Nifty, Bank Nifty, Sensex on an uptrend – Monday closing report

Nifty will remain bullish, as long as, it stays above 8,250


We had mentioned in last week’s report that Nifty may struggle to rally but it would still be on an uptrend, as long as, it stays above 8,150. Today, the index opened marginally higher and moved in a range till 1.06 pm. After this the benchmark gained an upward momentum and hit its 15-day (including today) high and closed near to it.
Sensex opened at 27,417 while Nifty opened at 8,285. After hitting their lows at 27,370 and 8,272 the benchmark moved higher to the level of 27,726 and 8,385. Sensex closed at 27,687 (up 363 points or 1.33%) while Nifty closed at 8,374 (up 111 points or 1.35%). Bank Nifty witnessed a gradual upmove today. After opening at 18,275, it hit a low at 18,214 and from there it moved upto 18,440. It closed at 18,423 (up 240 points or 1.32%). NSE recorded a volume of 74.50 crore shares. India VIX fell 9.65% to close at 17.9025.
Data released by the government, after trading hours on Friday, showed that India's merchandise exports declined 13.96% to $22.05 billion in April 2015 over April 2014. Imports declined 7.48% to $33.04 billion in April 2015
Based on provisional accounts for the year ended 31 March 2015 (2014-15), the fiscal deficit stood at 4% of GDP for 2014-15 as against the target of 4.1%. The revenue deficit stood at 2.8% of GDP in 2014-15 as against target of 2.9%. The government's gross tax collections rose 9% to Rs12.45 lakh crore in 2014-15.
The Finance Ministry said in a statement issued on Sunday that the government has managed to better its target for containing the fiscal and revenue deficits in the last financial year.
India and South Korea on Monday inked seven agreements, including one on  Avoidance of Double Taxation and shipping.
India needs to continue to move towards making the rupee more convertible for capital transactions by foreign investors, said Reserve Bank of India Executive Director G Padmanabhan, amid a growing debate over the merits of a freely floating currency.
The Finance Ministry is expecting a rating upgrade by credit agencies by the year-end on the back of policy initiatives, moderating inflation and improvement in the fiscal position of the government.
SpiceJet is planning to raise $150 million (over Rs900 crore) in debt or equity and is in discussions with private equity firms and banks. The funds will be used as working capital and to repay dues.
The SBI Monthly Composite Index, a leading indicator for manufacturing activity in Indian Economy, inched up from 46.8 in April 2015 to 53.8 in May 2015.
Jain Irrigation (16.46%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week low last week. It reported a net profit of Rs49.83 crore for FY14-15 as compared to Rs3.90 crore for FY13-14.
NCC (9.11%) was the top loser in ‘A’ group on the BSE. It has reported increased sales for FY14-15 and its board has declared equity dividend of 20%.
Dr Reddy’s Lab (3.48%) was the top gainer in the Sensex 30 pack while Hero MotoCorp (0.31%) was the top loser.
On Friday US indices closed flat. The US Federal Reserve could look at a rate hike in June if the economy is strong enough, Chicago Fed President Charles Evans said in the Swedish capital on Monday.
Asian indices closed mostly in the green. Nikkei 225 (0.80%) was the top gainer while Hang Seng (0.83%) was the top loser.
In Japan, the latest data showed that Japan's core machinery orders, excluding often volatile orders for electric power companies and ships, rose 2.9% in March from the previous month.
European indices were showing mixed performance while US Futures were trading lower.
Canadian ratings service DBRS Inc. on Friday cut its rating on Greece, citing uncertainty over whether it will be able reach an agreement with its creditors.


I'm still alive: Jackie Chan on death hoax
International film star Jackie Chan, with roots in China, became a victim of an internet death hoax. But the martial arts expert has clarified he is very much alive.
“I was shocked by two news reports when I got off the plane. First of all, don't worry! I'm still alive. Second, don't believe the scam on Weibo using my name about the Red Pockets," Chan said. 
“This is my official Facebook page and I only have 1 official Weibo page. Love you all,” Chan, who attended the premiere of Bollywood superstar Aamir Khan’s movie “PK” in China last week, tweeted on Saturday.
Chan is currently busy with the 68th Cannes International Film Festival.
Chan and the Cannes Market have created $165,000 prize for the Chinese filmmakers taking part in the Cannes festival’s 3rd New Chinese Film Talents Forum, reports
The money comes from Chan’s Project A: Young Filmmaker Development Fund. The financial prize is specifically to be invested in the costs of the production of the winning director’s new project. The forum is in its third year and this year is host to eight young directors.
The eight get to pitch their projects at a session on Monday at the Olympia Cinema in Cannes. The winning project will be announced on Tuesday.


Tussle between Kejriwal and Jung escalates

Earlier, Majumdar, who issued the order posting Shakuntala Gamlin as acting chief secretary, was barred from entering his office at the Delhi Secretariat


The tussle between the Arvind Kejriwal-led Delhi government and Lt. Governor Najeeb Jung escalated on Monday when bureaucrat Rajendra Kumar was made principal secretary (services), replacing Anindo Majumdar.
Earlier, Majumdar, who issued the order posting Shakuntala Gamlin as acting chief secretary, was barred from entering his office at the Delhi Secretariat.
"Kumar has been given charge of the Principal Secretary (Services) of the government of Delhi," said an official of the Delhi government.
Reacting to this move of the Delhi government Lt. Governor Jung wrote to the chief minister. 
Deputy Chief Minister Manish Sisodia said that he had received the letter.
"Letter received from Hon. LG at 14.35," Sisodia tweeted.
However, the contents of the letter have not been revealed.
The tussle had erupted on May 15 over the appointment of Gamlin as the chief secretary in-charge, who the chief minister accused of lobbying for power distribution companies.



Umesh kaushik

2 years ago

Ruling by proxy.

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