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Headed higher: Weekly Market Report

Unless the Nifty breaks the previous day’s low, the trend is up for now

 
The market settled higher in the week, mainly supported by the gains on Friday following the European Central Bank’s (ECB) bond buying plan announced a day earlier. The disruption of the Monsoon Session of Parliament, which ended on Friday, kept the benchmarks in check till Thursday.
 
The BSE Sensex settled 254 points (1.46%) higher at 17,684 and the NSE Nifty closed the week at 5,342, up 84 points (1.59%). Unless the benchmark breaks the previous day’s low, we see the trend up for now.
 
The market settled lower on Monday amid volatile trade as a slew of economic indicators weakened investor sentiments. On Tuesday the benchmarks, which were in the negative for most part of the trading session, picked up momentum in post-noon trade and settled near the day’s high on select buying.  Selling in metals, capital goods and banking stocks pulled the indices lower on Wednesday.
 
On Thursday, the market closed in the green as the world awaited an announcement from the ECB which would help the debt-stricken states in the continent. The indices closed in the positive on Friday on optimism of the ECB.
 
In the sectoral space, BSE TECk and BSE IT gained 4% each while BSE Fast Moving Consumer Goods settled flat. There were no losers this week.
 
Maruti Suzuki (up 6%), Infosys (up 5%), Bajaj Auto, Tata Motors and Bharti Airtel (up 4% each) topped the Sensex list. On the other hand, BHEL, Tata Power (down 4% each), ITC (down 2%), Jindal Steel & Power and HDFC Bank (down 1% each) ended as the top losers on the benchmark.
 
The key gainers on the Nifty were HCL Technologies (up 6%), Maruti Suzuki, Infosys, Jaiprakash Associates and Hindustan Unilever (up 5% each). The major losers were IDFC (down 5%), BHEL (down 4%), Tata Power, Sesa Goa (down 3% each) and ITC (down 2%). 
 
The turmoil-ridden Monsoon Session of Parliament came to an end on Friday after most of its sittings were washed out over the controversial coal block allocation issue with the main opposition Bharatiya Janata Party remaining unrelenting on its demand for resignation of prime minister Manmohan Singh.
 
The HSBC India Manufacturing Purchasing Managers’ Index, a measure of factory production, eased to 52.8 in August, from 52.9 in July. This was the lowest growth rate recorded by the manufacturing sector in the past eight months mainly because of shrinking export orders and disruptions caused by power failures, the HSBC survey said.
 
On the other hand, the HSBC Services Purchasing Managers Index for August rose to 55 from 54.2 in July. The index has kept above the 50-mark below which it indicates contraction, since November 2011. August witnessed the fastest pace of growth in new business orders since February and there was also marked increase in optimism about the future, HSBC said.
 
India’s exports in July contracted 14.8%, the steepest fall in three years, to $22.4 billion, mainly due to the demand slowdown in the US and Europe. Imports too declined by 7.61% to $37.9 billion in July, leaving a trade deficit of $15.4 billion.
 
During the April-July period of the current fiscal, the country’s shipments have shrunk by 5.06% to $97.6 billion. Imports during the period dipped by 6.47% to $153.2 billion.
 
On the global front, US non-farm payrolls rose by 96,000 in August, below analysts’ expectations for an increase of 125,000. The unemployment rate declined to 8.1% from 8.3% in July. The dismal jobs report is likely to spur the Federal Reserve to look at additional steps when it meets on 12th-13th September.
 
Meanwhile, the ECB’s bond buying programme to curb the European debt crisis has removed the risk of a major economic hurdle in the region, analysts opined.
 

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India received $66.13 billion remittance in 2011-12

The remittances to India through private transfer of funds have been on the rise in the last few years

 
New Delhi: India received over $66.13 billion in remittances in the year 2011-12 as compared to $55.62 billion in the previous, a hike of 19%, reports PTI.
 
“We have received $66.13 billion in remittances in 2011-12,” minister for Overseas Indian Affairs Vayalar Ravi said in a written reply to a question in Lok Sabha.
 
The remittances to the country through private transfer of funds have been on the rise in the last few years.
 
India received $53.63 billion in 2009-10 while in 2008-09, the amount was $46.9 billion.
 
Quoting a recent study conducted by Reserve Bank of India, he said remittances from Gulf countries accounted for an average 27% of the total remittances to India during the first half of 2009-10.
 
Listing initiatives to benefit overseas Indians, he said government has launched the “Mahatma Gandhi Pravasi Suraksha Yojana” to help in resettlement of the overseas Indians on their return to the country.
 
“By providing a co-contribution from the government, this scheme encourages and enables overseas Indian workers to save for their return and resettlement and to save for their old age. This also provides a free life insurance cover against natural death during the period of coverage, under the scheme,” he said.
 
The scheme is for Indian workers holding Emigration Check Required (ECR) passports and a valid work permit in an ECR country.
 
As per the Emigration Act, 1983, Emigration Check Required (ECR) categories of Indian passport holders need to obtain ‘Emigration Clearance’ from the office of Protector of Emigrants (POE) for going to 18 countries.
 
The countries where ECR is mandatory include United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Malaysia, Libya, Jordan, Yemen, Sudan, Brunei, Afghanistan, Indonesia, Syria, Lebanon and Thailand. 
 

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