Stocks
Nifty, Bank Nifty, Sensex to weaken a bit – Tuesday closing report
The uptrend that started on Friday suffered a severe setback today, but chance of recovery is high, as long as Nifty stays above 8,000 
 
We had anticipated that NSE’s Nifty may move higher, but the major indices suffered an intense selling from the word go and gradually moved lower during the day.
 
The S&P BSE Sensex opened at 27,503 while Nifty opened at 8,326. They hit their intra-day highs at the opening and moved lower to hit a low 26,837 and 8,115. Sensex closed at 26,877 (down 630 points or 2.29%), while Nifty closed at 8,127 (down 198 points or 2.38%). Bank Nifty which opened at 18,194 moved to the low of 17,598 and closed at 17,629 (down 571 points or 3.14%) NSE recorded a volume of 71.90 crore shares. India VIX rose 10.31% to close at 20.5450.
 
Overall market in Asia and back home were weak due to negative US closing and insufficient progress on talks between debt-strapped Greece and its creditors. On the macro front, the Indian government is scheduled to unveil data on inflation based on the consumer price index (CPI) for April 2015. 
 
The Index of Industrial Production (IIP) data for March 2015, stands at 197.3, which is 2.1% higher as compared to the level in the month of March 2014. The cumulative growth for the period April-March 2014-15 over the corresponding period of the previous year stands at 2.8%. Reports indicated that the government is likely to refer the Land Acquisition Bill, which was introduced in Lok Sabha Monday to a joint committee of both Lok Sabha and Rajya Sabha. Investors may perceive this as a setback for the Modi government.
 
In the light of the Finance Minister's announcement, officers dealing with International Taxes have been advised that no coercive action be taken for recovery of demand already raised by invoking provisions of MAT in the case of foreign companies particularly FIIs. Issue of fresh notices for reopening of cases as also completion of assessment should also be put on hold unless the case is getting barred by limitation, the Ministry of Finance said yesterday. But the damage to India’s credibility in the international markets is already done.
 
A closely watched forecast by Japan today reportedly confirmed El Nino's return this year. A strong El Nino will roil economies that are heavily dependent on agriculture, particularly India, which is already reeling from bad weather.
 
The recent rally in oil prices was 'premature', given the continuing oversupply situation, Goldman Sachs said on Tuesday, reasoning that it would put the brakes on a rebalancing of the market.
 
The Indian Prime Minister's Office (PMO) has asked the Coal Ministry to expedite the process of third round of mines auction. Gujarat Gas (7.47%) was the top gainer in the ‘A’ group on the BSE. It hit its 52-week high today and closed at Rs845.50.
 
UCO Bank (8.22%) was the top loser in the ‘A’ group on the BSE. It hit its 52-week low on the announcement weak March 2015 result. The stock closed at Rs56.95.
 
Hero MotoCorp (3.18%) and Dr Reddy’s (3.08%) were the only two gainers in the Sensex 30 pack while Tata Steel (6.29%) was the top loser.
 
US indices closed Monday in the red. 
 
Asian indices showed mixed performance. Shanghai Composite (1.56%) was the top gainer while Hang Seng (1.12%) was the top loser.                  
 
China's economic growth was within "a reasonable range" in April, but the government still needed to work hard to keep growth steady going forward, the National Bureau of Statistics said on Tuesday. 
 
European indices were trading sharply lower. US Futures too were trading deeply in the red.
 
In Europe, the Bank of England (BOE) Monday kept interest rates unchanged. The BOE held its benchmark interest rate at a record low of 0.5%, where it has stayed since March 2009.

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India's March industrial output up by 2.1 percent
Industrial activity in the country, measured in terms of the Index of Industrial Production (IIP), registered a 2.1 percent growth during March 2015 as compared to a 5 percent rise in the previous month.
 

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Helios and Matheson hits 52-week low as Axis Bank sells stake
Axis Bank sold 1.84 lakh shares leading to H&M hitting its 52-week low at Rs27.6 on NSE
 
Helios and Matheson Information Technology Ltd (H&M) shares hit its 52-week low Tuesday on reports about Axis Bank selling its shares in the troubled company. H&M shares closed Tuesday at its lower circuit at Rs27.60 on the NSE, while the benchmark Nifty ended the day 2.4% down at 8126.95.
 
According to a report from Business Standard, on Monday, Axis Bank sold 1.84 lakh shares of H&M at Rs29.11 per share. "Till 1135 hours (Tuesday), a combined 128,100 shares changed hands and there were pending sell orders for 161,514 shares on the NSE and BSE," the report says.
 
As reported by Moneylife, last month, the Economic Offences Wing (EOW) of Chennai police has arrested H&M’s former chairman V Ramachandran, the company’s chief executive and managing director GK Muralikrishna, and director Diwakar Sai Yerra.
 
Earlier, the Madras High Court has issued a notice to (H&M), an unfancied software company, after admitting a winding up petition filed by investors and depositors. H&M has been defaulting on repayments for fixed deposit and interest dues since last several months. Chennai-based senior lawyer R Venkatavardhan had filed the winding up petition, a copy of which is available with Moneylife.
 

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