Stocks
Nifty, Sensex, Bank Nifty show first signs of reversal – Wednesday closing report

A close below 8,890 in Nifty and below 19,600 in Bank Nifty will confirm the downtrend

 

The market was supercharged on Wednesday before trading started on the news of unanticipated rate cut by Reserve Bank of India (RBI). The indices opened sharply higher at their lifetime highs and moved higher. However, selling started immediately. The indices moved gradually lower. After around 2.20pm, the benchmarks made a sharp plunge into the red zone. They hit the day’s low and closed near to it, thus abruptly breaking the trend of past four days of upmove.
 
S&P BSE Sensex opened at 29,937 while NSE’s CNX Nifty opened at 9,109. Sensex hit its high at 30,025 while Nifty hit the high of 9,119. Sensex moved lower to the level of 29,289 and closed at 29,381 (down 213 points or 0.72%). Nifty hit a low of 8,894 and closed at 8,923 (down 74 points or 0.82%). Nifty managed closed just 12 points above the support of 8,910 we mentioned in Tuesday’s closing report. Bank Nifty opened at 20,542, which was the day’s high it moved to the low of 19,555 and closed at 19,644 (down 317 points or 1.59%). NSE recorded huge volume of 125.91 crore shares. India VIX fell 1.90% to close at 15.1975.
 
The Reserve Bank, in a surprise move, reduced repo rate under the liquidity adjustment facility by 25 basis points to 7.5% from 7.75% with immediate effect. Cash reserve ratio (CRR) of scheduled banks remained unchanged at 4% of net demand and time liabilities.
 
The RBI said that the need to act outside the policy review cycle is prompted by two factors. First, while the next bi-monthly policy statement will be issued on 7 April 2015 the still weak state of certain sectors of the economy, as well as the global trend towards easing, suggests that any policy action should be anticipatory once sufficient data support the policy stance, the central bank said. Second, with the release of the agreement on the monetary policy framework, it is appropriate for the Reserve Bank to offer guidance on how it will implement the mandate, the central bank said.
 
The HSBC Services Purchasing Managers' Index (PMI) rose to 53.9 in February from 52.4, its highest since June 2014. Strong new business growth was the primary factor cited by survey respondents for the increase in activity.
 
Telecom companies are likely to commit $13 billion or over Rs80,000 crore in the ongoing spectrum auction with Idea Cellular being the "most exposed" in the race as a bulk of its licences are getting expired soon, global ratings agency Fitch has said.
 
Coming back to stock markets, Alstom T&D (9.06%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today.
 
Bhushan Steel (8.00%) was the top loser in ‘A’ group on the BSE. STCI Finance has invoked 176,000 shares in Bhushan Steel that were pledged by Bhushan Infrastructure to overcome losses from the fall in stock prices in the last one week.
 
Sun Pharma (6.62%) was the top gainer in the Sensex 30 pack. It hit its 52-week high today. Sun Pharma entered into an agreement whereby it will acquire GSK’s opiates business in Australia. Currently, GSK opiates business, including related manufacturing sites in Latrobe (in the State of Tasmania) and Port Fairy (in the State of Victoria) and its portfolio of opiates products along with inventory, will be transferred to a subsidiary of
Sun Pharma. GSK’s product portfolio consists of poppy-derived opiate raw materials, used primarily in the making of analgesics to treat moderate to severe pain. Sesa Sterlite (4.11%) was the top loser in the Sensex 30 stock.
 
On Tuesday, US indices closed in the red.
 
Except for Shanghai Composite (0.51%), KLSE Composite (0.24%) and Taiwan Weighted (0.17%) all the other Asian indices closed in the red. SET Composite index of Thailand was the top loser. 
 
China's monthly HSBC purchasing managers' index for the services sector was 52, a slight increase from the six-month low of 51.8 in January. 
 
Japan's Markit's monthly index of the services sector fell from 51.3 in January to 48.5, the lowest reading since April. Australia's GDP grew at an annual pace of 2.5%, matching estimates, data showed today.
 
European indices were trading in the red. US Futures too were trading lower. Monthly monetary policy review from the European Central Bank is scheduled tomorrow.
 

User

The Nirbhaya Documentary - as always, follow the money
Why would somebody spend crores on making a movie defiling the memory of a dead person, to make her killers and rapists look like studs and stars?
 
First, take a look at this clip, of animals being slaughtered for food in India.
 
 
It is likely that the unfortunate girl who died in the attack by the rapists was treated even worse than these animals have been treated.
 
