Moneylife Events
Moneylife Foundation conducts a seminar on pyramids, MLMs, to help people avoid such schemes

Almost every day, get-rich-quick, pyramid or MLM schemes try to dazzle the gullible to loot their hard-earned money. Sucheta Dalal, Founder Trustee, Moneylife Foundation, conducted a seminar to warn people to stay away from such lucrative but fraudulent proposals

“Thousands of savers are losing their hard-earned money in pyramid or multi-level marketing (MLM) schemes. There are individual lawsuits are being registered and action is being taken against such schemes, but there still are thousands of them which are running,” said Ms Sucheta Dalal, managing editor, Moneylife magazine. She was speaking at a seminar organised by Moneylife Foundation on Pyramid Schemes.
Ms Dalal said that states like Kerala, Andhra Pradesh and Tamil Nadu have been active against fraudulent pyramid and MLM schemes, but police estimate that each state has more than thousand schemes going on. According to AP police, there are 10,000 schemes running there. Despite legal action and some court rulings, these schemes proliferate because the regulators are silent.
“Most countries like USA, UK, Singapore and The Netherlands have banned such schemes. India has the Prize Chits and Money Circulation (Banning) Act, 1978, which is the toughest law on paper, but since many influential people are associated with these MLM schemes, they get away with cheating people,” she said.
The 1978 Act is a central legislation but is administered by states. However, in most cases, policemen and regulators are ensnared by the Ponzi schemes and hence, no action is taken. Moreover, very few complaints are registered until money is lost by investors, and by that time, it is usually too late.
Many MLM companies, however, have a more complex model and offer a tangible product like Amway, QNet, Tupperware and Oriflame. Such companies usually have a global presence and persist for a long time. But apart from the top layer, none of the other investors make money.
Members of the audience talked about schemes like QNet, an MLM which promises high returns on selling watches, tour packages and pendants and coins. Some members from the audience also pointed out that it was their close friend or colleague who enrolled them in the QNet scheme under the pretext of helping them to earn good money. Some even claimed that all these QNet people are using coffee shops on Saturdays and Sundays to convince and enrol new members. 
“No coin is precious if it is not rare. If such coins are churned out by a factory and don’t have a market value for genuine collectibles, it is surely a fraudulent product”, Ms Dalal said.
Even though there have been lawsuits, most investors don’t get their money back. It is better to stay away from these schemes altogether rather than invest and repent, she said.




3 years ago

A Complaint from a QNET Victims..the same modus operandi used to cheat thousands across India :)

I think it is a GREAT time to form a QNET VICTIMS FORUM..who all want to take a active lead in it pls email me on [email protected]

Our Facebook address is:
[email protected]

Here is the Complaint..copy pasted :)

Dear Friends,

I wanted to share my personal story of trust, friendship, deceit , money and greed. In September 2012 I was talking to a friend (I doubt) on face book and he was very excited about his life and business and was saying how w...e can start the business, since I knew that person from college (2 years senior) and a Kashmiri, I started talking more. I was convinced that it was a good e-commerce business model since a BITSIAN senior is doing it , a well accomplished professional. On my vacation to India in Dec 2012, I met him and had a great chat, reliving memories of the past etc etc, and just on face value I joined the business (invested at least 4.5 lacs) in the business by buying products and got some credit into my account too. I was given assurance that my business will be bought back and money doubled after 3 years, if i do not want to continue. I was back in US in Jan 2013 and as expected I started doing the same., but slowly after talking to people and interacting with my senior I realized that business was MLM. It is projected that business is great, unlimited money, job is not needed and within 4 years people can gain financial independence, a farcical claim. In March due to some serious family situation, I asked to come out of the business and need my investment back and then things started to go south. I started hearing business and friendship cannot be mixed, i don't owe you anything, i did not force you go into business (no body does, it is trust and face value), i am lazy since i am not contributing to business. Finally it was decided that after 6 months i will get money and after six months phone is not picked, i am made to run from pillar to post to get my money back. I still have not got my money back. Subsequently i talked to lot of my BITSIAN friends, and all of them had been approached but none had accepted the business proposal.

The people engaged in business are well accomplished professionals, who project a great lifestyle, like uploading a great new car or great vacation pictures to make curious people ask questions and slowly woo into business (unethical). Friends like me who are targeted to create this false aura of business and great life. In their parlance it is called Prospecting.

