Nifty will have to close above 8,600 and Bank Nifty above 18,700 for the downtrend to be arrested
In last week’s closing report, we had mentioned that the move on NSE’s CNX Nifty maybe weak and the weakness might pull the index to the level of 8,300. The 50-stock index opened Monday in the green and immediately hit the day’s high. However, it then started moving lower. After several attempts to move higher, Nifty finally made a plunge in the red and closed lower for the fourth consecutive session. It hit its lowest level since 10 February 2015.
The S&P BSE Sensex opened at 28,317 while Nifty opened at 8,592. Both the indices moved lower form the level of 28,385 and 8,608 to 28,164 and 8,541, respectively. Sensex closed at 28,192 (down 69 points or 0.24%), while Nifty closed at 8,551 (down 20 points or 0.23%). Bank Nifty opened at 18,695 and moved from the high of 18,697 to the low of 18,410 and closed at 18,449 (down 157 points or 0.85%). NSE recorded a volume of 73.16 crore shares. India VIX rose 0.07% to close at 14.2700.
Market regulator SEBI allowed debt-to-equity conversion by banks for distressed companies subject to certain clauses of the SEBI’s Issue of Capital and Disclosure Requirements (ICDR) regulations to be met and takeover norms of Sebi's will be relaxed.
Union Chemicals and fertilizers Minister Ananth Kumar on Friday said the Government will soon come up with 10 pharmaclusters in the country. These clusters will provide common facilities to the pharmaceutical industry, and help them hive off upto 25% of the cost, making them globally competitive. He said that for these clusters, a strategy has been decided for early implementation.
Minister of State in Ministry of Finance Jayant Sinha in written reply to a question in the Lok Sabha on Friday said that the Government has proposed new tax accounting standards related to income computation and disclosures by businesses to ensure consistency as well as clarity on taxation issue.
SEBI has barred three companies, Everlight Realcon Infrastructure Ltd, Tresty Securities Ltd and Real Vision International Ltd, from raising funds from the public, with immediate effect. In addition, their respective directors have been restrained from the securities market.
SEBI has launched a major SMS campaign to create awareness among the public about fraudulent schemes claiming 'big profits in less time'.
"The huge supply of government paper in the country is one of the major impediments to the growth of corporate bond market," Reserve Bank of India (RBI) Deputy Governor R Gandhi said, addressing a corporate debt event organised by Care Ratings. This assumes importance given the government’s efforts to create a corporate debt market.
Coming back to Indian stock market, Gujarat State Petronet (4.99%) was the top gainer in ‘A’ group on the BSE. Alok Industries (9%) was the top loser in the group.
NTPC (3.20%) was the top gainer in the Sensex 30 pack. It informed BSE today that coupon rate on the bonus debentures is fixed at 8.49% pa, payable annually and this rate would remain fixed during the entire tenure of bonus debentures.
BHEL (3.62%) was the top loser in the Sensex 30 stock. The finance ministry announced this PSU to be among the four in which government has approved stake sale.
On Friday, US indices closed in the green. Asian indices showed mixed performance. Shanghai Composite (1.95%) was the top gainer while KLSE Composite (0.73%) was the top loser.
Taiwan's jobless rate in February sank to its lowest level in more than 14 years. The jobless rate fell to 3.69% in February, the lowest since January 2001 when the jobless rate was 3.35%, the Directorate-General of Budget, Accounting and Statistics said today.
European indices were showing mixed trading while US Futures were trading marginally lower. Greek Prime Minister Alexis Tsipras on Friday assured European Union creditors his coalition would soon present economic reforms to unlock cash to stave off bankruptcy.