Over the last few days, I have been amongst the most vociferous on social media, objecting to the public airing in India of the Nirbhaya documentary made by my ex-colleague from NDTV, Dibang, and his co-Producer, Leslee Udwin from the UK. Why am I, otherwise an absolute votary of free speech, against this documentary?
 
1) The little I have seen, and the feedback I have got from those who have seen it, leads me to believe that the rapist has been depicted as a braggart out to leave his message to the other hoodlums on the street. One reason for this is that death by hanging in popular Indian movies, lore tends to glorify it as a means of expression against political and colonial repression, and that needs to be corrected. 
 
2) There appears to be no available record as of now of adherence to Indian laws by the two producers. Permissions for social research have been misused into making a commercial documentary. There are also reports of inducements in cash paid out to various people who have appeared in the documentary.
 
3) There is no data available on status of compliance to Indian laws including service tax laws for hiring of vehicles, hotel rooms, equipment, staff and similar expenses, which have run into crores of rupees over a period of two years. At least two press conferences held at the Royal Plaza Hotel in Delhi in the last few days were reported to have been paid for totally in cash.
 
4) The British producer, Leslee Udwin, has openly said that she is totally against capital punishment. The justice delivery system of India, however, has pronounced a death sentence, which is still up on appeal in higher Courts. This documentary then appears to be a clear case of trying to interfere in the delivery of justice in India.
 
5) Dibang, the other producer, has himself had a colourful tenure at New Delhi Television. There may or may not be written complaints of sexual harassment against him, as hinted at by a blog, which has been up for years now, but there is no smoke without fire either. I have worked at NDTV, years ago, and still have friends there and from there.
 
6) And finally, the police have filed a case about outraging the modesty of women, basis their inputs on the said documentary. That says it all.
 
Why would somebody spend crores on making a movie defiling the memory of a dead person, to make her killers and rapists look like studs and stars, is the question I hope to answer in a few days as more details of the money trail come in. For now, fact remains, large amounts have reportedly been spent in cash.
 
(Veeresh Malik started and sold a couple of companies, is now back to his first love—writing. He is also involved in helping small and midsize family-run businesses re-invent themselves.)
 

User

COMMENTS

Raghuram

2 years ago

The man is the cruelest animal in the world.

Raghuram Shetty,Engineer Hebri-Udupi

S K Gupta

2 years ago

Cow Slaughter is a Great Sin! Participate As Much As Possible and Dig Your Graves - "Educated Butcher" finally you will get consumed by your gluttony.

Mahesh S Bhatt

2 years ago

Its sad & bad a brave daughter's sad story of our Country is traded after being abused by society.

The fact is that last 4 days BBC/CNN have not reported & they aired the documentary to deflect attention from Libya Oil filed attacks,as below.

As always BBC wants India/Africa to be potrayed as backward.



Al Jazeera
" Esam Mohamed, The Associated Press
Published Thursday, March 5, 2015 8:24AM EST
Last Updated Thursday, March 5, 2015 1:29PM EST
TRIPOLI, Libya -- Libya's state-run oil corporation has declared 11 oil fields in the country non-operational after attacks by suspected Islamic State militants, opting for a force majeure clause that exempts the state from contractual obligations.
The National Oil Corporation blamed authorities in the Libyan-capital of Tripoli, set up by Islamist-backed militias, for failing to protect the oil fields. The statement, issued Wednesday night, says that "theft, looting, sabotage and destruction" of the oil fields have been on the rise despite pleas for the authorities to ensure safety of Libya's oil installations.

Mahesh

REPLY

Ankur Bhatnagar

In Reply to Mahesh S Bhatt 2 years ago

> As always BBC wants India/Africa to be potrayed as backward

Well, India and Africa are indeed backward. And it's not BBC's fault, but our fault.

MOHAN

In Reply to Ankur Bhatnagar 2 years ago

Ankur,

India is a country and Africa is a continent !!

India never conquered other countries and looted others wealth.

Ankur Bhatnagar

In Reply to MOHAN 2 years ago

Conquering other countries? It would have been good enough if we could have at least defended ourselves from getting conquered. We were so ridiculously weak. Anyway, past is past. The problem is that we continue to be as weak even in the recent past of 40 years and going forward...

Instead of complaining about BBC and others, let's focus on building our strengths and development.

TIHARwale

2 years ago

Veeresh Malik your reasons is totally misdirected. Ascribing motive to a film maker will not make India a better place to live. Maliks comment about Dibang, "the other producer, has himself had a colourful tenure at New Delhi Television. There may or may not be written complaints of sexual harassment against him, as hinted at by a blog, which has been up for years now, but there is no smoke without fire either. I have worked at NDTV, years ago, and still have friends there and from there" shows the corrupt mindset of Veeresh Malik as he simply indulges in gossip. Unable to comprehend how Moneylife staked it reputation in publishing this article.

