Stocks
Nifty, Sensex, Bank Nifty still under pressure – Weekly closing report
Nifty will have to close above 8,700, as a first step for the downtrend to reverse
 
The S&P BSE Sensex closed the week that ended on 17th April at 28,442 (down 437 points or 1.51%), while the NSE’s CNX Nifty closed at 8,606 (down 174 points or 1.99%). In the previous week, we had mentioned that the upmove on the Nifty may continue. However a weekly close below 8,600 maybe a signal temporary reversal.
 
On Monday, Nifty closed higher for the seventh consecutive session. Nifty closed at 8,834 (up 54 points or 0.61%). Prime minister, who inaugurated the Hannover Fair in which India is a partner country, said that India aims at a stable and transparent tax regime and that development is "not a mere political agenda" but an "article of faith" and sought international support to achieve the objectives crucial for growth.
 
Government has shortlisted about a dozen state-run units including IOC, National Fertilisers, MMTC, Hindustan Copper and ITDC for stake sale to achieve the current fiscal's disinvestment target of Rs41,000 crore.
 
The stock market was closed Tuesday for Dr Babasaheb Ambedkar Jayanti. On Wednesday, Nifty upmove was arrested and it closed at 8,750 (down 84 points or 0.95%).  All-India general CPI inflation slowed down to three-month low of 5.2% in March 2015 (new base 2012=100) from 5.4% in February 2015.
 
The World Bank and the International Monetary Fund (IMF) said that there is a need for India to push forward the reforms agenda. IMF said in its bi-annual World Economic Outlook, released in Washington DC that India's growth at 7.5% in 2015-16 will surpass China's decelerating growth of 6.8% in the same year.
 
The loss on the Nifty continued on Thursday as well. Nifty closed at 8,707 (down 44 points or 0.50%). India has the potential to make 9%-10% growth rate "a new normal", Finance Minister Arun Jaitley said, while asserting that high growth was essential to meet the challenges posed by the country's burgeoning young population.
 
The market remained weak on Friday too. The loss of past three sessions (including Friday) wiped off almost the entire gain earned in the period of 6 April 2015 to 13 April 2015 (six days). Nifty closed at 8,606 (down 101 points or 1.16%). Indian economy is expected to grow marginally higher at 7.3% during the year compared with 7.2% in 2014 and interest rate cuts will support private sector spending, said a group company of global rating agency Moody's.
 
Among the top two losers, in the Sensex 30 pack, was TCS which fell for the fifth consecutive session today. On Thursday after market hours it posted it March 2015 quarter results, which showed its operating profit falling by 37%, mainly attributed to the charge of one-time bonus of Rs2,627.91 crore given to eligible employees.
 
We broke the news on Thursday that three of its directors of Helios and Matheson were arrested by Economic Offences Wing in Chennai, as it failed to repay deposit and interest to several depositors. On Friday, the stock fell 5.54% to close at Rs58.85 on the BSE. 
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 

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COMMENTS

Mohd.Tahir Sayed

2 years ago

sir
unable to find in weekly closing report which companys three directors were arrested on thursday.

CRISIL posts lower net profit in first quarter

The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said

 

Credit-rating company CRISIL Ltd. closed the first quarter ended on March 31 with a lower top and bottomline, the company said on Friday.
 
The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said.
 
In a regulatory filing in BSE, the company said its consolidated income from operations was Rs307.62 crore for the quarter ended March 31, as against Rs309.23 crore logged during the corresponding period of the previous year.
 
According to CRISIL, the consolidated after-tax-profit for the first quarter this year was Rs56.32 crore -- down from Rs68.71 crore posted during the corresponding period of the previous year.
 
The company said rating revenues were mainly impacted by reduced budgetary support from the government for the NSIC-Performance and Credit Rating Scheme for small and medium enterprises.
 

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Land for failed projects hampering Goa's growth: Minister
The Congress-led coalition government in Goa had scrapped the Special Economic Zone policy in the state in 2008, after a string of protests by civil society, which was critical of mass acquisition of land for the projects
 
Vast tracts of land allotted for the failed Special Economic Zone (SEZ) projects is hampering Goa's industrial growth, state Industries Minister Mahadev Naik said on Friday.
 
Speaking to reporters, Naik said the state was unable to act on several investment proposals from private business houses as a result of the land crunch, and this was hitting Goa's industrial growth.
 
"The Goa Industries Promotion Board has received 21 proposals, but we could clear only 11 because in many cases there was no land available to clear the projects," Naik said.
 
The Congress-led coalition government in Goa had scrapped the Special Economic Zone policy in the state in 2008, after a string of protests by civil society, which was critical of mass acquisition of land for the projects.
 
SEZ promoters in question - namely Meditab Specialities Pvt. Ltd., Cipla group, Peninsular Pharma Research Ltd., Paradigm Logistic & Distributors, Planetview Mercantile Pvt. Ltd., Inox Mercantile Pvt. Ltd. and M/s Maxgrow - who were allotted 32 lakh square metres of land, were asked to halt all work in their allotted areas within a year. 
 
The companies have now approached the court to appeal against the Goa government scrapping the SEZ policy.
 
Naik said with the case filed by the SEZ promoters now in the Supreme Court, there was little the Goa government could do as far as the already allotted land was concerned.
 
"The case is in the Supreme Court, I cannot say anything. The matter is sub-judice. But because of the land problem, Goa's industrial growth is suffering," Naik said, even as the Investment Promotion Board earlier this week cleared 11 projects worth Rs.1,137 crore, dealing with agro, tourism and hospitality projects.

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