Nifty, Bank Nifty still in uptrend – Tuesday closing report

Uptrend will stall, if Nifty closes below 8,910 and Bank Nifty below 19,610


We mentioned in Monday’s closing report that the NSE’s CNX Nifty and Bank Nifty would remain in an uptrend but may weaken if they close below 8,860 and 19,500 respectively. Nifty opened Tuesday marginally higher and soon moved lower to hit the day’s low. Until the beginning of the noon session, the 50-share index was moving with no specific direction. At around 12.08pm, the benchmark gained strength and moved higher and closed near the day’s high.
The S&P BSE Sensex opened at 29,500 while Nifty opened at 8,963. Sensex hit a low at 29,365 while Nifty hit a low at 8,926. Sensex reached upto 29,637 and closed at 29,594 (up 135 points or 0.46%) while Nifty reached to the level of 9,008 and closed at 8,996 (up 40 points or 0.44%). Except for the few minutes of trading in the green, Bank Nifty traded in the negative for the entire session. It opened at 20,043 which was also the day’s high. It moved lower to the level of 19,822 and closed 19,961 (down 47 points or 0.23%). NSE recorded a volume of 103.19 crore shares.  India VIX fell 2.24% to close at 15.4925.
The index of Eight Core Infrastructure Industries rose at a moderate pace of 1.8% January 2015, compared with 2.4% growth recorded in December 2014, data showed yesterday. Meanwhile, the cumulative growth stood at 4.1% in April-January 2014-15.
A Committee set up by Reserve Bank of India (RBI) has suggested a sub-target of 8% of adjusted net bank credit (ANBC) for small and marginal farmers to be achieved in a phased manner. This is while retaining the target of 18% of ANBC for agriculture credit, and overall target of 40% of ANBC or Credit Equivalent of Off-Balance Sheet Exposure (CEOBE), whichever is higher, for priority sector lending.
Finance Minister Arun Jaitley reportedly said that India's economy needs to reach an annual growth rate of 9% to 10%, and then sustain that activity for many years in order to improve infrastructure and bring down rampant poverty.
BSE has revised its annual listing fees for companies listed on its platform for the next fiscal beginning 1st April. The companies with a listed capital of Rs1,000 crore or more would have to pay Rs8.06 lakh as annual listing fees from 2015-16, as against an Rs8.07 lakh charged in current fiscal. These companies would also have to pay Rs3,469 additional listing fees for every increase of Rs5 crore. This is lower than Rs3,515 currently charged.
Sugar output in India, the world's second largest producer, rose by 14% to 19.4 million tonnes in the first five months of the current marketing year ending September, according to industry data.
The RBI has refused to share its banks' inspection reports on alleged money laundering laws and other violations with Central Economic Intelligence Bureau (CEIB), citing legal hurdles.
Coming back to the stock markets, Tata Elxsi (20%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today.
State-run Coal India (3.89%) was the top loser in ‘A’ group on the BSE also in the Sensex 30 stock. In response to the clarification sought by BSE it stated that its board at its meeting held on 27 February 2015 considered project report on East Rail Corridor Railways Project for construction of Rail Line at Chhattisgarh State and accorded its approval to first year expenditure.
Reliance Industries (4.39%) was the top gainer in the Sensex 30 pack. LIC has raised its stake in RIL to 9.084% from 6.987% through acquisition of additional shares via open market purchases.
On Monday, US indices closed in the green. Outlays for US construction projects declined 1.1% in January to a seasonally adjusted annual rate $971.4 billion, led by public spending, the US Commerce Department said yesterday.
Asian indices showed mixed performance. Straits Times (0.54%) was the top gainer, while Shanghai Composite (2.20%) was the top loser.
The Reserve Bank of Australia today left the official cash rate on hold at 2.25%.
European indices were trading in the red. US Futures too were trading lower.
Data from German Federal Statistical Office (Destatis) today showed retail sales in January rose 5.3%, up from the December's upwardly revised 4.8% rise. Month-on-month, the retail sales printed at 2.9%, higher from the December's upwardly revised 0.6%.


Lenders put Sahara's marquee Grosvenor House on sale for Rs5,000 crore

Deloitte has been appointed administrators Monday night after Sahara defaulted on debts tied to the Grosvenor House and will work with realty consultancy JLL to find a buyer for the marquee hotel


In a fresh twist to crisis-hit Sahara Group's efforts to raise funds, its iconic London hotel property Grosvenor House, estimated to be worth over Rs5,000 crore, has been put on sale by lenders.
Grosvenor House, a landmark property on Park Lane in London, is one of the three marquee hotels owned by Sahara outside India, the other two being Plaza and Dream Downtown in New York.
Sahara Group has been trying to raise funds for months to secure release of its chief Subrata Roy, as also that of two other senior officials, from Tihar Jail in New Delhi, where they have been lodged for one year. These three hotels have been at the centre of these fund-raising plans.
According to a report in the Telegraph daily, Grosvenor House may fetch about 500 million British pounds, more than 470 million British pounds that Sahara Grosvenor House Hospitality Ltd had paid for the hotel in 2010.
The report further said that Deloitte was appointed administrators to Sahara last night after "it defaulted on debts tied to the hotel" and they will work with realty consultancy Jones Lang LaSalle (JLL) to find a buyer.
Telegraph quoted Mark Wynne-Smith, global CEO at JLL hotels and hospitality group, as saying that "the last hotel transaction on Park Lane took place two years ago and the market has strengthened since then."
Deloitte's Joint Administrator and Restructuring Services Partner Phil Bowers told the newspaper that "Grosvenor House Hotel is an exceptional asset, at a London address recognised around the globe.
"We are in the process of agreeing a sale strategy with JLL as sales agent and expect there to be considerable interest in acquiring this building," he added.
The three iconic hotels -- The Plaza and Dream Downtown in New York and Grosvenor House in London -- were acquired by Saharas between 2010 and 2012 at an estimated valuation of $1.55 billion. Market experts, however, peg their current valuation at upwards of $2.2 billion, after taking into account the appreciation in their values.
Sahara was in talks with US-based Mirach Capital for a syndicate loan arrangement linked to the three properties to replace an existing loan from Bank of China, but the deal fell apart and the two parties warned each other of legal action.
The group has been engaged in a legal battle with Indian markets regulator Securities and Exchange Board of India (SEBI) for a long time over repayment of investor dues totalling over Rs20,000 crore. Sahara, however, claims it has already repaid 95% of the investors directly.



Mayank Khanna

2 years ago

kind of embrassment.

Indian market trends

The Sensex and the Nifty ended flat for the fortnight ended 25 February 2015. ML Mid-cap Index, ML Mega-cap Index and ML Large-cap Index also ended flat. ML Micro-cap Index fell 1%, while ML Small-cap Index declined 3%. 



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