Now the question is which company i am talking about, the company name is Qnet, yes the same company which is facing legal challenge in India for unethical business practices.


Please google Qnet Scam and the rest you will know.

Please do not fall into this scam and do not get fooled by Kuldeep Kaul (https://!/kuldeep.kaul?fref=ts) and his partner Anuj Garg (https://!/anuj.garg.5209?fref=ts) who run this scam out of GIP NOIDA and Cannought Place

Join in on our facebook page..and support the cause :)



3 years ago

Hello Friends, since i got my FIR registered in the month of August, it has been three months QNET has failed to re-start the "SYSTEM" In mumbai. First they had to cancel their grand celebration planned to be held at "Holy Spirit Hospital" Hall in andheri-east.

Later these QNETERS tried to do a "system" in Islam Gymkhana and had to cancel that also.

It is said that the third time these people placed advertisements in newspapers of mumbai to invite people into investing into a "Business Opportunity" and were holding that meeting in hall in dadar-west.

It is being said that today morning crime branch officials raided several residential places of QNET leaders all over mumbai and the following were detained/arrested.

Vivek Kumar Singh

Shashi Bushanrameshwar Pandey

Namrata Pandey

Sabina Mathews

Vijay Mathews

Jagdev Singh Parmar

Rohit Chandra

Mahesh Bhansali

All the above people have shared the "proceeds of crime" and huge amounts of money had been transferred into their bank accounts under the guise of "commissions paid". Sources say these huge amounts of money has been raised by running a money circulation scheme in India under the guise of "ecommerce" by QNET India.

It is now upto the rest of QNET IR,s to decide whether they want to continue to be part of this crime of "money circulation scheme" or they want to join the investigation and help the police and become "Government Aprovers".

It is your choice you want to become a accused in this crime, because some day some one will surely report you, it is better to give up this "white collared crime" now itself, then land into trouble later.

I appeal to you all IR,s to give this anti national activity once again, Please do not forget this is not happening the first time. Previously also in chennai assets,properties,cars, bank accounts etc of all TOP IR,s and team leaders were sealed by chennai CID.


3 years ago

Now Absconding Accused Vijay Easwaran disowns "QNET INDIA"

These are experts taken from the interview of Absconding Accused Vijay Easwaran

“QNET operates in India through a Franchise company hence Absconding Accused Vijay Easwaran has no involvement in it, he is neither a director nor a shareholder of Qnet India.

He further threatened to seriously think of Pulling out of INDIA.”

BOSS, you are talking of pulling out? YOU and YOUR SCAM will be KICKED out of my nation INDIA wait and see and this will not be the FIRST TIME that you are KICKED at your FAT A$$ and thrown out, will follow your SHAM company and expose it till you call it QUITS, the sooner you PULL OUT the better warna you know that saying “Badey Beaabroo ho kar terey dar sae nikley”

So Mr. Absconding Accused Vijay Easwaran if you have a BRAIN to think of new new SCAMS there are people who can work together to EXPOSE your SCAMS...r u ready for it now….hahaha


3 years ago

Fatwa against the nature of business in which QNET indulges…

Some IR asked this question emphasizing again and again on the word “HALAL PRODUCTS” but the council answering this question sees through the EVIL DESIGN and pronounces this business of “NETWORK MARKETING USING WATCHES AND JEWELLERY AS HARAM”.

Question: 20938
Saudi Arabia
I want to know about one business. Which is as following. Sir the business name is network marketing. The process is that I buy one product which is truely HALAL.e.g wathces, Jewellery etc. Aftre buying the product the company from where I bought the products asked me whether you want to become our business parter If I said Yes. Then I become the business partern of that company. And the money I paid to buy the product is my investment. Now if some more persons come to buy the product from this company through my refrece. Then company will give me commission let say 3% to 6% of each product. and the products are truely HALAL. And there is no cheating also. If I make the marketing of this company and asked the people to buy more product from this company then my i will get profit. If i stop then i will not getting anything. Please let me know whether this business is HALAL or not ... i shall be very thankfull to you if you email me this answer.
Answer: 20938
Mar 28,2010
(Fatwa: 548/L=186/tl=1431)

Network marketing involves cheating and invalid condition. Also, it involves earning profit by unlawful means; hence this business is unlawful according to Islam. It is not lawful to become a member of the company and receive profit.

