The Nifty may strengthen if it manages making higher lows and closes above today’s high
All the Asian indices opened lower on the back of increasing concern over a Greek exit from the euro zone, despite the region's finance leaders declaring they weren't considering that possibility. Sensex and the Nifty opened lower but immediately entered into the positive region and stayed there for most of the trading session today. In our Monday's closing report we had mentioned that the Nifty next support lies at 4,860. We had also mentioned that if the benchmark manages to close above the previous day's high, we may see a possible change in direction. Today the index almost hit this level of support in the initial minutes. From here if the index manages to sustain above today's low and manages to close above today's high, we may see a bounce back. The National Stock Exchange saw a volume lower of 59.45 crore shares
The Sensex opened at 16,147 and the Nifty opened at 4,870. Soon they hit their respective intra days lows at 16,123 and 4,869. The indices hit a high closer to the yesterday high at 16,370 and 4,955 in the noon session. After five days of sequential fall the indices saw a positive closing. The Sensex rose 112 (0.69%) points to close at 16,328 while the Nifty closed 35 points higher (0.71%) to close at 4,943. The advance-decline ratio on the NSE was negative at 870:765.
Among the broader markets, the BSE Mid-cap index rose 0.63% and the BSE Small-cap index rose 0.33%. The top sectoral gainers were BSE Capital Goods (up 3.07%); BSE Metal (up 2.21%); BSE IT (up 1.56%); BSE TecK (up 1.09%); BSE Healthcare (up 0.97%). The lone loser was BSE Fast Moving Consumer Goods (down 0.64%)
Larsen & Toubro (up 5.41%); Sun Pharma (up 3.20%); Sterlite Industries (up 3.16%); Infosys (up 3.13%) and Hero MotoCorp (up 2.65%) were the key gainers on the Sensex. The major losers among the Sensex 30 stocks were NTPC ( fell 2.94%); Maruti Suzuki (fell 2.57%); ITC (fell 1.35%); Bharti Airtel (fell 1.28%) and GAIL (fell 1.27%)
The Nifty was led by Sesa Goa (up 5.19%); Larsen & Toubro (up 5.18%); Cairn India (up 3.94%); Sun Pharma (up 3.64%) and Sterlite Industries (up 2.96%). The top laggards were NTPC (fell 3.02%); Maruti Suzuki (fell 2.89%); IDFC (fell 1.98%); ITC (fell 1.60%); ONGC (fell 1.17%)
In the international news, the Greek President Karolos Papoulias late Monday proposed a technocrat government but that plan drew weak support from bickering parties, according to reports, as global discussion about the country's removal from the currency bloc mounted. Meanwhile, euro zone finance ministers reportedly dismissed talk of Greece leaving the euro zone as "propaganda and nonsense" on Monday, and signalled that they might be prepared to soften some of the targets of its bailout program.
After the European market opened, the domestic indices went to hit their respective intra-day highs. Most European indices were trading in the green with the German gross domestic product figures came in significantly better than expected. The data showed that Germany's economy grew much more than expected in the first quarter, driven by a surge in net exports. GDP rose by 0.5% from the fourth quarter of last year, and was up 1.2% from the corresponding period last year. At the time of writing the most of the American stock futures were pointing to a sharply higher open.
The Department of Personnel has agreed in principle with the Department of Posts to launch e-IPO which can be easily purchased by the applicant living abroad using their credit or debit cards
New Delhi: Making it easy for the Indian diaspora to seek information under the RTI Act, the Centre has decided to float electronic Indian Postal Order (IPO) for paying RTI fee, which can be purchased using debit and credit cards, reports PTI.
The Indians settled abroad were finding it difficult to seek information under the transparency law as IPO or Demand Draft of Rs10 was not easily available.
The Department of Personnel has now agreed in principle with the Department of Posts to launch e-IPO which can be easily purchased by the applicant living abroad using their credit or debit cards.
Under the proposed scheme, once applicant purchases e-IPO using credit or debit card physical postal order will not be generated, only a number would be generated which could be mentioned on the application by the applicant.
"Information seeker will write this number on his RTI application and send to public authority. Service of e-IPO along with RTI application will be applicable to Central Public authorities", a Personnel Ministry circular said.
The details provided by the applicant will be matched with those on the Department of Posts web site and once transaction details are matched, fee will be accepted.
"Money will not be received physically by the PIO but will be transferred to a consolidated fund of India. This will be on the patten of the payment received by the Department of Posts in the scheme of CAPIOs", it said.
The Ministry directed all Ministries and departments to appoint nodal officers for handling e-RTI applications.
It said the nodal officers will be given training to handling these applications once the modalities are worked out.
The whole question of bundling of insurance with other products is a major issue and we need to examine the implications further then only we will be able to come out with regulatory intervention, the IRDA chairman said
Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has asked the Life Insurance Council to design a single insurance product that will cover life as well as non-life, reports PTI.
"It will be a single product. Basically it is a product to protect life and also against personal accidents. It protects against the loss of assets - cattle and vehicles," IRDA Chairman J Harinarayana said.
"The idea was referred to the life council. Supposing we have only one type of product, will that reduce cost and make it more efficiently distributed. That is something these people will have to study and come out with," he added.
Speaking on the sidelines of a national conference organised by Assocham on 'Financial Inclusion- Integrating Insurance into Total Package', he said it has come to their notice that microfinance institutions were asking for a high service charge on the sale of micro-insurance products.
"The whole question of bundling of insurance with other products is a major issue. Not just in India but internationally. So we are also studying this why to allow this kind of bundling. We need to examine the implications further. Then only we will be able to come out with regulatory intervention," he said.
He said the Life Council was asked to look into the issue of creating lead insurers in-line with lead bankers for serving insurance products.
Mr Harinarayana also a released whitepaper prepared by Ernst and Young in association with Assocham on 'Need for Financial Inclusion: An Integrated Approach'.