional investors were net buyers of stocks totalling Rs34.12 crore on Wednesday while domestic institutional investors were net sellers of equities amounting to Rs193.82 crore.
Reliance MediaWorks today said it has partnered with VenSat Tech Services to expand its VFX, CG and animation capabilities and create a studio in Chennai to cater to the growing needs of the media and entertainment industry. The alliance provides Reliance MediaWorks an immediate direct presence in South India and the ability to quickly and efficiently expand its capabilities in response to growing demands. The stock gained 3.75% to settle at Rs87.25 on the NSE.
Pharmaceutical major Ranbaxy Laboratories has launched its generic version of blockbuster cholesterol-lowering drug Lipitor in the US market. The launch came after final approval from the US health regulator to manufacture the generic version of Lipitor at Ranbaxy’s wholly-owned Ohm Laboratories facility in New Brunswick, New Jersey, as well as market the product. Ranbaxy gave up early gains and closed 1.44% higher at Rs440.90 on the NSE.
Hindustan Dorr-Oliver has received a Rs170 crore order from ONGC Petro Additions for entire effluent collection and treatment system (ECTS) package for its grass root mega petrochemical project in the PCPIR/SEZ zone at Dahej.
The project, to be completed in 24 months, includes various technology works from leading global suppliers for the treatment of petrochemical waste. The stock settled 1.68% up at Rs24.25 on the NSE.