Allah (Subhana Wa Ta'ala) knows Best
Darul Ifta,
Darul Uloom Deoband

The FATWA can be seen here


3 years ago

Such a SHAME, Padma Bushan michael ferreira buttering a con mans *** for making a quick buck...shame on you michael ferreira, if you are so right,why have you left INDIA..why dont you come back?

Below is the posting found on one of the blogs that generates max hits for qnet india web site..SHAME AGAIN...SHAME on YOU michael ferreira...

michael ferreira 11 months ago
At the age of 67, I had achieved all I set out to do and was considered eminently successful by the usual parameters – beautiful home, a wonderful family, the mandatory gold Rolex with diamonds, several cars, a great farm house, no dearth of money et al. Then the opportunity offered by Dato Vijay Easwaran’s remarkable organisation came my way. It was as if I was struck by a thunderbolt. It was, as they say, a game changer for me. I jumped in with all guns blazing and in a relatively short time, thorough hard work, passion and commitment to the cause, I was able not only to enlarge my own options in life, but also to be the instrument of change for literally hundreds of thousands orf ordinary – and not so ordinary – folk. All I can say is thank the Lord that a man of the vision, calibre, character, and compassion of Dato Vijay has walked this earth.


3 years ago

Seminar of Illegal MLM/Money circulation/Binary Marketing Schemes on 20th of September 2013 at 3.30 Pm, Free entry, Please register A.S.A.P.

Come on Friends a golden opportunity for us LIKE minded people to come together and share our thoughts and experiences regarding this menace being played in India on the name of MLM/Network marketing and what not. LETS MEET !! YES !!

Saradha, Speak Asia, QNet, City Limouzine, StockGuru India, Sahara, MPS Greenery, NMart Retail… All these start as hot, new, investment opportunities and as alternative careers that offer high earnings and ways to escape the drudgery of 9-to-5 jobs. But, eventually, most of them fetch only small additional income and, worse, encourage you to lure and mislead your closest friends and relatives. You need to know how multi-level marketing (MLM) schemes and ponzis can destroy a large chunk of your savings or push you into debt. Understand the mechanics of these schemes, the laws that are applicable to them and why regulators fail to rein in dubious enterprises before they cheat thousands of people. Understand the basics of how to keep your money safe—the first step to smart investment! Collective investment schemes are not even under SEBI's regulation.

Sucheta Dalal, founder trustee of Moneylife Foundation and Managing Editor of Moneylife magazine, is one of the best known financial journalists in India. She has worked with many of India's leading newspapers including Times of India, Indian Express, Economic Ti mes and Business Standard. She was awarded the Padma Shri in 2006 for her investigative journalism spanning over 25 years which included exposing the Harshad Mehta scam in 1992. Sucheta Dalal will be conducting this seminar.

For registration please Contact:
Seraphina / Komal
at 022-49205000 or
email [email protected]
Log on to


3 years ago

This video is so FUNNY, every one should watch it..will lighten up your day :)

Say thanks to creator James for doing this :)


3 years ago

All these words or sentences means the SCAM called QNET…

Listed below are some of the lines or words which mean nothing but QNET aka SCAM

Owner at Global marketing project
A Visionary at Global Marketing Project
Retired at I am THE COMPANY
e-Entrepreneur ! at Entrepreneur
Co Founder at My Office My Health
Global Marketing Projects at E- Enterprenuer
Works at Self Employed and Loving It!
Global Partner at Qnet
Worked at I am unemployable
Business Owner at Business Owner of a Global E-Franchise
Worked at Qnet
Past: THE V and QNET | Faith Egypt | Team Bring It

Global Entrepreneur at QNET (Official)
Past: InService Brotherhood Bootcamp
Works at Achieving the Dream
Chief Executive Officer at Unemployable
Works at Retired
Prosperity Consultant at Faith - Empowering You, Life & Business Coach, JPO Consultant, Networker at Tigers - Leveraging Vision andIndependent Consultant at QNET (Official)
Past: Genpact
Studies Leadership management style at Swiss E-learning Institute
Former Partnership at QI intl
Works at Self Employed and Loving It!
Worked at Honkong Based Multi Billion Dollar Company
Worked at Self-Employed (Business-Entrepreneur)
Retired of a JOB at Social Entrepreneur
Partner at ßusiness of Imp0rts & Exp0rts
Owner at E-Entrepreneur
Works at
Chief Executive Officer at Briltime Corp

If you see any of the above keywords on social media profiles of people trying to catch up with you ..just RUN RUN RUN :P



4 years ago

Your endeavour to make people aware of these bogus scheme is great contribution to the society and true reflection of journalism . May I request for video uploadation of 23rd seminar’s so that readers of moneylife across globe can be benefited or email (if possible), Thanks.

