Nifty is likely to continue to trend higher until May 16th
The Indian market started on started on a sedate note and fell mildly into the negative as well. After this, around 12:00 noon, it began its monster rally and closed at its new life time high. Both Sensex and Nifty made the highest daily gain since 19 September 2013.
Sensex opened at 22,375 and moved higher to hit a life time high of 23,048 after hitting a low of 22,317 and closed at 22,994 (up 650 points or 2.91%) while the Nifty opened at 6,654 and hit a low of 6,652 and moved higher to hit an all-time high of 6,871 and closed at 6,859 (up 199 points or 2.99%). The NSE recorded a huge volume of 89.92 crore shares. India VIX rose 9.92% to close at 37.7050.
Except for Pharma (0.48%) all the other indices on the NSE closed in the green. The top five gainers were Bank Nifty (5.47%), Finance (5.20%), Realty (4.82%), P S U Bank (3.91%) and Service (3.61%).
Of the 50 stocks on the Nifty, 46 ended in the green. The top five gainers were I D F C (8.25%), ICICI Bank (7.21%), Ambuja Cements (6.76%), Axis Bank (6.19%) and Tata Power (5.70%). The top three losers were Lupin (1.48%), Dr Reddy (0.99%) and NMDC (0.03%).
Of the 1,564 companies on the NSE, 920 companies closed in the green, 559 companies closed in the red while 85 companies closed flat.
BHEL (up 5.21%) was among the top five gainers in the Sensex 30 pack. The Maharashtra cabinet has approved the project worth Rs 2,731-crore of BHEL in Bhandara district to produce solar photo voltaic cells providing employment to 3,000 people. The company will produce 240 mw solar photo voltaic cells and 100 mw photo voltaic modules at its plant in Sakoli in Bhandara district.
The only three losers in the Sensex 30 stock were Dr Reddy (fell 0.84%), TCS (fell 0.19%) and Sun Pharma (0.13%).
Unitech (rose 8.64%) was among the top four gainers of the ‘A’ group on the BSE. Unitech Limited's managing director Sanjay Chandra on Wednesday recently told a Delhi court that the Central Bureau of Investigation has "falsely implicated" him in the 2G scam case, where a former telecom minister has been accused of granting mobile permits to ineligible companies. He was accused of cheating, forgery and criminal conspiracy with prime accused and former telecom minister A Raja in the grant of telecom licences despite being ineligible.
Today, again, Financial Technologies (fell 4.99%) came out as huge loser following the arrest of the companies chairman Jignesh Shah in connection with the Rs5,500 crore-fraud at the National Spot Exchange or NSEL. Financial Technologies was the top loser in ‘A’ group on the BSE.
In the interview on Thursday, Narendra Modi exuded confidence that the BJP would win with a clear majority and form the strongest and most stable government since Rajiv Gandhi's time.
US indices closed mostly in the negative on Thursday. Fewer Americans than forecast filed applications for unemployment benefits last week, a sign the labor market continues to gain traction. Jobless claims fell 26,000 to 319,000 in the week ended May 3 from a revised 345,000 in the prior period, the Labor Department reported in Washington.
Except for Shanghai Composite (0.21%), NZSE 50 (0.17%) and Taiwan Weighted (0.46%) all the other Asian indices closed in the green. Jakarta Composite (0.77%) was the top gainer.
China's consumer price index rose 1.8% in April from a year earlier, the smallest rise in 18 months, while the producer price index dropped 2.0% in its 26th straight fall, the National Bureau of Statistics said on Friday.
European indices were trading in the red. US Futures were trading marginally lower.
In Europe, The European Central Bank kept interest rates unchanged on Thursday. They left the main refinancing rate at a record low of 0.25%.
During Q3, Accelya Kale Solutions reported higher net profit on one time gains from contract termination fees and forex
Accelya Kale Solutions Ltd (Accelya), an information technology consulting and software company, reported a higher third quarter net profit mainly due to its one-time contract termination fees from customer and foreign exchange (forex) gains.
