Stocks
Nifty, Sensex, Bank Nifty may give up some gains - Monday closing report
Nifty will turn weak if it closes below 8,540
 
We had mentioned in Friday’s closing report, Nifty uptrend may continue as long as it manages to stay above 8,355. On Monday the market opened lower and remained in the red for most of session but eventually closed flat.
 
The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) closed down 43.19 points or 0.15% down -- during the day's session.
 
The index went down by over 140 points during the intra-day trade on the back of worries surrounding the monsoon progress, a likely troubled parliament session, and the upcoming monetary policy review.
 
"The markets reeled under anxiety about the progress of monsoon, the parliament session which will have key bills like Goods and Services Tax (GST) and land bill coming up for discussion," Anand James, co-head, technical research, Geojit BNP Paribas, told IANS.
 
According to the India Meteorological Department (IMD), the monsoon so far has been six percent below its long-term average. However, the IMD has given an optimistic forecast for a better performance during early August. 
 
Monsoon rains are important for agriculture, which is a major sector of the Indian economy.
 
As a large part of the arable land is rain-fed, not only does a variation in rainfall affects crop production but also rural incomes and inflation.
 
Even the upcoming monetary policy review, which will decide any cut in key lending rates, will be based on the progress of the monsoon and prevailing data points, the Reserve Bank of India (RBI) has said.
 
James added: "On the other hand, OPEC's (Organisation of Petroleum Exporting Countries) decision to advance its December meeting to discuss the future of oil prices in the backdrop of Iran increasing its exports after the nuclear deal is also causing concern." 
 
However, till now the global oil prices have been in India's favour with West Texas Intermediate (WTI) pegging a barrel of crude oil at $49.50 and the Brent index hovering around $57 per barrel.
 
India is a major net-importer of crude oil with over 70% of its needs met by shipping in the black gold.
 
During Monday's trade, bank, metal, realty, fast moving consumer goods (FMCG) and power closed in the red.
 
However, the S&P BSE oil and gas, healthcare and consumer durables stocks rose in the day's trade. 
 
Major Sensex gainers during Monday's trade were: Hindalco Inds, up 1.91 percent at Rs.109.45; Dr Reddy's Lab, up 1.19% at Rs.3,926.15; Mahindra and Mahindra (M&M), up 1.14% at Rs.1,313.05; Bharti Airtel, up 0.85% at Rs.429.45; and
 
Tata Consultancy Services (TCS), up 0.79% at Rs.2.579.55.
 
The major Sensex losers were: Tata Motors, down 1.89% at Rs.391.20; Vedanta, down 1.44% at Rs.143.40, State Bank of India (SBI), down 1.37% at Rs.267.35, Hindustan Unilever, down 1.25% at Rs.912.80 and BHEL, down 1.03% at Rs.282.45.
 
Among the Asian markets, Japan's Nikkei was up by 0.25%, China's Shanghai Composite Index rose by 0.91%. Hong Kong's Hang Seng was flat.
 
The top gainers and losers of major indices are given in the table below:
 
 
The closing values of Asian indices were:
 

User

Delhi HC refuses to suspend Kejriwal ad
The Delhi High Court on Monday refused to grant interim suspension of broadcast of advertisements allegedly glorifying Delhi Chief Minister Arvind Kejriwal and the Aam Aadmi Party.
 
Justice V.P. Vaish also issued notice to the central government seeking its response on the plea and fixed the matter for further hearing on August 3.
 
The court was hearing a plea filed by NGO Nyayaa Path which sought direction to the Delhi government to immediately withdraw a TV advertisement and "restrain itself from such type of image building exercise of Arvind Kejriwal".
 
The Kejriwal government on July 12 came out with an advertisement with a tagline "Woh pareshaan karte rahein, hum kaam karte rahein" (They kept on troubling us, but we continued working).

User

Villagers re-occupy lands in Posco project area
Days after South Korean steel giant Posco put the $12 billion mega steel project on hold in Odisha, the Posco Pratirodh Sangram Samiti (PPSS), which is spearheading the movement against land acquisition, on Monday said villagers have started re-occupying lands acquired for the project.
 
PPSS president Abhay Sahu said Posco India may have made up its mind to shut down the project, but the PPSS agitation will continue till the lands acquired from the villagers have been totally restored to their owners, and false cases levelled against agitators are withdrawn unconditionally.
 
"The state government had acquired land from the people forcibly. But the villagers are determined to re-occupy the land which has been with them from generations," Sahu told IANS.
 
Villagers of Nuagaon have started re-occupying their lands acquired by the government for the proposed Posco project, he added.
 
He also demanded that Posco should explain in detail the expenditure of Rs.350 crore during the 10 years in Odisha as claimed.
 
Sahu said 300 false cases were registered against villagers for protesting the project and demanded their immediate withdrawal.
 
The Odisha government acquired about 2,700 acres of land for the first phase of the project in Jagatsinghpur district. But the administration has not been able to get physical possession of the land.
 
"We appeal to the state government to resolve the issues affecting the fate of the Posco project at the earliest or else we would be forced to regain our land as it is our prime source of livelihood," pro-Posco leader Tamil Pradhan told IANS.
 
A state government official on the condition of anonymity said they were aware of the re-occupation of lands by villagers, but were yet to receive any directive from the administration to initiate action.
 
The South Korean company recently announced it was putting the project on hold after failing to make any visible progress 10 years after signing a memorandum of understanding with the Odisha government in 2005.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)