Khalid Khan

4 years ago

Dear Madam,

Your articles on QI Group / Q net has been an eye opener.I am an Indian based in UAE and recently was approached by an ex-colleague to invest in Q Net. I think the Indian expat community in the gulf states should also be made aware of this product linked ponzi Scheme.



4 years ago

Dear Ma'am,
I feel, Moneylife should mention names of the other fraudulent MLM companies like RMP, who are prosecuted in few states of India and are still spreading their business in other states of the country while writing articles in this blog so that people come to know about these companies if working surrounding them so that they will not fall prey to lure schemes of these companies and also make others alert. RMP is spreading its business rapidly luring people of Northwest part of Maharashtra i.e. Jalgaon, Dhule, Nandurbar, Nasik, Aurangabad... districts.
Can Moneylife do something to make people aware about such fraudulent activities in this region?


Sucheta Dalal

In Reply to saumil 4 years ago

I agree. But in fact we have been exposing every single scheme that is brought to our attention. I would suggest you key the world MLM in our search box at the top of this page and you will find links to scores of dubious schemes that we have exposed over the past few years. Thanks


In Reply to Sucheta Dalal 4 years ago

With due respects to you ms dalal for your

writings and work you are doing. However, it's

better to look at the internal prospect rather

than prejudging from the outside.

1. QNET has its own 'ethical business

practices' policy that clearly states that

neither QNET nor any other associated members

promote it as an 'investment scheme'. In fact

it's not an investment scheme, rather its a

direct sales business model.

2. A company may be termed illegal wherein they

utilise only their 'registered' downlines to

buy the products. However sales strategy for

QNET is for both the members as well as for

common people, stating that its a pure sales

model. That means even if you buy a product,

you need not be necessarily involved and

registered with QNET.

3. These whole talks of 'fooling people' are

completely rubbish. The whole base of direct

marketing rests on the fact that the products

are available only for direct sales and not for

retail sales. Had it been only fooling people

in buying products, then all the companies who

are into traditional marketing are also doing

the same according to you. You can also figure

out that majority of the ads on TV give over

the moon promises, which are pratically

worthless everytime. QNET is not into fooling

anyone. Come on, even we are investing our time

in it and we would not do this to fool anyone.

4. The thing with QI group is that it has a

direct selling model of its products. This is

based on e-commerce. Correspondingly it also

provides an opportunity for a common man to

earn some money. QNET doesnt say - 'Buy a

product and fold the hands in prayer to get

your money back'. The whole purpose of the

model is to meet new people and discuss the

opportunity with them. Some of them just buy

the products and sit back, as if they will

start earning money just by sitting idle. No

legitimate business or work in this world can

guarantee you money if you yourself are idle.

Here we get to interact with new people and

work as a team. Some of them work and some of

them dont. Those who dont, its a loss for them.

5. The most important thing - monetary figures.

I have read your other articles wherin you have

mentioned about the amount of money involved

and money earned by the members of QNET. First

of all, you have got most of your facts wrong.

You have just got an external viewpoint on it.

QNET is NOT A GET QUICK RICH SCHEME. The person enrolling can

choose his amount of investment from a range of

amount. I saw you mentioned it to be around rs 1lacs in one

of your articles, which is wrong. Any product

purchase happening in your team, will fetch you

roughly 5% of the commission. AND YOU SAID THAT


mention is that the company is offering you to

payback as well, only if you work. Plus on every earning you are liable to pay your income tax.

6. You also compared the compensation package

of QNET with that of salary of Mr. Ambani. That

comment actually gave me giggles. But again I

know since you are having an external view

point on it. THAT type of package is seriously

possible with QNET. But that can take years to

build. As I have already told you, we believe

in team work. The faster and bigger our team

grows, the faster you can reach that mark.