For the quarter to end-March, the IT solution provider, said its net profit increased 27% to R30.86 crore from Rs24.31 crore while its total revenues, including sales, grew 15% to Rs90.31 crore from Rs78.76 crore a year ago period.
Accelya said during the March quarter, it earned one-time contract termination fee of Rs15.73 crore from its one customer, it also earned Rs4.40 crore in forex.
“After neutralizing the impact of one-time revenues, our performance for the quarter has been steady and in line with our expectations,” said Vipul Jain, managing director and chief executive officer, Accelya Kale Solutions.
“The company is in the process of transitioning out of its significant customer since the contractual arrangement with the customer is expected to end in financial year 2013-2014,” said company in its regulatory filing.
Accelya said, during the third quarter, its expenses fell 1.47% to Rs44.35 crore from Rs45.01 a year ago period. However it paid 48.51% more taxes at Rs15.95 crore from Rs10.74 crore a year ago period.
Accelya Kale Solutions closed Friday marginally up at Rs660 on the BSE, while the S&P BSE Sensex ended the day about 3% higher 22,994.
For more stock results, check out this page
Former Chief Election Commissioner Dr SY Quraishi’s book, “An Undocumented Wonder”, was launched in Mumbai on Friday to a packed audience at a Moneylife Foundation programme presided over by HDFC chairman Deepak Parekh
Former Chief Election Commissioner (CEC) Dr SY Quraishi’s book “An undocumented Wonder- the Making of the Great Indian Election” was launched in Mumbai on Friday by HDFC chairman Deepak Parekh, in the presence of television and film actor Kabir Bedi and noted social activist Medha Patkar. The book launch was organised by Moneylife Foundation and supported by Emergent Medi-Tech.
“The book is my modest attempt to unravel the myth and mystery behind the great election machine, the men and women who run the world’s largest democracy and the citizens who participate in it with great gusto," said Dr Quraishi.
Releasing the book, Mr Parekh, who has always voted over the last four decades but ironically could not vote this time, as his name was missing from the voter's list, said, "While India waits with bated breath for the results of one of its most significant elections, one must take time to read this book to understand the nuts and bolts of what it takes to put together such a challenging exercise of conducting elections. At the time when the sole focus of the media is on the magic number of 272, there is a tendency to ignore those who have quietly worked behind the scenes. The book provides an insight of what happens backstage. As the book aptly says,'the Election Commission is the most self effacing organisation in India. How little do we know about it?'.”
"The Election Commission has consistently provided good elections with logic defining efficiency. We are a voting population of 815 million, including nearly 100 million new voters. Yet how many of us even know that India is recognised as the 'global gold standard' in conducting elections?," Mr Parekh added.
"An Undocumented Wonder: the Making of the Great Indian Election" answers questions about what has been termed as the 'great dance of democracy', how elections are conducted, what are the challenges faced by the Election Commission and many more. The book is a first-person account of recent electoral history and the challenges encountered. Along with highly informative and exciting inside stories of Indian elections, Dr Quraishi shared his personal experiences from the time when he served as the CEC.
Speaking on the occasion, Mr Bedi, a close friend and classmate of Dr Quraishi, said, "about 73 countries or 42% of the countries across the world have no elections. Almost 106 countries that are supposed to be democracy curtail several rights of people.In this scenario, what we take for granted in India is something that needs to be saluted and appreciated".
Renowned social activist Ms Patkar had contested the elections from Mumbai North East for Aam Admi Party (AAP). Sharing her experience of contesting the election for the fist time, she said, "In my constituency we found new ways used by powerful candidates to distribute money. During the last two days to polling, there was power cut in nights. Not only this even the Election Commission cameras that followed us everywhere were missing during last two nights. I feel there is a need change the rules for campaigning, re-think about the spending limit"