Nifty has to stay above 5,045 for the upmove to continue
The market closed in the positive for the second week in a row on hopes that the Reserve Bank of India (RBI) will cut key rates in its mid-quarter policy review on 18th June. Besides, there are speculations that central banks across the world would draw up new initiatives to control any financial chaos in the aftermath of Greek elections to be held on 18th June.
Overall, the market gained 1% with the Sensex closing the week at 16,950, up 231 points, and the Nifty gained 71 points to settle at 5,139. On Friday the Nifty recorded an intraday high of 5,146 which was its best since 4 May 2012. If the benchmark stays above 5,045, it could go up to the level of 5,280 else we may see it going down to the level of 4,900.
The market started the week in the negative on remarks by ratings agency S&P that India would be the first among BRIC nations to lose its investment grade rating. The market closed in the positive for the next two days on optimism of a rate cut by the RBI. The indices settled lower on Thursday as high inflation numbers pulled down rate-sensitive sectors. Positive sentiments, once again, pushed the benchmarks higher on the last trading day of the week.
The BSE Fast Moving Consumer Goods and BSE IT gained 3% each while the BSE Realty index fell by 2% and the BSE Healthcare index slipped by 1%.
Among Sensex stocks, Hindustan Unilever (up 5%), Infosys, Coal India, ITC and TCS (up 4% each) were the top gainers. On the other hand, NTPC (down 4%), Dr Reddy's Laboratories (down 3%), Maruti Suzuki, Wipro and HDFC (down 1% each) settled at the bottom of the index.
The top gainers on the Nifty this week were Ambuja Cements (up 12%), Grasim Industries (up 8%), ACC (up 7%), BPCL (up 6%) and HUL (down 5%). The major losers were NTPC (down 4%), Bank of Baroda, Dr Reddy's, SAIL (down 3% each) and Ranbaxy (down 2%).
India's industrial growth, as measured by the Index of Industrial Production (IIP) slowed down sharply to 0.1% in April due to contraction in capital goods and dip in manufacturing output. Growth in factory output was 5.3% in April last year.
Headline inflation moved up to 7.55% in May on account of a rise in prices of potato, pulses and wheat. Inflation, as measured by the Wholesale Price Index (WPI), was 7.23% in April. In May last year, however, it was 9.56%. Food inflation, which has a 14.3% share in the WPI basket, rose to 10.7% in May, from 10.5% in the previous month.
India's exports declined by 4.16% to $25.68 billion in May due to unabated slump in global demand and a slowdown in domestic industrial growth. Imports dropped by a sharper pace of 7.36% to $41.9 billion, signalling weakening of the economy. The trade deficit also narrowed to $16.3 billion during May, from $18.5 billion a year ago.
On the global front, all ayes will be on the outcome of the Greek elections and hopes that US Federal Reserve will announce new measures to boost the country's economy. Leaders from the Group of Twenty (G20) nations, who are scheduled to meet next week in Mexico, said central banks were ready to provide liquidity and avert any credit squeeze if the market is under pressure after Sunday's election in Greece.
Stating that the will of the people is supreme in a democracy, Mamata Banerjee requested fellow citizens to petition their public representatives to stand up, support and vote for Kalam
Kolkata: Taking up the campaign for Dr APJ Abdul Kalam online, Trinamool Congress chief Mamata Banerjee on Saturday said her choice of the Presidential candidate was the choice of millions of Indians, reports PTI.
Debuting on social networking site Facebook (https://www.facebook.com/MamataBanerjeeOfficial ), she wrote in her first post, "I gave voice to what millions of Indians want to see in a President."
Refusing to budge from her stand, she said, "My party is a small party. We are not a big party with none of the resources others possess. We are led by truth and conviction. All through my life I have stood by my principles. I stand by the position I have taken".
Stating that the will of the people is supreme in a democracy, Banerjee requested fellow citizens to petition their public representatives to stand up, support and vote for Kalam.
"Let your voice be heard. I will bow to the will of the people," she said.
Describing the 'missile man' as a proud and distinguished son of India who continues to inspire all Indians, the chief minister said Kalam remains above narrow politics.
"He is a seeker of truth, a fount of knowledge and an impartial voice of reason and sanity, who is above narrow politics. He is the kind of man all our citizens aspire to make President," Banerjee said.
The TMC chief had joined hands with SP chief Mulayam Singh Yadav to propose the name of Kalam. However, the SP later broke away and pledged support to Pranab Mukherjee, leaving the West Bengal Chief Minister totally isolated.
Unfazed by the isolation after Congress-led UPA named Mukherjee as its Presidential nominee, Banerjee said last night that her party remained firm on the candidature of Kalam and said "the game has just begun".
"We are firm on the candidature of Kalam. He is the fittest candidate. We are not shifting from our stand of what we have announced earlier," Banerjee had said.
Noting that she and her party has already given a clarion call to other parties to support Kalam as President, Banerjee said, "Along with my other fellow citizens I can only urge them to consider this call. Let our country be led forward by people such as him, people of free thought and honourable action who will not hesitate to do what is just and right".
By recalling Tagore's famous lines of 'Where the mind is without fear and the head is held high' in her first posting on any social networking site, she said, "I am a humble, transparent, common person like the vast majority of you".
With money-on-mobile a subscriber can buy a variety of goods and services like pre-paid mobile recharge, DTH recharge, paying up utility bills, and airline, bus and movie ticket reservation
Mumbai: My Mobile Payments Ltd (MMPL), a mobile payment service provider, on Tuesday launched its m-wallet service titled as 'Money-on-Mobile' (MoM). MoM facilitates mobile phone subscribers to purchase a wide range of products, reports PTI.
Through this service, a mobile phone subscriber can buy a variety of goods and services like pre-paid mobile recharge, DTH recharge, paying up utility bills, and airline, bus and movie ticket reservation among others.
"This service is operator and bank agnostic. So, a mobile subscriber, who uses service from any service provider, can use the 'money-on-mobile' facility," Shashank Joshi, managing director of Money-on-Mobile, told reporters.
He also said that given the widespread use of mobile in the country, mobile payment is the next big alternative payment method.
MoM was launched by the company in the business-to-business segment in 2010 and the company received RBI's permission in 2011 to offer the semi-closed m-wallet for the consumer market nationally.
According to the company, the company has a network of 82,000 retailer points across 300 cities with 5 lakh customers.
"We have tied up with all pre-paid mobile operators, six DTH service providers, all airlines, multiplexes in 100 cities among others," Joshi said.
The company also said that it has received around $29.7 million (around Rs150 crore) from US based Calpian Inc, which is also associated with the electronic payment processing business.
"While around $9.7 million is cash committment from Calpian, rest is through stock commitment," Joshi said adding that the US based company holds minority stake in the MoM.