7. Lastly. You also mentioned that only few make money through this business. The only persons who do not make money in network marketing are those who are not working honestly towards it. As I already told that many people just join and sit idle hoping for some money to come. That doesnt work here!

So Ms. Dalal, again with due respect to your work and writings, We at QNET believe in clearly explaining the business model with full transparency and with due pros and cons. We do not force any one to join or to buy the products. Henceforth, I would like to tell you that please don't misguide people by mentioning some wrong facts or misinterpreted information.

P.S. - N.B. - This sentence is too wrong to be in the article - ' But apart from the top layer, none of the other investors make money'.

Your articles infer that even if one comapny in a particular sector is a fraud, all of them are!


Sucheta Dalal

In Reply to Ankur 4 years ago

With due sympathy to all of you who have fallen for such schemes, this reaction is from someone who does not read Moneylife regularly.
Please do google our website with the words Pyramid or MLM. Any discussion on your opinions is only possible then.
We would urge you to do this in your own interest.


In Reply to Ankur 4 years ago

Good to have point wise reply from Moneylife on Ankur's counter for QNET...would surely be helpful.
Sucheta Ji, i am a regular reader of MLife, still urge you to give counter reply.


In Reply to Ankur 4 years ago

Thanks for your comments, Ankur.
First do tell us what is your role in QNet? Are you its promoter, director, VP, AVC or just a salesman, who is selling dubious products at exhorbitant price? Anyway, if you think you are above all the officials of QNet, pls read this first...

Pyramid schemes are illegal. They are illegal because they are exploitative and dishonest. They exploit the most vulnerable of people: the desperate, the out-of-work, the ignorant. Those who start and practice such fraud, should, and increasingly are, being punished for their crimes.

But add a product for cover, and call it an MLM, and people are willing to swallow its legality. Is this true? Really? Who says so?

It is a fact that a few large MLMs have survived against the best efforts of law enforcement officials to shut them down, spending millions of dollars to protect, lobby, and insulate themselves. But the same could be said for any organized crime.

Talk to a mobster, and he will tell you that he is "merely misunderstood in his benevolent intentions." "We are just trying to 'build our business.'" "It's all a conspiracy to make us look bad." "The Police are out to get us because they are jealous or afraid of our new way of life." "Why, look at all the good we do!" "We are looking more legitimate every day." "Here's a statement from a famous DA that the Mob is really a good organization and no harm ever comes from it." "We've even got a minister to endorse us now!"

But if it looks like a duck, walks like a duck, and quacks like a duck, it probably is a duck.

Pyramid/MLM schemes are popular because they appeal to greedy people... and greed can do wonders to a person's thinking. For a person desiring to make a lot of money from a small investment in a short amount of time, wishful thinking often takes over where critical thinking should step in. Wishes become facts. Skeptics become idiots for not getting on board. Desires become reality. Asking questions seems rude and unfriendly. Scam artists know how greed works and all it takes is one con man to get the thing started.

With the odds so stacked against a person, why would one gamble on a pyramid scheme? Greed is only part of the answer. Most pyramid people don't envision themselves anywhere near the bottom layer of the pyramid. Even the most greedy person on the planet would probably see that if one is near the bottom layer of recruits it will be very hard to get new recruits. They have to see themselves near the top in order to envision the immense wealth from minimal effort that is going to come their way.

Many have left high-paying jobs to "pursue their dreams" in an MLM. Having been conned so dramatically, they do not easily admit defeat. It seems easier to cling to the bad dream in an increasing cycle of desperation to make the MLM work against all odds. "Losers" at the bottom congregate into support groups, perhaps spinning-off another MLM where they can be "boss."

BTW...Mr Ambani and his wealth is well known across the world. How many of your diamonds are known outside your circles? Can you tell us their names and incomes in the open platform? Hope they also pay the I-T as per actual earnings.


4 years ago

there are some black sheep among the journos also who are indiscreetly promoting such dubious schemes. such journos should realize the fact that they are working against the basic ethos of the fourth estate.

Judicial accountability: Should laws be changed?

Was Shaheen Dhada punished rightly even when her post on Facebook was far from being “grossly offensive”?