REPLY

Veeresh Malik

In Reply to TIHARwale 2 years ago

Dear TIHARwale, today's reports on the money trail by co-producer Anjali Bhushan and on Dibang's involvement are self-explanatory.

sharada ramanathan

2 years ago

I look forward to more from you on this. the "gift" to india, and to be used for global celeb campaign, used these very sound bytes as their global marketing pitch.

cdwmopmp

2 years ago


According to: http://www.dr.dk/Salg/DRsales/Programmes...

It was produced by "Produced by: Assassin Films for BBC in ass. with DR, SVT, IKON, SFR, RTS, CBC"

So money came from western powers.

I have a feeling that it is Danish Govt project as Leslee Udwin got money from DR.

This is because these two who work for DR in international sales have handled the distribution of the film
:
Kim Christiansen [email protected]
Helene Aurø [email protected]
src:

http://www.idfa.nl/industry/tags/project...

https://archive.today/lRqLkwho

1) Danmarks Radio
Danish Broadcasting Corporation http://en.wikipedia.org/wiki/DR_(broadca...
http://www.dr.dk/Salg/DRsales/Programmes...

2) BBC

3) Sveriges Television AB
Swedish Public TV broadcaster http://en.wikipedia.org/wiki/Sveriges_Te...
http://www.svt.se
http://www.svt.se/svttext/tv/pages/188.h...

4) ikon Films http://ikonfilm.com.au/ikonfilm/ikonwp/

5) SFR (french telecom company http://en.wikipedia.org/wiki/SFR)
http://m.sfr.fr/home/u/news/s/monde/a/ur...

6) Radio Télévision Suisse (RTS)
Again, Swiss Public Broadcaster

7) CBC cbc.ca
http://www.cbc.ca/passionateeye/episodes...
http://www.cbc.ca/passionateeye/m/episod...

Narendra Doshi

2 years ago

Dear Veereshji & MDT,
Timely details given.
Horrifying Video (Never seen such) since I am a Jain , More than a Vegetarian.
Look forward to your next part on this.

Chandragupta Acharya

2 years ago

Strange that you write this without even watching the documentary. Please watch it - it neither defiles the girl nor glorifies the rapist. Issues like service tax are totally irrelevant to the current debate - the government can very much proceed against them as per laws.

REPLY

Veeresh Malik

In Reply to Chandragupta Acharya 2 years ago

I have seen the documentary as well as know some of the people behind it. That does not mean I agree with it. I also know what showing responses without showing the questions means.

sivaraman anant narayan

In Reply to Chandragupta Acharya 2 years ago

I agree its a balanced film and everyone must see it to introspect about the value system in our society.

Ankur Bhatnagar

2 years ago

If these are your reasons for opposing the broadcast of the documentary, then I conclude there are actually no reasons to stop its airing. Come on, just read those woozy points again!

sivaraman anant narayan

2 years ago

After just a few seconds into the attached clip at a slaughter house, I cried out in anguish and couldn't continue. What barbarity!!

raj pradhan

2 years ago

Very good information about the insensitive documentary (only at Moneylife). Look forward to more details of the money trail. Good job Mr Veeresh!

raj pradhan

2 years ago

Very good information about the insensitive documentary (only at Moneylife). Look forward to more details of the money trail. Good job Mr Veeresh!

Hemant

2 years ago

Its really sad ,but true.These people can stoop to any low level one can't even imagine ,under the pretext of free speech.Our English media ,as usual takes up the case on their behalf.Sick mentality.

Suketu Shah

2 years ago

the timing is perfectly staged to disrupt Mr Modi from passing critical bills in Parliament.Garner anti-govt publicity and ensure the media laps it up and waste time so Mr Modi cannot pass any critical bills.

This is exactly why people have voted for BJP as this is all that other parties are capable of-stopping Mr Modi and his team from taking the nation forward.

Sahara chief Subrata Roy's one year in Tihar jail
Saharashri and two of his lieutenant are still languishing in jail since the Sahara group has so far failed to muster Rs10,000 crore of legitimate funding to get them out on bail. In the meantime, his trolls continue to post foolish comments on every article about Subrata Roy and Sahara group
 
Today, it is one year that Sahara group chief Subrata Roy is languishing in Tihar jail. He brought this upon himself through constant defiance of regulators and the Supreme Court. Nevertheless, clearly, no lessons are learnt.  To have an army of trolls post foolish comments from IP addresses that can be traced to Lucknow, is crass immaturity. We are making no attempt to block them because they are the best examples of why Mr Saharashri is languishing in jail. Will good sense prevail?
 
