Stocks
Nifty, Bank Nifty still on course to head higher – Tuesday closing report
Nifty has to stay above 8,300 and Bank Nifty above 18,400 for the upmove to continue
 
We had mentioned in Monday’s closing report that CNX Nifty may be headed higher. The index opened higher and a range bound session for short while the index moved in the green and stayed from 10.25 am to 11.50 am. Then the index moved into red and was pulled lower further, managed staying above Monday’s low.
 
S&P BSE Sensex opened at 27,561 and moved in the range of 27,338 and 27,604 and closed at 27,440 (down 50 points or 0.18%) while Nifty which opened at 8,338 moved between 8,281 and 8,356 and closed at 8,325 (down 7 points or 0.09%). Bank Nifty opened at 18,500 and moved to a low of 18,397 from a high of 18,563 and closed at 18,471 (down 30 points or 0.16%). NSE again recorded a low volume of 69.25 crore shares. India VIX rose 0.33% to close at 17.3650.
 
The total revenue earnings of Indian Railways rose by 12.16% during 2014-15 to Rs157,880.50 crore. It also managed to improve efficiency by recording 91.8 operating ratio during 2014-15. The ratio reflects spending over its expenditure. It has improved from 93.6 during 2013-14.
 
The government has initiated a large number of reforms in its first year of governance to encourage investments and the country has the potential to grow at 9%-10%, Finance Minister Arun Jaitley claimed. Meanwhile, tax arrears towards central excise rose to Rs59,309 crore in 2013-14, from Rs45,463 crore a year ago, government auditor CAG said today.
 
Arun Jaitley sought closer engagement of the Asian Development Bank for development of smart cities, industrial corridors and railways in the country on Monday. Jaitley urged the ADB to aim at an annual business of $20 billion by 2020.
 
Jubilant Life Sciences rose 19.56% to close at 183.35 on the BSE. There were reports that around 86 lakh shares changed hands in two block deals in the price range of Rs150-154. It was the top gainer in the ‘A’ group on the BSE. 
 
PMC Fincorp fell 8.04% to close at Rs15.45. It was the top loser in the ‘A’ group on the BSE.
 
Sesa Sterlite rose 6.64% to close at Rs226.40 on the BSE. It was the top gainer in the Sensex 30 pack. HDFC fell 1.88% to close at 1,179.70 on the BSE. It was the top loser in the Sensex 30 stocks.
 
On Monday US indices closed in the green after data showed that factory orders rose 2.1% in March, in line with market expectations.
 
The Asian indices which were trading today showed mixed closing. KLSE Composite (0.50%) was the top gainer while Shanghai Composite (4.06%) was the top loser.
 
There were media reports of crackdown on margin financing which added to already existing worries about the slowing of Chinese economy and the prospect of new initial public offerings sucking liquidity out of the market.
 
China's FDI grew 3.7 per cent to $128.5 billion in 2014, the ministry said in an online statement. This compared with earlier government figures that showed FDI grew 1.7 per cent to $119.6 billion last year.
 
European indices were mostly trading in the red as were the US Futures. Investors remained cautious amid ongoing Greek debt negotiations. Greece's debt crisis was back in the spotlight as the anti-austerity government continued bailout talks with its eurozone lenders. The Greece government is facing a 750 million euro ($832 million) debt repayment to the International Monetary Fund next week, but there are fears it will run out of cash unless it reaches a deal with creditors to unlock the next tranche of bailout money. 

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Ford Foundation-funded NGOs not registered under FCRA: Minister
The Ford Foundation had funded some NGOs which are not registered under the provisions of the Foreign Contribution (Regulation) Act (FCRA), 2010, as well as the Sabrang Trust which is linked to activist Teesta Setalvad, parliament was told on Tuesday.
 
"There are inputs from security agencies that some amounts have been credited from Ford Foundation to some NGOs which are not registered under the provisions of FCRA, 2010. Hence, to keep a watch on such recipients, the credits from Ford Foundation have been put under prior permission category under FCRA, 2010," Minister of State for Home Affairs Kiren Rijiju told the Lok Sabha.
 
Setalvad is associated with two NGOs, namely Citizen for Justice and Peace, and Sabrang Trust, which are registered under FCRA, 2010. As far as funding from Ford Foundation is concerned, only Sabrang Trust has been funded, he said.
 
Last month, the government put international donor Ford Foundation on the watchlist for funding organizations not registered under the FCRA.

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Dawood hasn't been located, says government
The location of underworld don Dawood Ibrahim was not known to the government and extradition proceedings against him will start once he is traced, parliament was informed on Tuesday.
 
Minister of State for Home Affairs Haribhai Parathibhai Chaudhary said in a written reply to the Lok Sabha that Dawood was an accused in the 1993 Mumbai serial blasts case and a red corner notice was pending against him.
 
He said the UN Security Council has also issued a special notice against him.
 
"The subject (Dawood) has not been located so far. Extradition process with regard to Dawood Ibrahim would be initiated once the subject is located," he said.
 
The government has made requests in respect of fugitives wanted by Indian authorities in terrorist cases, namely Willy Naruenartwanich to Thailand, Usmani Ghani Khan to Saudi Arabia, Abdul Wahid Siddibapa to the United Arab Emirates, Velu alias Boopalan alias Dileepan alias Niranjana and Mohammad Hanif Tiger alias Mohammad Hanif Umerji Patel to Britain for expeditious extradition, Chaudhary added.
 

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