The Facebook post of Shaheen Dhada has become a rallying point for citizens to defend their fundamental right of freedom of expression under Article 19 (1) (a) of the Constitution. But are we focusing on the right issues? Citizens and media have loudly condemned the Shiv Sena leader who filed the complaint and the police who filed the FIR (first information report). Some others have been agitated sufficiently to ask for an amendment to Section 66 (a) of the IT Act. Section 66 (a) provides for punishment for “any information that is grossly offensive or has menacing character”. If someone were to post vile abuses or threats continuously against a young girl, should it not constitute an offence?


Merely because some cartoons misuse and misunderstand the provisions of a law when dealing with cartoons, it does not mean we should go about changing laws. In the instant case young Shaheen had not posted anything that could even remotely qualify as “grossly offensive”, and hence the complaint filed was frivolous. The police should have recorded a non-cognisable complaint and forgotten it. Instead they made a cognizable FIR. Justice Markandey Katju has written to the Maharashtra chief minister asking him to “immediately order suspension, arrest, charge-sheeting and criminal prosecution of the police personnel responsible for arresting the women”. I think Mr Katju is being a trifle harsh on the wrong people and should also look elsewhere.


I understand that the two girls were produced before a magistrate. What is the role of the magistrate, when a person is produced before him? The only purpose for this requirement in the Criminal Procedure Code (CrPC) is to ensure that a judicial mind is applied judiciously before a remand or bail is given. The Sena leader who filed the complaint was wrong, and the police who filed the FIR was also wrong. However, it was the duty of the magistrate to have seen the gross absurdity of the charge and ordered release of the girls. The requirement of producing all arrested persons before a magistrate within 24 hours puts the responsibility on the magistrate to decide whether a prima facie case exists for giving a remand or bail. If it appears that no reasonable case exists the magistrate must refuse to allow any further detention. Since this does not happen, it leads to unnecessary harassment and piling up of cases. A magistrate must apply his mind to the matter before him and take responsibility.


Neither Mr Katju, nor citizens nor media are even questioning why the judicial check mandated by law did not work effectively. This is a very important legal safeguard against police arbitrariness or stupidity, but it does not appear to be working meaningfully. Judiciary is the guardian and monitor of the law. I wish Mr Katju, media and citizens recognized the failure of the judicial check in this case, so that the next time police slips up, the judicial process takes responsibility and a citizen is not traumatised for exercising her fundamental right.


To read more articles by the same writer, click here.




4 years ago

The author of this post was sleeping or was not interested in the Law of the land when Chidu's son got Ravi arrested and Mamta banerjee also directed the police to arrest the clerk who " forwarded" the joke , may be it he just woke up and after writing the article will go back and crawl behind the rock he came from

Vaibhav Dhoka

4 years ago

Filing of such cases burden already over burdened judiciary.The system has become near DEFUNCT,due to EXCESSIVE delay.At present one files case and his grand children will get result.

Ritesh Khanna

4 years ago

They way Shiv Sainiks behaved later in Thane just proved the lady right.

BSE Sensex, Nifty trend is tentatively up: Friday Closing Report

Nifty has to close above 5,655 to continue the rally

The market closed flat with a negative bias on the impasse in the Parliament for the second day in a row after the previous Monsoon Session was a wash-out. Today, after the Nifty witnessed a lower high and a lower low, the index had a flat ending. Yesterday we had mentioned that a strong close above 5,655 may bring more momentum to the uptrend and that the previous day low on the Nifty continues to be the crucial level to watch. We continue to maintain the stance. The National Stock Exchange (NSE) saw a much lower volume of 55.15 crore shares and an advance decline ratio of 708:925.


A positive trend in the Asian bourses in morning trade helped the domestic market open with gains today. Economic indicators released this week point to an improvement in the economic outlook across the world. The Nifty opened seven points up at 5,635 and the Sensex started off at 18,544, a rise of 27 points over its previous close.


The benchmarks kept hovering on both sides of their previous closing levels in morning trade in the absence of any local cues. Buying in power, consumer durables and oil & gas stocks led the market to its intraday high around 10.30am. At this point the Nifty rose to 5,638 and the Sensex went up to 18,557.


Meanwhile, the Indian rupee continued to decline against the dollar for the fourth consecutive day by slipping another 13 paise to 55.34 on sustained demand from banks and importers. The rupee resumed slightly higher at 55.20 per dollar as against the last closing level of 55.21 and hovered in a range of 55.20 and 55.36, before quoting 55.34 at 1040 hrs.


