A close below 5,670 on the Nifty may result in a sideways move
The Indian market closed with meagre gains in the week on the continuing reforms push by the government and supportive global cues. However, the upmove was restricted by profit booking after decent gains seen in the past three weeks. The focus will now shift to the second quarter earnings season, which kicks off next month.
The Sensex closed the week at 18,763, up 10 points (0.05%) and the Nifty settled 12 points higher (0.21%) at 5,703. With the market having already factored the government’s reforms push, investors are beginning to look at the global arena for fresh developments. On Friday the Nifty settled at its highest since 8 July 2011, however, if the benchmark closes 5,670 we may see some sideways movement setting in.
Profit booking saw the market closing marginally lower on Monday. Absence of any local cues and fresh concerns from Europe led to a flat close on Tuesday. The benchmarks were range-bound and closed in the negative on Wednesday.
The market witnessed a highly volatile session on the derivatives expiry day and ending lower on Thursday. The market closed with gains of around 1% on Friday on the government continuing with its reforms push and support from the global markets.
BSE Consumer Durables (up 5%) and BSE Fast Moving Consumer Goods (up 4%) were the top sectoral gainers while BSE Oil & Gas (down 2%) and BSE Metal (down 1%) were the top losers.
The key performers on the Sensex were Mahindra & Mahindra (up 7%), BHEL (up 6%), Cipla (up 5%), Tata Power and ITC (up 4%). The major losers on the index were Bharti Airtel, Sterlite Industries (down 5% each), ONGC (down 4%), Coal India and Tata Motors (down 3% each).
UltraTech Cement, M&M, ACC (up 7% each), BHEL (up 6%) and Cipla (up 5%) were the major gainers on the Nifty. The losers were led by Sesa Goa, Cairn India, Bharti Airtel, ONGC (down 5% each) and Coal India (down 4%).
Earlier, Kingfisher shares were allowed an upward or downward movement of 10% in a day, while the circuit filter limit for United Breweries (Holdings) was 20%
Mumbai: Leading bourse BSE has halved its circuit limits on shares of Kingfisher Airlines and group firm United Breweries Holdings, capping their maximum movement in a day at 5% and 10%, respectively. The changes follow a sharp rally in the share prices of the two companies in the past few days, reports PTI.
Earlier, Kingfisher shares were allowed an upward or downward movement of 10% in a day, while the circuit filter limit for United Breweries (Holdings) was 20%.
The exchanges generally lower the circuit filter of a stock as part of their surveillance mechanism to avoid excessive movement in the share price.
Kingfisher shares today fell by 4.95% to close at Rs16.12 at the BSE. The stock had gained 9% on Wednesday, after chairman Vijay Mallya said the air carrier is in talks with foreign airlines for possible stake sale.
UB Holdings stock, which had also gained nearly 11% on Wednesday, settled 8.35% lower at Rs133.85 in today's trade.
While Kingfisher shares have been rallying sharply for past couple of weeks, shares of other group companies have been on an uptrend for much longer period, largely on reports and speculations about stake sale in various businesses.
Ms Damania said Mr Gadkari had sent a notice which said if she apologised he won’t file a defamation suit against her. However, the India Against Corruption member said she would produce evidences of Mr Gadkari’s involvement in various scams
Mumbai: Unfazed by Nitin Gadkari's legal notice for her statement that he did not want her to pursue the irrigation scam in Maharashtra, RTI (Right to Information) activist Anjali Damania has said she would not tender a public apology to the BJP president, reports PTI.
“I received the defamation notice last evening around 6.00pm. He (Gadkari) said if I apologise he won’t file a suit against me. But I refuse to give an apology, because whatever I said is true,” the RTI activist said.
Ms Damania, an India Against Corruption (IAC) member, also said she would produce evidences of Mr Gadkari’s involvement in various scams.
“In next four days, I will produce evidences of Mr Gadkari’s involvement in various corrupt activities,” she said.
Ms Damania had alleged that when she approached Ms Gadkari to pursue a case against Nationalist Congress Party (NCP) leaders involved in the Rs20,000 crore irrigation scam, he advised her not to go ahead.
She alleged that Ms Gadkari said he has business interests with NCP President Sharad Pawar.
Mr Gadkari’s notice to Ms Damania served by his counsel Shamshery & Associates said, “My client strongly denies the false, baseless and defamatory statement that he has any business relations with Sharad Pawar.”
It also demanded Ms Damania retract her comment forthwith and tender a public apology.
The RTI activist maintained that she was not hungry for publicity, saying, “I am amazed that he (Gadkari) had time to draft the notice or probably provide inputs for the notice, but he did not have time to say he has met me or he has not met me.”
You can read the earlier Moneylife article on this topic here: IAC questions BJP president Gadkari's ‘silence’ over irrigation scam .