Stocks
Nifty, Sensex, Bank Nifty set to fall further – Tuesday closing report
While the indices may bounce back on an intraday or end-of-the-day basis, the trend is down
 
In line with the negative performance of most of the Asian counterparts, NSE’s benchmark CNX Nifty too gave up further Tuesday and booked its highest loss since 12 May 2015. The 50-stock index opened marginally higher and began its journey of moving lower. By 11am, it was below 8,350, a level at which as we had said on Monday, Nifty would turn weak. 
 
The S&P BSE Sensex opened at 27,891 while Nifty opened at 8,443. Sensex moved from the high of 27,903 to the low of 27,147 and closed at 27,188 (down 661 points or 2.37%). Nifty moved from the high at 8,445 to the low of 8,226 before closing at 8,236 (down 197 points or 2.34%). Sensex booked its highest loss since 6 May 2015.
 
Bank Nifty was the bigger loser. It opened at 18,656, which was also the day’s high and moved all the way to a low of 17,932  and closed at 17,977 (down 640 points or 3.44%). NSE recorded a volume of 74.03 crore shares. India VIX fell 0.55% to close at 16.8200. 
 
The single major factor behind today’s decline was when Earth Sciences minister Harsh Vardhan was quoted as saying that the India Meteorological Department (IMD) has downgraded this year's monsoon forecast to 88% of the long-term average from April forecast of 93% of the long-term average.
 
The Reserve Bank of India (RBI) cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25%. The much awaited RBI monetary policy was in line with the anticipation. The RBI kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL). 
 
Data released by the Indian government after trading hours Monday showed the output of eight core infrastructure sector, carrying 38% weight in the Index of Industrial Production (IIP), declined 0.4% in April 2015, after a 0.1% fall recorded in March 2015.
 
Oil cartel OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna on Friday. The OPEC meeting is being closely watched for clues about the organization's next moves.
 
Coming back to Indian stock markets, Kailash Auto Finance rose 7.64% to close at Rs10.14 on the BSE. The stock was the top gainer in ‘A’ group on the BSE. Prestige Estates fell 8.11% to close at Rs258.25 on the BSE. The stock was the top loser in the group. It was recently in the news when the Karnataka government, asked the company to return land that was sold to Prestige Estates about nine years ago, on charges of violating land reserved for government to build residential projects. Prestige Estates had acquired the land from Joy Ice Cream Company, which had leased it from Karnataka Area Industrial Development Board for 30 years.
 
Bharti Airtel rose 0.40% to close at Rs417.95 on the BSE. It was the only gainer in the Sensex 30 pack. Department of Telecom has issued the letter of intent (LoI) to the telecom operator for spectrum it acquired in March auctions in 23 circles across various bands. According to sources, it has been allocated spectrum in a total of 10 circles - seven circles in 2,100MHz band and three circles in 1,800MHz band. In the remaining 13 circles, airwaves will be allocated between December 2015 and April 2016.
 
SBI fell 4.28% to close at Rs266.25 on the BSE. It was the top loser in the Sensex 30 pack.
 
On Monday, US indices closed marginally in the green. A report from ISM showed the pace of manufacturing growth rose in May. Other data showed construction spending surged in April but consumer spending was unexpectedly flat in April.
 
Except for Shanghai Composite (1.69%) and NZSE 50 (0.32%) all the other Asian indices closed in the red. Straits Times (1.51%) was the top loser.
 
European indices were trading in the red. 
 
US Futures too were trading lower. 
 
German unemployment fell in May to the lowest level in 24 years as the recovery in Europe's biggest economy continues, data showed on Tuesday. The number of people registered as unemployed in Germany fell by a seasonally-adjusted 6,000 to 2.786 million, the lowest level since December 1991, the Federal Labour Office said.

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BSNL to offer free national roaming from June 15
State-run BSNL has decided to offer free incoming calls to its mobile customers from June 15, Communications and IT Minister Ravi Shankar Prasad said on Tuesday.
 
Prasad made the announcement at a press conference here.
 
BSNL, in a statement, said: "BSNL has decided to offer free incoming calls to its mobile customers from June 15, 2015 for a period of one year to begin with, while on roaming across the country. The announcement comes ahead of the full mobile number portability (MNP) scheme which is in the offing." 
 
BSNL chairman cum managing director Anupam Shrivastava said: "Although there could be slight reduction in revenue on account of free incoming calls during roaming but we expect to gain first mover advantage and anticipate offsetting this amount by arresting churn out/porting out and by acquiring new customers." 
 
"As a public sector telecom operator our aim is not only to earn revenue alone but to provide best quality services to the masses in far-flung and remotest areas at competitive prices," he added.

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COMMENTS

Kedar Jayant Deshpande

2 years ago

Its good step.

Monsoon expected over Kerala around June 5, says IMD
Weather conditions are becoming favourable for the onset of southwest monsoon over Kerala around June 5, an India Meteorological Department (IMD) said on Tuesday.
 
The IMD's bulletin forecast heavy rainfall at isolated places in Kerala and the Lakshadweep from June 5 morning till the morning of June 6.
 
The IMD earlier forecast the southwest monsoon would set over Kerala on May 30, with a model error of plus or minus four days. If one were to go by this calculation, June 3 would be the last date for the onset of monsoon in the southern state.
 
Meanwhile, scattered rain was reported on Tuesday at a few places in the state, but most parts of the capital district and other places in Kerala witnessed a rise in day temperature, as the sun shone brightly. With high humidity levels, this made the day difficult for people.
 
In the past three years, monsoon set in in the first week of June, while from 2006 till 2011, the onset was in the last week of May.
 
Weather officials are analysing the data recorded at 14 weather stations located at the Lakshadweep, Kerala and Mangalore in Karnataka.
 
The onset of monsoon is declared on the basis of amount of rain received at these 14 stations. Besides, wind and cloud formations are other indicators. 

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COMMENTS

MOHAN

2 years ago

Check

http://www.accuweather.com/en/in/india-w...

we will get all information

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