The indices pared their gains as profit booking was evident in late morning trade. The adjournment of the Parliament proceedings for the second day worried investors about the fate of the recently-announced reforms by the UPA government.


The market dipped to the day’s low in post-noon trade on selling in PSU, realty, banking, fast moving consumer goods and metal stocks. At the lows the Nifty fell to 5,694 and the Sensex dropped to 18,402.


Bargain hunting at the lows saw a splendid bounce-back in the last hour. However, the meagre gains could not help matters as the market settled with a minor loss, snapping its two-day winning streak. The Nifty lost one point to close at 5,627 and the Sensex finished trade at 18,507, down 11 points.


The broader indices closed in the green with the BSE Mid-cap index rising 0.06% and the BSE Small-cap index gaining 0.20%.


The top sectoral gainers were BSE Auto (up 0.33%); BSE Oil & Gas (up 0.27%); BSE Consumer Durables (up 0.16%); BSE TECk (up 0.08%) and BSE Capital Goods (up 0.06%)  The losers were led by BSE PSU (down 0.81%); BSE Realty (down 0.58%); BSE Healthcare (down 0.37%); BSE Bankex (down 0.34%) and BSE Metal (down 0.31%)..


Twelve of the 30 stocks on the Sensex closed in the positive. The main gainers were BHEL (up 1.51%); Hero MotoCorp (up 1.21%); Tata Power (up 1.14%); Hindustan Unilever (up 1.04%) and Sun Pharma (up 1%). The main losers were NTPC (down 2.57%); GAIL India (down 1.95%); Cipla (down 1.62%); Wipro (down 1.38%) and ITC (down 0.95%).


The top two A Group gainers on the BSE were—Jet Air India (up 15.85%) and Zee Entertainment (up 4.34%).

The top two A Group losers on the BSE were—Hindustan Copper (down 20%) and MMTC (down 4.64%).


The top two B Group gainers on the BSE were—JIK Industries (up 19.75%) and Compucom Software (up 19.53%).

The top two B Group losers on the BSE were—Spectacle Infotek (down 12.96%) and Beckons Industries (down 11.11%.


Out of the 50 stocks listed on the Nifty, 21 stocks settled in the positive. The major gainers were Asian Paints (up 1.89%); BHEL (up 1.60%); HCL Technologies (up 1.55%); Hero MotoCorp (up 1.09%) and Tata Motors (up 0.99%). Ranbaxy Laboratories (down 3.28%); NTPC (down 2.84%); GAIL India (down 2.16%); Grasim Industries (down 2.13%) and BPCL (down 1.43%) settled as the chief losers on the index.


Markets in Asia settled mostly higher on optimism of a pick up in economic growth. Talk of the Chinese government cutting its reserve rate also boosted the market.


The Shanghai Composite gained 0.58%; the Hang Seng advanced 0.79%; the Jakarta Composite rose 0.30%; the Straits Times added 0.09%; the Seoul Composite climbed 0.62% and the Taiwan Weighted settled 0.10% hither. On the other hand, the KLSE Composite fell 0.26% while the Japanese market was closed for a local holiday today.


At the time of writing, the key European markets were mixed while the US stock futures were in the positive. The US markets will witness a truncated trading session today in view of Black Friday, the day when US consumers begin their shopping for the festive season.


Back home, foreign institutional investors were net buyers of stocks amounting to Rs114.75 crore on Thursday whereas domestic institutional investors were net sellers of equities totalling Rs163.99 crore.


JK Papers, the flagship arm of the Singhania Group, is eyeing Rs2,500 crore business next fiscal. The company’s products are presently in all major cities as part of its pan-India presence. It proposes to tap Tier II and Tier III cities where JK Papers does not have a presence, as part of its plan to ramp up business. The stock jumped 3.47% to settle at Rs37.30 on the NSE.


Modi Rubber has entered into an agreement to establish a joint venture with Japan-based Asahi Organic Chemicals Industry Co for manufacture and sale of resin-coated sand. The joint venture will be formed with an outlay of Rs30 crore and will be named as “Asahi Modi Materials” with its headquarters at Gujarat, India. Modi Rubber settled 0.10% lower at Rs27.05 on the BSE.


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