The Sahara group chief is lodged in Tihar jail since 4 March 2014 for non-refund of over Rs20,000 crore with interest to depositors.  
 
The Sahara group's all efforts to raise Rs10,000 to secure bail for its chief has so far proved futile. In fact, last month, even the apex court expressed concern over how Sahara Group would raise money to secure its chief's release even as the group was seeking extension of facilities inside Tihar jail premises by four to six weeks to enable him negotiate deals with prospective buyers.
 
"You are struggling to pay Rs10,000 crore. How will you pay Rs30,000 crore after coming out," the bench headed by Justice TS Thakur had said.
 
For those who have forgotten, a path-breaking judgement of the Supreme Court, in August 2012, asked two realty companies of the Sahara group to refund Rs24,000 crore collected from investors through an unregulated, debenture-like instrument. But, after paying up just Rs5,120 crore, Sahara resorted to drama and hurled allegations against the regulator through an ill-considered advertisement campaign. It has not been able to prove the existence of even a fraction of the large investor base that it had claimed. The group’s antics angered the apex court; Subrata Roy was held in contempt and sent to jail until the Sahara group deposited Rs10,000 crore, in addition to the money already deposited with the Securities & Exchange Board of India (SEBI).
 
Sahara Group has been trying to raise funds for months to secure release of its chief Subrata Roy, as also that of two other senior officials, from Tihar Jail in New Delhi, where they have been lodged for one year.
 
Yet, after 12 months, the Saharashri, as people from group like to call Roy and the group's two other senior officials are still in jail. 
 
This is strange, given a man like Roy, who reportedly had an endless supply of money to buy marquee properties around the world, sponsor the Indian cricket team for years, gift lavish bungalows to cricketers, claim ownership of several sports teams and stadia and throw lavish parties, cannot muster Rs10,000 crore of legitimate funding to get himself out of jail?
 
Last week, there were reports about Sahara group facing a liquidity crunch for past one year due to embargo and double payment for investor refund, resulting into many problems like meeting employee salary, statutory and other operating obligations. The salary delays are mainly being faced by the staff members in the corporate offices of the crisis-hit group, while there are also delays on certain statutory payments and operating obligations or expenses related to day-to-day business due to difficulty in fund flows.
 
The group has over 10 lakh full-time and part-time employees, including permanent staff at its various companies, permanent agents who get regular incentive payments besides a large number of part-time agents.
 
While the exact number of persons whose salaries and other payments have been delayed could not be ascertained, sources said their numbers could run into "tens of thousands".
 
In a fresh twist to crisis-hit Sahara Group's efforts to raise funds, its iconic London hotel property Grosvenor House, estimated to be worth over Rs5,000 crore, has been put on sale by lenders.
 
Grosvenor House, a landmark property on Park Lane in London, is one of the three marquee hotels owned by Sahara outside India, the other two being Plaza and Dream Downtown in New York.
 
According to a report in the Telegraph daily, Grosvenor House may fetch about 500 million British pounds, more than 470 million British pounds that Sahara Grosvenor House Hospitality Ltd had paid for the hotel in 2010.
 
The report further said that Deloitte was appointed administrators to Sahara last night after "it defaulted on debts tied to the hotel" and they will work with realty consultancy Jones Lang LaSalle (JLL) to find a buyer.
 
Sahara was in talks with US-based Mirach Capital for a syndicate loan arrangement linked to the three properties to replace an existing loan from Bank of China, but the deal fell apart and the two parties warned each other of legal action.
 
Last month, in a new turn of events in the case, the Reserve Bank of India (RBI) had moved the Supreme Court seeking to implead itself as a party in the company's tussle with Securities and Exchange Board of India (SEBI). RBI had sought to stop one of its Sahara group companies from disposing off assets for securing Roy's release.
 
In an application, the central bank had urged the apex court to restrain Sahara India Financial Corporation Ltd (SIFCL) from utilising any of its assets, including securities, for paying dues to SEBI on the ground that SIFCL is residuary non-banking financial company and fell under its (RBI) regulatory control.
 
Prior to this, the Sahara group had informed the Supreme Court that the proposed transactions for a loan of around $1,050 million from abroad for raising Rs10,000 crore to ensure Roy's release from jail had failed.
 
Earlier on 9th January, the Court had allowed Sahara Group to go ahead with its proposed transactions with some conditions. The conditions, included approval of RBI for the transfer of funds raised in the US to India to meet the requirement set for release of Roy.

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