Stocks
Nifty, Sensex, Bank Nifty may bounce back – Monday closing report
However, the bounce may be short-lived 
 
We had mentioned in the last week’s closing report that NSE’s CNX Nifty is still under pressure and will have to close above 8,700, as a first step for the downtrend to reverse.  The 50-stock index opened Monday below this level and moved lower gradually. In the last hour of the session, the benchmark made a sudden plunge and it hit its 12-day (including today) low.
 
The S&P BSE Sensex opened at 28,526 while Nifty opened at 8,619. The benchmarks immediately hit a high at 28,539 and 8,620, respectively. Sensex moved lower to the level of 27,802 and closed at 27,886 (down 556 points or 1.95%). Nifty hit a low at 8,423 and close at 8,448 (down 158 points or 1.83%). Bank Nifty moved mostly marginally higher up to 2.15pm after which it made a sharp plunge. It opened at 18,386 and hit a high at 18,500. It moved lower at 17,985 and closed at 18,113 (down 233 points or 1.27%). NSE recorded a volume of 69.57 crore shares. India VIX rose 8.36% to close at 16.2975.
 
Data released by the government after trading hours last Friday showed that India's merchandise exports (including re-exports) dipped 21.06% to $23,951.16 million in March 2015 over March 2014. Imports fell 13.44% to $35,744.68 million. The trade deficit for fiscal year 2014-15 was estimated at $1,37,014.46 million, which was higher than trade deficit of $1,35,797.90 million for fiscal year 2013-14.
 
Ovum, the London-based information technology (IT) research firm said that Indian software exporters are losing out to their global peers—both large and small outsourcing firms—on contracts from customers. Indian software services exporters won about 8% of total deals awarded by customers during the January-March period, down from about 13% in the April-June period of the fiscal year 2014-15. In terms of total value, this ratio, too, dropped from around 12% down to just 7% over the course of the year.
 
Proceedings in the parliament during the second half of the budget session, which began today are being closely watched as the Indian government hopes to pass the Constitution Amendment Bill for the introduction of a nationwide Goods and Services Tax (GST).
 
Ratings agency Fitch on Monday said the likely upturn in the country's investment climate and reduction in interest rates will improve the property market by the end of March 2016 and provide relief to the debt-ridden developers.
 
Coming back to the Indian stock market, Glenmark Pharma (4.30%) was the top gainer in ‘A’ group on the BSE.  The stock hit its 52-week high last week and closed today at Rs901.60. It was in the news as Singapore's state investment arm Temasek plans to invest about Rs945 crore in the company.
 
HDIL (9.26%) was the top loser in ‘A’ group on the BSE, closing at Rs117.55. Its recent shareholding pattern showed that FIIs increased their holding to 49.03% by the end of March 2015 from 41.57% as on December 2014, while retail shareholding reduced from 22.09% to 14.62% for the relevant period.
 
Sun Pharma (0.66%) closed at Rs1,044.10 was the top gainer in the Sensex 30 pack while Reliance Industries (4.46%) was the top loser, closing at Rs885.55.
 
On Friday, US indices closed deeply in the red. US consumer prices rose in March as the cost of gasoline and shelter increased. The Labor Department said on Friday its Consumer Price Index increased 0.2% last month after a similar gain in February.
 
Except for KLSE Composite (0.04%) and Seoul Composite (0.15%) all the other Asian indices closed in the red. Hang Seng (2.02%) was the top loser.           
 
The People's Bank of China (PBOC) Sunday announced reduction in reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5% to be effective from 20 April 2015.
 
European indices were showing mixed trading while US Futures were trading in the green.

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ICICI Bank launches tap and pay service with Tech Mahindra
The ‘tap-n-pay’ service by ICICI Bank offer users to make quick and safe payments like buying meal coupons at canteens with a tap of their mobile phone or the NFC tag
 
ICICI Bank, India’s largest private sector bank, has launched a contactless payment service 'tap and pay' that allows users to pay using near field communications (NFC) enabled tag and mobile phone at merchant outlets.
 
'Tap n Pay' is a prepaid account, which can be availed by customers of any bank by simply registering for it and transferring money online from any bank account. ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS. While opening an account is free, the user has to pay for the NFC tag.
 
"This initiative will offer a new, differentiated digital solution to replace cash for regular and small value payments made over the counter in large campuses. We believe that this service will offer users an unparalleled experience of making quick and safe payments like buying meal coupons at canteens with just a tap of their mobile phone or the NFC tag. Its usability is wide as it allows customer of any bank to register for 'Tap-n-Pay' with no documentation or branch visit. It will additionally ease the day-to-day hassle of cash handling and currency change for merchants too," says Rajiv Sabharwal, Executive Director, ICICI Bank.
 
Based on the NFC technology, the 'Tap-n-Pay' payment service enables anyone (account holder of ICICI Bank or not) to make over-the-counter payments without using cash. It allows users to just tap the NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments, ICICI Bank said in a statement.
 
The bank has started to offer these solutions at large campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country, the statement says.
 
Once an organisation has enrolled for the service, its employee needs to register online with their details to use the facility and collect the NFC tag from the kiosk set up for this purpose.
 

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Bhushan slams AAP leaders, questions disciplinary action

The Aam Aadmi Party was quick to reject the charges as "baseless"

 

AAP dissident leader Prashant Bhushan on Monday targeted the party's general secretary Pankaj Gupta by accusing him of accepting Rs.2 crore donation from shell companies without the approval of the party's top decision-making panel.
 
Replying to Aam Aadmi Party's (AAP) show cause notice for holding "anti-party" meeting in Gurgaon last week, Bhushan reiterated that the AAP's actions were reminiscent of Stalinist purges, where in the early years after the Soviet Revolution Stalin's acolytes were both the accusers and judges of the dissidents both in the party and the government. 
 
He charged another leader, Ashish Khetan, with writing a planted story in a national magazine defending a telecom company, allegedly involved in 2G spectrum scam.
 
"You (Gupta) know that there have been serious charges against you, including the acceptance of donation of Rs.2 crore from shell companies, without taking the approval of the PAC as required by the party's rule," Bhushan said in his reply addressed to Gupta.
 
"Ashish Khetan, a member of the disciplinary committee, has been accused of writing (as a journalist) a planted story in a national magazine in defence of the Essar company, which was charge sheeted by CBI in the 2G case," he said in the response to the show-cause notice.
 
The Aam Aadmi Party was quick to reject the charges as "baseless".
 
"These allegations are baseless. The rebels have disrespected the Political Affairs Committee and the National Executive of the party. Disciplinary Committee will take any action against the rebels. They were asked to reply to the party but they are answering to the media," AAP's spokesperson Ashutosh said.
 
In his four-page reply, Bhushan lamented that while these matters should have been referred to AAP Lokpal Admiral Ramdas but he himself was removed from the post.
 
The party recently issued a showcause notice to Bhushan and Yogendra Yadav for holding anti-party meeting in Gurgaon last week. The duo was expelled from the AAP's key decision--making bodies for "sabotaging the party".
 
Bhushan said that "expressing a different opinion cannot be treated as a violation of the code of conduct".
 
"Mere expression of a difference of opinion should not be considered as violation of the code of conduct unless it violates the objectives of the party. You now want to become judges of your own cause," he said.
 
"It is indeed remarkable and ironic that you along with Ashish Khetan and Dinesh Vaghela have sent this notice to us, styling yourself as the 'National Disciplinary Committee'. I am not aware as to who has constituted this as the National Disciplinary Committee and when and how this was done," he wrote.
 

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